• Contact now
  • FAQ
  • Home
The Daily Voice News
Advertisement
  • Auto
  • Business
  • Education
    • Career
  • Fashion
  • Finance
    • Stock Market
  • Health
  • Home
    • Food
  • Law
  • News
    • Entertainment
    • Gambling
      • Casinos
    • Dating
    • Pet
    • Science
    • Sports
    • wedding
  • Real Estate
  • Shopping
  • Tech
    • SEO
    • Technology
  • Travel
    • US
    • World
No Result
View All Result
  • Auto
  • Business
  • Education
    • Career
  • Fashion
  • Finance
    • Stock Market
  • Health
  • Home
    • Food
  • Law
  • News
    • Entertainment
    • Gambling
      • Casinos
    • Dating
    • Pet
    • Science
    • Sports
    • wedding
  • Real Estate
  • Shopping
  • Tech
    • SEO
    • Technology
  • Travel
    • US
    • World
No Result
View All Result
The Daily Voice News
No Result
View All Result

What is the Importance of Group Health Insurance Plans for Employers?

Claire Jesse by Claire Jesse
in Finance
0
What is the Importance of Group Health Insurance Plans for Employers?

Companies and organisations contribute to the growth of a country and its economy. A company’s success helps them reach new heights and build the country’s future. The employees at the company work day and night to ensure the company achieves all of its milestones. Employees are considered the backbone of a company’s success. Therefore, companies offer their employees several benefits to reward their hard work. One of the advantages offered to employees is the group health insurance plan.

With group health insurance plans, employees do not have to compare health insurance plans, as they get to decide the coverage features. Therefore, the group health insurance plan can be quite important for employers.

Importance of Group Health Insurance for Employers

Most institutions these days view their employees as important assets of their functionality. To ensure the employees are protected while working for the company, most institutions offer a group health plan for them. Here’s how the health plan is important for employers:

  1. Employees-centric: Most organisations function mainly because of the employees’ hard work. Therefore, institutions include the group health insurance plan to become employee-centric. This will offer a sense of motivation among the employees. Along with this, it helps the company retain its hard-working employees.
  2. Sense of protection: Financial security during emergencies will help the employees feel protected and secure. With group health plans, the employees will not be worried about the medical bills if an emergency occurs. When employees are ensured that they will get financial coverage for medical emergencies, they will be more dedicated and motivated towards their work for the company.
  3. Tax benefit: Companies that offer group health coverage get tax benefits for the policies purchased.
  4. Affordable: As the health insurance plans are purchased for groups, the cost is quite low. Since the cost of purchasing the plan is low, the premiums are low. This helps the employers offer health insurance coverage at an affordable cost.
  5. Premium payment options: With group health insurance plans, employers get the flexibility to select the premium payment frequency. As a result, an organisation can easily pay the premium either annually, quarterly or monthly as per their convenience.

While the employers get decent benefits through the policy, as an employee, you will also be liable to certain benefits under the group health insurance plan.

Benefits Offered by Group Health Insurance Plans to Employees

Here are some benefits of health insurance you will get as an employee if your employer offers the group health insurance coverage:

  1. No waiting period for pre-existing issues: Generally, the treatment for pre-existing issues like diabetes, blood pressure, etc., cannot be covered under the general health insurance plan unless a waiting period is over. However, all the pre-existing issues are covered from day one when you’re covered under a group health insurance plan. This way, you won’t have to worry about the expenses involved in treating your pre-existing issues.
  2. Maternity insurance coverage without additional costs: Childbirth and maternity are generally offered through health insurance plans as add-ons. You will have to pay additional premiums to avail of this coverage. However, if you’re covered under the employees’ group health insurance plan, you will not have to pay any additional premiums. Your employer’s insurance company will handle the major part of the hospital’s bills.

Along with this, newborn babies are also covered under insurance plans for 90 days after birth. Once the 90 days are over, the newborn child is covered as a dependent through the group health insurance plan.

  1. Fast claims without any issues: As a group health insurance plan is designed for an employee’s benefit, the claims filed are handled quickly, so the employees do not have to face any issues during the process. Third-party administrators and the insurance company generally handle the claims for group plans.
  2. You do not need medical check-ups: Most group health insurance policies provided by employers do not ask for a medical check-up. Therefore, if you opt for a group health insurance plan, you may not have to sign up for a medical check-up. However, if you were purchasing the health insurance plan for yourself, your insurer may not issue the health insurance plan without a medical check-up.
  3. Up to 5 individuals covered: Group health insurance plans generally offer health insurance coverage for your family and loved ones as well. Most group plans cover around 5 dependents under the plan. You might have to pay additional premiums to cover your dependents under the group health insurance plan.

