The group health insurance benefits the employers and the employees both. Yet, at first glance, it does seem more favourable for the former since it provides a no-premium cost advantage for the good health of the employees. Still, by paying a low premium amount to a group health insurance benefit for its employees, the employer in return is entitled to a host of working aids too.
The major benefit is that all his employees are now protected under the group health insurance benefit plan. Such employees have a renewed interest in the company and hence, improved productivity. They do not even miss work because of their illness. All the employees are now provided cover for illness or any injury at the workplace. Which means that even when the employees fall sick, they are sure to get the best treatment, using their group health insurance benefits coverage.
Group Health Insurance Benefits for Employers
Other listed group health insurance benefit as follows:
- Motivated Employees: medical costs are very steep and work-life stress is more common. Corporate health insurance is perceived to be an added benefit of working with a designated company. By covering the high hospitalization expenses, employers can claim credit for motivating their employees and helping them associate with the company better.
- Retention of Employees: a group health cover is a sure shot way to say to the employees that ‘you care’. It makes an organization ‘employee-centric’ and focuses on retaining the best talent. If you decide to cover the employee family members under the group health cover benefit, it shows more gratitude towards the employees and helps forge greater understanding and bonding between the company and its employees.
- Low Cost: it is not just the employees reaping the fruits of a no-premium cost for health insurance coverage. It is the employers too, who gain the extra-edge by buying a group insurance cover at a low premium and benefit with a higher ROI. Increase in employee productivity or motivated set of employees is definitely a positive sign of organizational growth.
- Easy Premium Payment Options: employers also benefit by distributing the premium cost into the monthly, quarterly or yearly to add convenience. Plus, buying in bulk gets you attractive discounts too.
- Tax Benefits: Employers enjoy reduced tax liability. The premium amount is tax-free for the employer.
It works for the employees and employers together
On one hand, we have employees assured of their health at the workplace by their employer. It keeps them more engaged, involved and attached to their organization. A result is a group of workers who are more self-motivated and have less to worry about their medical bills, especially. On the other side of the table is the employer. A motivated workforce means an improvement in job productivity and thus, a better business outcome. It is good to have employees who are not absent from work so frequently.