Small and medium enterprises (SMEs) offer their employees many benefits and one of them can be health insurance. SMEs can offer group Mediclaim insurance to their employees, wherein they finalize the insurance cover for their employees. It is important to note that while the sum insured under a particular insurance policy remains the same for all employees in a firm, it can also vary depending upon the hierarchy of the company.
While there are different types of insurance covers for SMEs, when it comes to health, this is the one your business should opt for:
Group Health Insurance
As the name suggests, group medical insurance for employees means that a group of employees, anywhere from 50 to 100, is covered by insurance. This allows employees to enjoy peace of mind knowing that if there are diagnosed with an ailment, their group health insurance will take care of the payments they incur. As a result, such employees are more prone to opting for preventive healthcare measures rather than letting any health issue blow out of control.
The main features of group medical insurance for employees is waiver of pre-existing health condition exclusion, ensuring maternity cover with immediate effect, and waiver of waiting period for diseases. These features can be altered based on the requirements of the SME.
Here are the benefits SMEs can enjoy if they opt for group medical insurance for their employees:
Confident and Energetic Employees
When you buy group medical insurance for your employees, you ensure they don’t have a reason to worry about their health. Since money is not a criterion, your employees will be more than willing to opt for minor health check-ups and tests. These preventive measures keep them hale and hearty. Also, when employees are confident that they don’t have to worry about expenses related to their health, they end up being more energetic.
More Productive Employees
Employee health insurance policy for SMEs is more affordable than you think it is. A small business can easily afford group health insurance with ease. At the same time, since employees don’t have to worry about being burdened with expenses if they fall seriously ill, they end up focusing more on their work than their health. This makes employees more productive at their workplace.
Aids Recruitment and Retention
Since employees have access to group Mediclaim insurance, they tend to keep your employees safe. As a result, absenteeism and attrition are reduced. Also, it has been observed that when SMEs offer health insurance as a perk to employees, it is easier for them to attract and retain talent. This makes recruitment easier for this sector, which is the backbone of the Indian economy.
If SMEs offer employee health insurance policy, they can enjoy tax breaks. So, besides ensuring that your employees feel secure and confident about their health should anything go wrong, your business can get tax benefits because of the policy.
As you can see, there are many benefits for SMEs if they opt to buy group medical insurance. The key is to find the right insurance provider and customize the policy to suit the needs of your employees and business.