Before selecting the features of the group health insurance plan, you must go online to learn about the features offered by most insurers. For example, insurers like Tata AIG offer all the information on their website and calculators to help customers get health insurance quotes. You can visit these websites and learn about your insurers’ coverage.

Conclusion

Group health for employees in India is beneficial for both employers and employees. Employers purchase the plans at an affordable rate, improve employee productivity and employee retention, and get tax benefits. An employee will get to protect their loved ones, get insurance coverage at affordable costs, and get the claim settlement for the policy quickly.

Previous Post

How to Open Demat Account & Trading Account Online in India

Next Post

​How to Fulfill the Bucket List of Your Dreams? That’s Right by Availing a Personal Loan!

Related Posts

ULIPs And Taxes

ULIPs And Taxes

by Claire Jesse
February 28, 2023
0

Unit Linked Insurance Plans, also known as ULIP plans, include a number of advantageous features that can help you increase...

​Learn how to invest in stocks with low-cost index funds

​Learn how to invest in stocks with low-cost index funds

by Claire Jesse
January 23, 2023
0

When it is about accumulating wealth, investment in the stock market tends to sit at the topmost list of many....

Best passive income ideas for 2023

Best passive income ideas for 2023

by Claire Jesse
January 14, 2023
0

Passive income can earn you money without the hassles of working full-time. There are several ways of earning passive income,...

Which IPO has the highest return?

Which IPO has the highest return?

by Claire Jesse
December 27, 2022
0

The race to be the top IPO stock in Hong Kong is heating up, with several companies vying for the...

Based on your income, how much personal loan are you eligible for?

Based on your income, how much personal loan are you eligible for?

by Claire Jesse
November 3, 2022
0

Thinking about borrowing a personal loan? Well, the first thing that the lender is going to check is your monthly...

Load More
Things to Consider When Building a Medical Facility   

Things to Consider When Building a Medical Facility   

March 28, 2023
Uncover the Secrets of Playing Fantasy Cricket on Dream11 – A Beginner’s Guide

Uncover the Secrets of Playing Fantasy Cricket on Dream11 – A Beginner’s Guide

March 27, 2023
5 Online Solutions Towards Comprehensive Health Care

5 Online Solutions Towards Comprehensive Health Care

March 16, 2023

Recent Posts

  • Things to Consider When Building a Medical Facility    March 28, 2023
  • Uncover the Secrets of Playing Fantasy Cricket on Dream11 – A Beginner’s Guide March 27, 2023
  • 5 Online Solutions Towards Comprehensive Health Care March 16, 2023
  • Are Commercial Cleaning Companies Worth It? March 16, 2023
  • How to choose the best DTH connection? Read on! March 9, 2023
  • What is DevOps as a Service? March 8, 2023
  • Maximizing Value When Selling Your Car for Scrap March 2, 2023
  • How Do Cleaning Franchises Work? March 2, 2023
  • ULIPs And Taxes February 28, 2023

2023

  • – March (8)
    • Things to Consider When Building a Medical Facility   
    • Uncover the Secrets of Playing Fantasy Cricket on Dream11 – A Beginner’s Guide
    • 5 Online Solutions Towards Comprehensive Health Care
    • Are Commercial Cleaning Companies Worth It?
    • How to choose the best DTH connection? Read on!
    • What is DevOps as a Service?
    • Maximizing Value When Selling Your Car for Scrap
    • How Do Cleaning Franchises Work?
  • + February (11)
  • + January (8)

2022

  • + December (25)
  • + November (12)
  • + October (7)
  • + September (15)
  • + August (16)
  • + July (10)
  • + June (7)
  • + May (14)
  • + April (10)
  • + March (32)
  • + February (12)
  • + January (9)

2021

  • + December (11)
  • + November (7)
  • + October (11)
  • + September (14)
  • + August (8)
  • + July (11)
  • + June (10)
  • + May (6)
  • + April (21)
  • + March (14)
  • + February (6)
  • + January (16)

2020

  • + December (14)
  • + November (17)
  • + October (16)
  • + September (5)
  • + August (8)
  • + July (5)
  • + June (7)
  • + May (5)
  • + April (16)
  • + March (11)
  • + February (7)
  • + January (5)

2019

  • + December (2)
  • + November (1)
  • + October (2)
  • + September (1)
  • + August (1)
  • + July (7)
  • + June (8)
  • + May (13)
  • + April (10)
  • + March (4)
  • + February (2)
  • Auto
  • Business
  • Education
  • Fashion
  • Finance
  • Health
  • Home
  • Law
  • News
  • Real Estate
  • Shopping
  • Tech
  • Travel

© 2022 The Daily Voice News. All Rights Reserved.

No Result
View All Result
  • Contact now
  • FAQ
  • Home

© 2022 The Daily Voice News. All Rights Reserved.