In the highly competitive landscape of small and medium companies (SMEs), particularly in a developing nation like India, staying ahead of the curve is essential for both talent attraction and retention. Human capital remains the primary asset of small businesses. While larger corporations attract their workforce with Group Health Insurance, even small enterprises are increasingly recognizing the advantages of employee health insurance.
Let us take a look at how group health insurance plans (GMC) are beneficial to small businesses and contribute to their overall growth.
What is a Group Health Insurance Plan?
A group health insurance plan is a health insurance coverage for a group of individuals, usually associated with employees of a company. The coverage benefits are specified in the policy statement that an association or the employer receives.
Here are 10 different insurance companies providing group health insurance plans in India:
* Aditya Birla Group Health Insurance
* Bajaj Allianz Group Health Insurance
* Bharti AXA Group Health Insurance
* Digit Group Health Insurance
* Future Generali Group Health Insurance
* IFFCO Tokio Group Health Insurance
* Kotak Mahindra Group Health Insurance
* Liberty Group Health Insurance
* ManipalCigna Group Health Insurance
* Navi Group Health Insurance
Why Do Small Businesses Get Group Health Insurance Plans?
Many small businesses are inclined toward group health insurance plans as they enable employees to obtain coverage at a lower cost than individual health insurance plans. A group health insurance plan for small businesses increases employee satisfaction and gives employers peace of mind that their workers' medical costs are covered.
Investing in group health insurance is a great way to maintain your workers' well-being and motivation. Small business group health insurance policies should be viewed as investments rather than expenses. However, it is crucial for businesses to evaluate different group health insurance options before choosing one.
How Do Small Businesses Benefit From Group Health Insurance Plans?
Employee health insurance serves as a safety net, covering both planned and unplanned hospitalization costs. By offering group health insurance, as an employer, you not only motivate your employees to perform at their best but also create an environment that fosters their well-being. Whether your business employs 10 or more individuals, implementing a group health insurance scheme can encourage employees and safeguard them from unforeseen medical crises.
Foster Trust and Employee Loyalty
The strength of your company lies in the quality of your team, making it crucial to recruit and retain valuable employees committed to the organization. While compensation is a significant factor, other elements are equally vital for your team's success. The workplace culture and the benefits you offer to your team members, such as health insurance, hold great importance in today's competitive job market.
Reduced Recruitment Expenses
Small businesses that provide group health insurance tend to attract and keep talent, resulting in decreased expenses associated with hiring new employees and simultaneously enhancing overall productivity.
Implementing a group health insurance plan for your workforce presents an excellent avenue for scaling your business by attracting and retaining top-tier talent. For small and medium enterprises (SMEs) aiming to take the next leap in business growth, a group health insurance policy can serve as a powerful motivator for both current and prospective employees.
Benefit From Tax Advantages
In addition to boosting employee confidence and motivation, employee health insurance provides your small business with the opportunity to capitalize on tax benefits. This employee health scheme allows you to qualify for tax deductions while simultaneously ensuring your employees' financial security in the event of health-related concerns.