How do you communicate the benefits of Group Health Insurance to your employees?
The greatest asset of any organization is its employees. As part of their employee-centric programs, Group Health Insurance (GHI) is one of the benefits adopted to lure the workforce. Opting for a GHI enables an organization to operate more efficiently, strategically, and effectively. This will help in attracting the best talent for your organization.
GHI has a rippling effect of advantages for an employer.
Boosts Employee Satisfaction -When you go the extra mile in helping your employees take care of their medical needs it indicates that you appreciate the work, dedication, and loyalty of your staff. This will not only boost their motivation but it will also increase their productivity and job satisfaction. According to Clutch 55% of employees cited health coverage as the greatest driver of job satisfaction. If the job satisfaction is higher, employees are found to be more productive at their work.
You can offer GHI coverage from day one to a new joinee. There is no waiting period and no medical test has to be conducted in GHI. This is extremely beneficial when lifestyle ailments like Diabetes & Hypertension affect many at an early age. While such benefits cannot be enjoyed when opting for an individual health policy.
Improves your Recruitment Strategy -A recent Glassdoor survey highlighted that benefits and perks top the list of priorities before coming on board. Many employees look beyond the monetary benefits provided by the company. Here GHI gives you an upper hand and it will help you display how your company takes care of its employees.
GHI also can cover maternity from day 1, along with the new born baby coverage; useful where employees are in the age band of 25-35 years. Individual Health products normally do not cover maternity & newborn baby and this can be a big disadvantage.
GHI covers employees along with their spouses and children.
However, few companies also extend this cover for their parents as well as parents-in-law. Moreover, there will be no waiting period for pre-existing disease even for the parents. In Individual Health products normally entry age is restricted up to65 years and, Senior Citizen product coverage comes with high premiums, restrictions & even co-pay. Such benefits can be very costly in individual health insurance.
Augments Organization's Retention Strategy - GHI cover comes with a dual benefit, wherein it ropes in employees as well as it acts as an exit barrier. It surely works as a deciding factor when employees decide to quit. Having benefited from health cover for self and family, an employee will rethink his/her exit, especially if the new organization does not offer this benefit.
Now GHI can even give Corporate Buffer benefit wherein if the sum insured of the employee is exhausted during hospitalization, then he / she can use the amount from this emergency buffer fund. This assurance goes a long way for any employee.
Help employees to save on their Emergency Fund -GHI provides them the assurance that they are not drained financially in case of a medical emergency by providing an extensive cashless network across India. A medical expense sometimes can be enough to eat up all the savings of a person. And premiums for individual health insurance can be unreasonably high. As an organization you have a better position to negotiate the best policies for your employees in terms of benefits.
Foster a Healthy Corporate Culture -GHI comes with a host of wellness benefits which an employee now can avail for themselves as well as their family like Online Doctor Consultation, Nutrition& Diet consultancy, discounts at gyms, pharmacies & diagnostic centers. Nowadays even psychiatrists are covered under some policies thus taking care of the mental well-being of your employees.
- GHI will support the employees in a big way to access the best medical facility and bounce back faster to their workplace.
- This cover gives peace of mind to the employees and puts 100% focus on the job, which may help bolster the success and stability of your business.
- GHI policy boosts the morale & confidence of the employees in the organization.
- Offering benefits like GHI will increase your retention chances and add stability to your business.
- It is highly important that the organization conveys the GHI benefit to their employees to make the most of this investment; an innovative way to reach out to employees is to provide them digital access to the health policy.