Cover Your Workforce With Employee Benefits Insurance

What is employee benefits insurance, why is employee health insurance important, what are employee insurance benefits, benefits...

The biggest fortune one can have in the current scenario is good health. Life is uncertain, so is our health. The cost of healthcare is continuously rising year on year. Hence, preparing us against the unforeseen circumstances is the key. This is where a health insurance plan can benefit us greatly. Hence, health insurance policy is a strong financial security one can have in the present pandemic situation.

What is Employee Benefits Insurance?

The employees are the greatest asset of any organization. Hence, it's essential to provide them with a greater employee benefit. This is where the employee benefits insurance comes into play.

Employee benefits insurance or employee health insurance is an employee benefit extended by the employer to the employee. Most organizations extend the employee insurance benefits to the dependent family members of the employees too.

The company takes care of the health insurance premiums either fully or partly. After this the health insurance provider issues them with health cards. Employees can use this card to use their employee health insurance policies.

Why is Employee Health Insurance important?

Covering your employees with employee health insurance also known as group health insurance  is a step towards employee wellbeing. It shows you care not only for their work but also their health too. It is one of the most useful employee benefits that the employer can provide.

As part of the post lockdown covid operating guidelines, the IRDAI has made it mandatory for the employers to cover their employees with proper group medical insurance. Hence, providing an employer employee insurance no longer becomes a privilege but a basic requirement.

What are Employee Insurance Benefits?

The employee insurance benefits both the employees and the employers.

For the employers

  • The benefits for employers are that one can avail tax benefits as the employer pays the premium against the group health insurance policy.
  • When the organization provides the employee health insurance as an employee benefit, it helps the company to retain top talents in the company. This happens as employees now value benefits at the workplace more than the regular wages.
  • The employee engagement increases thereby increasing productivity when the organization provides group health insurance for employees.

Also read: Employee Benefits Survey Report by Pazcare

For the employees

  • The employee health insurance benefits an employee during the times of medical emergency. It can free the employees from financial strains during the times of need.
  • Further benefits for the employees are coverage of room rent and hospitalization expenses during hospitalization upto the sum insured.
  • Also, the employees can make use of the medical check-ups that come along with the employee health insurance policies.
  • Another major advantage of employee health insurance are coverage of pre-existing diseases, waiting period waivers and cashless claim settlement.

Inclusion of Family in Employee Insurance

The organization covers health insurance for employees under the employee insurance. Most companies cover the employees, their spouses, children and parents in the policy. This is one of the greatest advantages one can gain in employee benefits insurance.

The parents are at risk of acquiring diseases. Hence, some companies cover them at an additional premium. As they have a risk of frequent hospitalization and the healthcare costs are rising, it is always a good idea to add them to the group insurance policy.

Further, there are plenty of advantages like

  • No medical checkup required

When one opts for an individual health insurance policy or a family health insurance policy, one has to undergo a pre-medical screening. This is done in order to screen the policyholders for pre-existing conditions, such that the insurer can take appropriate decisions during times of need.

  • Coverage of pre-existing diseases

Under an employee health insurance policy the pre-existing diseases are covered from day one. This extends to the employee, spouse, children and parents. This is quite the opposite in individual and family health insurance plans.

  • Super top-up feature

Usually the employee benefits insurance has a sum insured of 5 lakhs or less. Sometimes this is not sufficient under unforeseen circumstances. Hence, an employee can pay an additional premium and purchase the super top-up feature. Under this the sum insured increases from the already existing limit.

The Conclusion

The medical expenses are constantly increasing. As an employer, you can cut down the financial stress of the employee by providing them with medical insurance. Providing group health insurance is no longer an additional benefit but a basic necessity. Further, providing employee benefits insurance are a step towards employee wellness, employee engagement and employee productivity.

Do you have Group Health Insurance for your team? At Pazcare we help employers like you choose the best group health insurance policy for you and your team. Contact us to know more.

Never miss
an update...

Subscribe to receive the freshest from the world of HR

What you will receive in your inbox
  • Guides
  • Industry Reports
  • Webinars
  • Thought leadership articles