Employee group health insurance plans benefit the chosen corporate members and the employer, both. The group of employees is then entitled to a host of medical benefits like hospital bills reimbursement, easy access to hospitals, etc., helping them take care of their own health in a more methodical way.
Likewise, employer benefits by purchasing a bulk policy, reaping short-term and long-term advantages of the employee group health insurance program introduced by them. Together, both employees and the employer can continue availing certain implied benefits of the employee group health insurance scheme as per the specified terms and conditions.
Benefits of Employee Group Health Insurance
Here are some of the benefits of the employee group health insurance scheme.
- Regular health check-ups: the employees are more protected now. Regular health check-ups ensure that the employees don’t fall sick often and if they do, the vast coverage of hospitals under the employee group health insurance plan ensures that they are treated faster and are back to normal quickly. Similarly, it relieves the employer of any tension regarding employee absenteeism or sabbatical from work due to bad health.
- Improved Access: by providing its employees with a means to cover the steep medical cost and improved day-to-day care healthcare access, the employer can be assured of generating a new force of motivated and involved team members. Employer assures that they are committed to incentivizing and retaining their talented base of workers.
- Easy Claims: employers can be directly contacted by the employees with their medical bills. An employee does not need to approach the insurance company to claim liability. There are cashless options available to an individual covered by the employee group health insurance It is especially useful under emergency medical conditions. An employer can make sure that the claim reimbursement is accorded priority.
- Tax Saving: Employers benefit from the tax-free premium amount clause. An employer must deduct the premium cost as tax deductions from salary to avail tax-reduction benefits for the business. An employee, on the other hand, can save their salaries by reducing the amount incurred from their untoward health issues. Any amount which is deducted from the premium is tax-free.
- Covers All Employees: The bigger plus of having an employee group health insurance term is that all full-time employees (anyone who needs to be covered) can be a part of the policy cover. There is no such pre-condition like getting a medical check-up done and this means, it doesn’t even stop an employee suffering from a pre-ailment to be a part of the group insurance coverage. Chronic illnesses are also covered.