What Are Group Insurance Plans For Startups?
A group insurance plan is a health insurance scheme for employees of small businesses. In the case of planned or unplanned hospitalisation, this plan covers the cost of the employees’ healthcare. It takes care of the entire expenditure attached with the employee’s treatment such as inpatient treatment, diagnosis of illness, hospital accommodation charges, nursing, and so on.
To boost the morale of employees, every organisation must maintain a vibrant culture and a happy-at-work atmosphere in the office. The employer can do that by offering group health insurance as a perk to her employees, especially at a reduced cost. This will result in keeping the spirits high and improving productivity.
For any type of start-up, whether big or small, it is essential to take care of the employees’ well-being. Otherwise, it can adversely impact the continuity of the business. A start-up founder has to manage a lot of work and financial stress to run the organisation. Group health insurance, therefore, becomes a fantastic tool to meet the uncertainties and contingencies faced by both employer and employee.
⚡️ Benefits Of Comprehensive Group Medical Plans For Startups:
Listed below 👇🏽 are some benefits of comprehensive group health insurance plans for both employers and employees of startups.
1. Maintain employee retention:
Low employee retention is the most common problem faced by many start-ups. Most of the employees leave their positions after a certain period. Giving perks and bonuses at regular intervals helps in retaining the talents in the company. Similarly, group health insurance plans help in reducing the rate at which employees leave. The premium paid by the employer will result in making the company’s workforce stronger through encouragement. The employees of any start-up business will not miss out on such perks and benefits.
2. Motivate employees and increase productivity:
An extra push is required in every start-up during its initial days to amplify production. Service benefits like health care insurance is a great way to motivate the workforce. Most of the employees will not leave the job because they will be reluctant to discontinue the plan, as it is valid till service tenure. Employers can use this plan to motivate employees and increase their productivity by coaxing them to stay longer with the company.
3. Offers an excellent service package 📦 :
Group health insurance is an excellent service package for the employees. Employers need not suffer and incur losses for such types of packages. The assistance is extremely useful for employees in managing financial medical emergencies. It is also beneficial for the employer because it is an economical way to attract new talents into the workforce.
4. The best way to remove absenteeism:
Through these healthcare plans, the employees get weekly and monthly health check-ups, which allows them to stay healthy and fit. The employees fall sick less often and get back to work faster as they get good treatment free of cost. This is beneficial to the start-up founders because such a plan is the best way to restrict the absenteeism of employees.
5. Covers extensive plans and benefits:
The employees also get cashless coverage and reimbursement facilities attached with the group health insurance plans. Quality treatment by efficient medical teams is ensured to the employees through these plans.
6. Comprehensive benefits for both employer and employees:
The insurance plans offer comprehensive benefits for both employers and employees. The total decision regarding the choice of the group health insurance plan that gives maximum security rests upon the employer. It builds a positive image and brings a great reputation for the start-up.
7. Easy claim and settlement:
The employers and employees both get easy claims and settlements through insurance plans. The employer is not only responsible for the payment of premium but can also monitor whether employees are actually getting benefited or not. Any doubt of the employer is easily settled with the help of the customer support team. So, for employers, offering a group healthcare plan is not only beneficial but also convenient.
8. An affordable premium plan 💰:
The employer of a new start-up is economically not sound enough to spend too much on employee welfare. These plans offer affordable options which employers can choose from based on their financial capacity.
9. The better way to save tax:
In India, insurance plans are a good option to save tax. The employer can get tax relief in annual income tax amounts by proving valid proofs of payment receipts. So, the start-up founders can gain financially through insurance plans.
The overarching conclusion is that insurance coverage within a start-up has a tremendous impact on the work culture. The group mediclaim insurance plans cover the cost of the employees’ healthcare. It takes care of the entire expenditure attached with the employee’s treatment such as inpatient treatment, diagnosis of illness, hospital accommodation charges, nursing, and so on.