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10 Compelling Reasons for Corporations to Provide Employee Health Insurance

The value of a company’s human resources cannot be underestimated. This is because employees carry the weight of commitment, responsibilities, and duties of a company. Businesses of all sizes, from small to large, take necessary steps to offer employee benefits to retain and attract the workforce.

A great working environment, retirement benefits and employee medical insurance plans are common ways to safeguard their employees’ financial future. However, several businesses still do not provide  employee health insurance plans.

This blog will discuss ten essential reasons for offering health insurance coverage to employees.

Top Reasons for Offering Health Insurance Coverage for Employees

 1. Benefits to the Employees

Employee insurance plans are an excellent benefit, especially for employees who cannot afford to purchase individual health insurance policies. The employees are not required to pay the premium amount for employee health insurance. The premium amount is paid by the employer, offering employees the benefit of free health insurance coverage.

 2. Excellent and Cashless Healthcare

One of the best benefits of employee health plans is providing quality healthcare to your employees. Additionally, with the availability of cashless health insurance, employees can visit any hospital and get the benefit of cashless healthcare without any hassle. Therefore, with employee insurance plans, your employees can receive excellent healthcare at no cost.

 3. No Waiting Period to Raise a Claim

Most medical insurance policies have a waiting period during which the insured has to wait to file or raise a claim. However the insured does not have a waiting period in group health insurance to raise a claim, allowing employees to file a claim as soon as it is needed.

 4. Smooth Claim Process

Several health insurance companies now offer online processes for raising, managing, and tracking claims. This makes claim settlements quick, seamless, and hassle-free.

Additionally, it is beneficial for the employer. This is because the entire process streamlines and the employer may not need to keep track of the claim process. Moreover, the employee can check or initiate the claim on their end.

 5. Attracting and Retaining Talented Employees

It reflects well on a company’s reputation if they provide good working conditions for their employees. This also results in genuine and great employees being attracted to the company.

This is significantly essential for a business, as a company’s quality depends on its best employees. When an organisation attracts talented employees, they ensure the growth of the business by using their extensive knowledge.

 6. Provides Good Reputation Among Competitors

With provisions such as employee medical insurance, companies can boost their reputation and provide competition to their competitors. Therefore, as a business owner, you should consider providing health insurance to your employees to ensure a good reputation.

 7. Helps Enhance Employee Productivity and Motivation

When a company offers employee benefits like a health insurance plan, it enhances the motivation of the employees. Employees feel secure and safe when their company offers substantial benefits, motivating them to work even harder. This is also one of the most important contributing factors to employee retention.

Additionally, it increases employee productivity, resulting in great service provisions. Therefore, as a business owner, you should prioritise offering good benefits like employee health insurance and ensure exceptional employee productivity and motivation.

 8. Mobile Friendly Apps

Insurance companies offer mobile-friendly apps and responsive websites to ensure a convenient health insurance experience. Such services can significantly help employees navigate employee health insurance plans.

 9. Progressive Company Culture

When you provide health insurance coverage for employees, they feel valued. This assures them that they are more than just a resource and that the company cares about their well-being, ensuring a progressive company culture.

 10. Tax Benefits

Companies that provide employee health insurance are eligible for tax benefits. The benefits depend on the provisions of the Income Tax Act and the premium amount paid for the employee health plan.

To Wrap It Up

Employee health insurance comes with several benefits for employees, such as free or low-cost health insurance plans, accident coverage, tax benefits, cashless services, etc. However, there might be some common challenges you can face while providing health insurance coverage for employees.

These challenges include a lack of individual customisation and awareness about group health insurance plans, which can be expensive for small-scale companies. Make sure you keep these factors in mind while purchasing employee health insurance.

However, despite its challenges, employee health insurance can significantly improve your company’s overall value. Lastly, as a business owner, you should prioritise your employees’ wellness and health to ensure your business’s development and growth.

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