Finance

Why Should Your Business Offer Group Health Insurance?

Here are the top 5 reasons for your business to offer group health insurance policy:-

  • No waiting period: The major reason to take a group health insurance policy is that it comes with no waiting period and the coverage can be claimed from day 1. There are certain waiting periods in health insurance policies such as pre existing disease waiting period, specific disease waiting period, initial waiting period or 30 days waiting period, maternity waiting period. These waiting periods can be waived off under the group health insurance policy which would prove to be beneficial to both the employers and the employees.
  • Employee retention: The other major reason for your business to offer group health insurance is to increase the employee retention. The employee retention would increase if there are certain employee benefits such as health insurance, personal accident insurance provided by the organizations. The employee retention also depends on the working conditions of the organization. The group health insurance policy provides a sense of security to the employees working in the organization and helps in increasing the retention of the employees.
  • No premium payment by employees: The premium under the group health insurance policy would be paid by the employer in most of the cases. This benefits the employees as they would be enjoying the health insurance benefits without paying any premium. Employers provide the group health insurance policy to their employees without collecting the premium from them in most of the cases. The premium to be paid under the group health insurance policy depends on many factors such as the age of the members, coverage required, benefits opted etc.
  • No medical checkup: The major reason why your business should take a group health insurance policy is that there would be no medical checkup required before issuing the policy. In case of group health insurance policy there is no requirement for pre medical policy issuance to be done and it would not be practically feasible to checkup all the members under the policy as there would be a large number of members under the group health insurance policies. The waiver of medical checkup helps the employees to avail the health insurance coverage without much hassle. In case of personal health insurance policy the insurance companies would insist on the pre-policy medical checkup depending on the information provided in the proposal form. The other reason to take a group health insurance policy is that it doesn’t require any medical information to be provided in the proposal form.
  • Dependents covered: The other reason why your business should take a group health insurance policy is the policy covers the dependents of the members. Group health insurance policy can be extended to cover the dependents of employees such as spouse, children, dependent parents or parents in law. The dependents would be covered without the requirement of pre medical checkup and can make the claim from day 1 of coverage which is not possible in personal health insurance policies available in the market.