Know about Benefits of Group Health Insurance for Employers and Employee

There has been a long-standing debate between individual and group health insurance policies or corporate health insurance. The Government of India has recently made it mandatory for all employers to have a group health insurance policy for their employees. This decision has seen a significant spike in companies from different sectors buying group health insurance policies.

We all know how important having insurance is in today’s world. Although, companies are discussing the validity of group healthcare insurance policies as it can be a big expense for them. Before investing in an insurance policy that will be useful not only for the employee but also for the employer, it is important to know its benefits for both of them.

Benefits of a Group Health Insurance Policy for Employers

A group health insurance will cover the medical expenditure of employers as well. The company's size does not matter as the benefits of the policy are the same. The Employer can also claim the premium paid as a deduction while filing their Income Tax Return.

Employers can create a more productive work environment as the employees would feel secure as the company covers their medical expenditures. It can attract the talent pool as people often look at these perks before deciding which company to join.

It directly impacts the Goodwill of the company and is worth every penny. It tells a lot about the company culture and ethics that they have. It puts a positive impression on the market. For example, Google is known for the perks and good healthcare that they provide to their employees.

Benefits of Group Health Insurance Policy for Employees

Employees would be working freely without any burden of medical expense looming over their heads, and it motivates them to work hard.

The group health insurance policy, saves the employee’s time as the claim process is shortened, and they have to just report to their employer, and they will reimburse them for the expense. Group health insurance policy also provides you with cover for any pre-existing illness.

A group health insurance plan is an investment that reaps benefits for both the employee and employer. Every plan is different; therefore, it is essential to go through the details before investing.

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