5 Reasons to Get Health Insurance for Employees
Health coverage is offered by most large companies as part of the employee benefits. However, medium-sized companies do not always offer health insurance for employees. Retirement funds and health benefits are two of the most important considerations for employees.
Here are five reasons why you must provide health insurance to your employees.
1. Retain talent
The job market is very competitive and retaining talented people is a big challenge. A large number of individuals opt for jobs that offer health insurance plans for employees. Therefore, including this coverage in the overall benefits package will help you retain talented people.
2. Improve morale
When your employees have the peace of mind that they are covered under group insurance in case of medical emergencies, it helps in improving their morale. This, in turn, enhances their productivity. Therefore, you will be able to boost revenues as well as grow your business operations.
3. Tax benefits
One of the biggest benefits of providing health insurance for employees is the tax deductibles. The premium paid on group insurance plans is eligible for tax deductions under the Income Tax (IT) Act, 1961. However, it is recommended that you search for a plan that offers the maximum benefits at the most affordable premiums to reduce your expenditure.
4. Simple management
A common misconception associated with health insurance plans for employees is that such policies are complicated and difficult to manage. However, most insurance companies provide online access to all policy-related details. Furthermore, you are able to renew the policy without any complications. Technological development has made the management of group insurance very easy and simple.
Most of the leading insurance companies offer customization of employee health insurance in India. You are able to include features and optional benefits as per the needs of your employees. Some of these include pre- and post-hospitalization expenses, day care treatment costs, domiciliary hospitalization expenditure, maternity benefits, waiver of the waiting period, and much more.
Benefits to employees
Some of the benefits to employees are as follows:
1. Peace of mind
The stressful lifestyles have increased the number of individuals affected by illnesses like hypertension, diabetes, and heart-related ailments. In addition, healthcare costs are constantly rising due to high inflation. Meeting treatment and hospitalization expenses in case of a medical emergency may be very difficult when the employer does not provide health insurance benefits to employees.
2. Cashless services
These plans offer cashless services across a wide network of healthcare centers. The insurance benefits are available to all eligible employees from their joining date. To maximize the available benefits, insurance companies offer specific packages to meet the business requirements.
Employees greatly value health insurance coverage. Therefore, irrespective of the size of your business, offering such insurance is recommended. It will help you attract and retain the best talent and take your company to the next level.