Employees are an essential resource in any organisation. They affect the company culture, production, and overall image. Hence, it is crucial to consider their well-being as an employer. For this, corporates offer a range of employee programs supporting the workforce. Among other measures, Group Health Insurance has gained immense popularity.
It has almost become a requirement in most firms. It helps you save money when you face a medical emergency. As a result, your emotional and financial distress reduces. Since the employers offer this policy, you need not worry about paying the premium. Despite the expense, just like you, employers also benefit from the Health Insurance Plan. Here are some of the ways it is beneficial:
Tax incentives
The Indian tax regulations exempt organisations who pay for their employee Health Insurance Plans. Hence, it is a win-win situation for both employers and employees as organisations save on tax and employees feel secure. The tax rebate comes under section 80D of the Income Tax Act. The exact benefit depends on the premium amount and the applicable tax laws during tax computation.
Positive work environment
Employees that are healthy and protected work happily. They get motivated to increase productivity. This is one of the most significant advantages of Medical Insurance for employees. Moreover, with the medical expenses soaring every day, it acts as a relief for low-wage workers who cannot afford to pay medical bills.
Default facility
As you become a part of a company, you automatically become eligible to get the Group Health Coverage. All the members of the group, regardless of the hierarchy, is given this employee benefit. So, as an employee, you need not apply for the same as it is a default facility. You get the perk of just being employed with the organisation.
Support during claim
The claim settlement process can get stressful as insurance companies have a protocol. They also have specific terms that affect the redressal of your queries. Thankfully, this process becomes relaxed with a Group Health Insurance Plan. Organisations ensure they get priority service for their employees. Also, you face no waiting period for pre-existing diseases, maternity benefits, etc. This the usually the case with Individual Health Insurance.
Family protection
Ideally, buying a Family Floater Medical Plan covers your entire family. But it can become an expensive affair considering the health conditions of all the members. This expense gets sorted with a Group Health Policy as it covers the immediate family members like your spouse, children and parents.
No medical screening
You must undergo medical check-ups to ascertain your current health status before buying a Medicare Plan. The premium gets decided based on the test results. This hindrance gets solved with the Company's Health Policy. Here, you are not required to take any medical tests. Moreover, you receive a similar cover as other employees without paying any premium.
Besides the standard protection, the policy also includes wellness benefits. This rewards you for staying healthy, preventive healthcare, teleconsultation, etc.
