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How Group Health Cover can form part of your overall Employee Benefits Program

Posted by : Siddharth Jalan on | Feb 27,2017

As an employer, you always seek to ensure ample motivation to your employees. But, in today’s competitive world, a fat pay cheque is not enough to do so. With a large number of job opportunities in industry, organizations require enlarging their scope of employee benefits program to attract and keep the talent.

An employer might not leave any stone unturned to satisfy the employees who contribute towards the success of the organization. He may set up a company ensuring good health care facilities for his employees like clean working space, hygienic pantry area, sufficient stationery, etc. But, these do not count as employee benefits in the long-term. With changing times, it has become important to keep pace with competitors. Lack of sufficient employee benefits might lead an employer to lose its most valuable employees to rival companies.

An employee benefits program of an organization must include long-term insurance schemes in the form of:

1. Group Life Cover
2. Group Health Insurance
3. Group Personal Accident and Disability Cover
4. Workmen Compensation Policy
5. Retirement benefits like provision of pension plans, Group Gratuity, and Group Superannuation policy

All the above insurance schemes together ensure financial security for the employee and his family not only while he is employed but also, after he retires. Life insurance and pension is good but, as it is commonly said that the chances of an employee dying or meeting with an accident are far less than his falling ill or facing a critical illness.

Here comes the need for a proper Group Health Insurance policy as good health is an asset for any individual. Without proper health, no employee can work efficiently. The Health Policy provides a chance to the employer to ensure financial and health security to his employees. Every organization, whether small-scale or large-scale, must avail Group cover for its employees as the most important part of the benefits package. But, an employer always needs to ensure that the health cover being provided is sufficient and targeted to a maximum number of employees rather than the benefits being availed only by people at the top management.

It is true that all the other benefits are also important, but one needs to focus on this policy as it is likely that an employee would require it more during employment than any other benefit. Let’s focus on the advantages of making a suitable Group Health Plan a significant part of employee benefits package.

1. Not Limited to Hospitalisation Expenses
A Group Health Insurance Cover not only bears hospitalization expenses but can also be availed for general check-ups depending on the terms and conditions of the policy. This will encourage the employees to get regular check-ups done which will, in turn, ensure maintenance of health thus reducing absenteeism in the long-run.

2. Family Covered
A Group Health Insurance Policy ensures the health and financial security to not only the employee but also to his/her family. An employee is likely to feel less burdened financially and mentally in the case of an emergency if he has a back-up of a reliable company benefit in case any of his family members is hospitalized or requires frequent doctor visits. This will enable him to focus more on work and motivate him to work harder for organizational benefit.

3. Extended Benefits
Some insurers also extend the basic health benefits of covering visual repair and other costs like boarding expenses apart from the surgeon, anaesthetist and consultant fees. X-ray, Dialysis, and ambulance costs are also covered by some plans. These extended costs can play a major role in retaining the employees who might weigh these benefits over and above a slightly higher salary.

Those who live in a joint family value such health schemes as they might also be required to bear the expense of elder’s health and critical illness.

4. Higher Room Limits
In a customized policy, an organization can avail for a higher room limit. Generally, the cap is 1% of the sum insured. But, it can be increased sufficiently. In case an employee avails this policy for hospitalization expenses, a higher cap will enable him to get room facilities which he cannot afford to avail personally. Similarly, the network hospitals of a Group Policy are generally quite reputed, which the employee cannot even think of affording on personal expenses.

So, such benefits stand out if provided by any employer and it improves the organization’s reputation in the market thus, attracting more talent.

5. Maternity & Healthcare Expenses
With rising medical expenses, those employees who are about to plan a family are very conscious of the maternity and baby care costs. A group health insurance policy offers the benefits of availing such expenses without any waiting period. This benefit is also a unique thing and can be helpful for organizations which have most young staff.

Even though your employee benefits program may have many components, a group health cover is the most useful one. There are many other very useful peripheral benefits of this policy which include discounted health checks for the covered members, helping them avoid major hospital treatments.

Buying group health cover, like any other corporate decision, involves comparing the alternatives and selecting the most suitable arrangement for your type of organization. SecureNow, an online insurance advisor, can be your perfect partner in your quest to buy and manage group health insurance. SecureNow offers you quotes from multiple insurers and helps you in comparing their respective policies and features before buying.