Paul Drechsler, the CEO of Wates Group once rightly said, “Good Health IS Good Business”. After all, it’s only when people are at their best health and wellbeing can they work productively and consequently contribute to business goals and objectives successfully.
In today’s face-paced world, health conditions especially that of lifestyle diseases have been on a rise with every passing year, whilst healthcare expenses too have only been increasing year on year. The average cost of a simple daycare procedure can cost up to Rs 40,000; while one of the most common medical procedures in India; i.e. a caesarean delivery can cost up to Rs 1,272,000!
Thereby, with both an increase in health conditions and healthcare expenses, it has increasingly become inevitable to be protected with a health insurance that won’t only help keep the expenses at bay, but also provide for additional tax benefits for both an individual (for independent health insurance policies) and companies (who provide for a group health insurance for their employees) that help enhance one’s savings further.
It’s the year 2020 and unlike the baby boomers, working millennials today no longer stick to one organization for life. In a landscape where startups and businesses are being born every other day, the average employee now is faced with a range of options to pick from for his or her career pathway and more often than not, these choices aren’t made on the job profile and salary alone but, on other factors too such as location, company culture, goodwill and most importantly, employee benefits, amongst several other factors.
Furthermore, there are multiple studies that signify how employees value companies that provide for benefits, that help enrich their overall health and wellbeing, and verily, a group health insurance helps achieve that to a large extent.
What do you mean by a Group Health Insurance, anyway?
As the name suggests, a Group Health Insurance is a customized health insurance policy, designed to protect a group of people from a range of healthcare expenses; both big and small.
These are usually bought by different companies for their respective employees. In this case, companies pay for the group health insurance premium and all employees as part of the company can benefit from the services offered by the respective health insurer.
Let’s take an example to understand this better. Say Company X buys a group health insurance from Digit. In this case, all employees under Company X will benefit from the services offered by Digit’s Group Health Insurance, such as coverage for hospitalization expenses, maternity benefit for self or dependents, and coverage against daycare procedures amongst other health insurance benefits.
This does not only help the company care better for their employees (and hence impact employee turnover positively) but, also helps them benefit from company taxes. Apart from that, there are multiple benefits of a group health insurance policy, as talked about below.
