The best part about Group Health Insurance is that offers benefits to both employers and employees. No matter how small or big the organisation, Group Health Insurance is always beneficial for all companies. Companies buy such Insurance and then offer them to employees.
What is a Group Health Insurance?
A Group Health Insurance Policy provides coverage to a group of members that mainly comprises employees or members of a company. These members receive Insurance at a reduced rate because the insurer’s risk is spread across many policyholders. A Group Health Insurance Plan is only applicable to groups, so not all are eligible to buy these plans. Once the organisation selects their preferred plan, the members are given the option to decline or accept their coverage.
The coverage can also extend to immediate family members or other dependents at an additional cost. The premiums are generally lower than Individual Plans as the risk spreads amongst group members. This makes the Insurance affordable and more beneficial than any other Health Plan.
Ways Group Health Plans help employees
Following are the ways a Group Health Insurance helps employees:
- The most crucial advantage is that it is spread across various members so the premiums are low.
- Group Health Insurance becomes a safety net for employees during medical emergencies. Taking care of your employees’ health results in a happy workplace and leads to better success.
- Employers that offer Group Health Insurance are eligible to receive tax benefits under various sections of the Tax Act. It’s a great step as it saves massive taxes and provides care for your employees.
- This is of utmost importance for any company to hold a positive reputation inside and outside the organisation. A positive company culture along with valuable health benefits ensures and increases the overall goodwill of the company.
- All Group Health Insurance is curated and customised according to the company’s preferences. This makes it ideal for all employees.
A Group Health Insurance offered by a General Insurance company allows organisations to include all their employees under the umbrella of a single plan. After paying a basic affordable premium, the policyholders can ensure that all their insured employees get adequate medical coverage. So, be assured and know that your employees will be safeguarded under the plan. It all depends on the features and premiums offered.