Group Medical Insurance: When You Know You are in Safe Hands

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heartbeat 759 thinkstock

Many businesses feel that buying group medical insurance policy is an unnecessary expense. On the contrary, if you invest in a group medical insurance for employees, your business will benefit tremendously. By prioritizing the health of your employees, you will not only be able to retain talent, but will also be able to increase employee morale and motivation. This, in turn, will boost productivity.

What is Group Medical Insurance Policy?

If you look around you, you will notice that private healthcare is quite expensive. Hence, your employees will always be worried that should they or their loved one fall ill, they may not have the financial resources to pay for their medical expenses. When you buy group medical insurance, it will take care of those expenses, thereby taking away the stress that your employees may experience.

Group medical insurance refers to a single medical plan that covers all employees of a single organization. Some plans even cover immediate family and dependents. The company has the liberty to decide the premium of the plan. This is determined based on the employees’ risk factors. In India, group medical insurance policy is considered an employee benefit.

So, if you are still unsure of group Mediclaim insurance, find out the benefits of this insurance, which is designed for businesses of all sizes.

A Source of Motivation

As stated earlier, when employees don’t have to worry about their and their family’s healthcare needs, they can focus on work. Through the HR department, you can explain to them that through the plan, hospitalization costs will be covered, thereby motivating employees. You can ensure that your plan covers high costs of hospitalization and your employees will love it!

Retain Talent

Today, companies in India, regardless of their size, are focusing on retaining talent as it is expensive to find and train new talent. Group Mediclaim insurance helps you retain existing talent in your organization and also aids in attracting new talent. This is especially true when you provide coverage to close family members.

Cost Effective

A group health insurance plan is actually quite cost-effective. Since you are covering several employees, the insurer gives discounts that allow you to purchase the plan at an affordable cost.

Flexible Premium Payment Options

When you buy group medical insurance, you can rest assured that the insurance provider will offer you a flexible premium payment option. Such a policy can be paid monthly, quarterly or annually, based on your financial situation and cash flow.

Corporate Tax Benefits

You can reduce your tax liability by opting for a group medical insurance policy. The cost of the policy can be offset against your tax liability, thereby ensuring that your organization trims down the tax that you owe to the government.

The Bottom Line

Whether your organization is big or small, you should go in for medical insurance for employees. It will help each employee financially should they have a medical emergency and at the same time your company can boost productivity by retaining the best talent and also enjoy tax benefits.

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Written by Arjun Kumar

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