Articles

Group Medical Insurance - Why Even SMEs Should Opt For One

by Priyesh Pandey Insurance Adviser
Healthcare is expensive and in today’s economy, it can cost patients a fortune. For employers, the safety and health of their employees is a priority, as it directly affects productivity. Group medical insurance for employees can protect workers from having to deal with high medical expenses and helps employers cut costs and manage budgets. This is true for any business, including small and medium-sized enterprises.

Healthcare is expensive and in today’s economy, it can cost patients a fortune. For employers, the safety and health of their employees is a priority, as it directly affects productivity. Group medical insurance for employees can protect workers from having to deal with high medical expenses and helps employers cut costs and manage budgets. This is true for any business, including small and medium-sized enterprises.

Read Also :- How to Prevent Rejection of Health Insurance Claim in India

Importance of group medical insurance

Large companies are known to provide employees with group health insurance. It is one of the benefits of working with big enterprises. However, SMEs stand to gain by doing the same for their workers. Protecting them from high medical bills that could alter their lifestyles fosters trust and shows them that employers care for their well-being.

Benefits to employees

  • Insurance policies like Group Mediclaim provide additional health cover at reasonable costs, a big bonus for SMEs unable to pay high premium costs. This mediclaim is especially beneficial for workers with families and those with individual health insurance policies.

  • SMEs looking to buy group medical insurance can cut costs, as the policies are cheaper than individual plans. The lower premium makes them affordable for employees and is easily available.

  • A group medical insurance policy sometimes covers pre-existing medical conditions. There may be maternity benefits too which can positively affect the loyalty quotient of SME employees.


Also Read :- Keeping Employees Safe, The Do's and Don'ts


Benefits to employers

  • A good insurance plan can attract competent workers. Professionals as well as freshers looking for employment will naturally lean toward SMEs that have their interests at heart.

  • Training new talent costs money and can eat into a company’s budget. However, a solid insurance plan can add to employee retention as it acts as an additional perk to continue working with a company even if it is a small or medium enterprise.

  • One way to facilitate a satisfying work environment that keeps employees happy and encourages them to deliver their best is group insurance. A good cover keeps them focused on important matters instead of spending time and energy shopping for insurance and paying high premiums.

How to choose group health insurance

  • It can be tempting to pick the cheapest plan but there is a reason for their low cost, as they do not offer adequate or satisfactory coverage. However, as an SME you need to balance coverage and low cost to get the maximum benefits.

  • Employees who need to travel frequently can gain more from being covered by a plan with worldwide coverage. Look for a policy that has extensive coverage both at home and abroad.

Group health insurance has numerous benefits for both employees and employers. Every worker included in the plan is eligible for the package and will not have to worry about meeting expenditures when the need arises. As an SME, you don’t want to be miserly or overstep your budget, a middle path can be adopted. It is advisable to compare the different policies online with the help of aggregators before buying a plan. This can lead to significant savings when purchasing health insurance plan. If you’re starting a company, getting group health insurance should be the amongst the top things on your list of to-dos.

About Priyesh Pandey Junior   Insurance Adviser

1 connections, 0 recommendations, 19 honor points.
Joined APSense since, July 26th, 2017, From Mumbai, India.

Created on Dec 31st 1969 19:00. Viewed 0 times.

Comments

No comment, be the first to comment.
Please sign in before you comment.