All You Need To Know About Employee Health Benefits

Insure My Team
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January 24, 2022
Employee Health Benefits

If employees were given the choice between a high-paying job without any benefits, and another job that pays average with a plethora of employee benefits added on top, what do you think employees would choose?

With the new normal, employee expectations have changed and they are likely to take up a job with lower pay, but with better benefits.

These employee benefit packages may include overtime, medical insurance, PF, Gratuity, profit sharing, retirement benefits etc, to name just a few.

But group medical insurance is the most commonly offered benefit that rewards employees and employers both.

By providing your employees with health benefits, you are showing them that not only do you care about their health, but their overall well-being as a whole.

Keep reading to find out all about offering health benefits to your employees.

Employee Health Benefits: Indian Government Regulation

Medical insurance is available for employees working in the organised sector in India. It is available under the Employee State Insurance Act, 1948. Employees earning a monthly wage of Rs. 21,000 or less can benefit from ESI. Both the employer and employee have to contribute to the Employee State Insurance Corporation (ESIC). When the time comes, the employee can avail of the benefits from the corporation.

To build and retain a talented workforce as well as to be able to attract the best available talent, providing health and wellness benefits is a must have for any company.

Why should you offer health benefits to your employees?

According to a survey by Glassdoor, employees said medical insurance is, by far, the most important benefit they receive from their employer.

Offering medical insurance can help with recruiting and retention.

Paying for employees’ health benefits is tax-deductible, so you actually save money by investing in your employees’ health.

A study from MetLife found that 60% of employers say offering medical insurance has led to higher productivity levels. 

Providing health benefits is one way to show your team that you care about them and builds a culture of trust.

From building a healthier and happier team to actually saving money, there are many reasons to take the plunge and offer health insurance to your team. 

The next big question is: How do you find the health benefits plan that is right for your company? 

Look for right coverage 

A good health plan should include more than just hospitalisation. It should also include coverage for pre-existing diseases, maternity and newborn care. 

By considering current Covid-19 and Omicron scenarios you should also check to see if it covers Covid-19 treatment that can give peace of mind to your employees. 

Cost

While it is important to buy a health plan that meets your employee's needs, it is equally important that it suits your pocket as well. Budget is a highly important aspect when buying group medical insurance. 

Customer Service & Claims Processing

A common pain point for employees is that they find it extremely confusing and cumbersome to manage their health insurance policy. They don’t know how to apply for claims, how to enrol, and feel that even though they have the benefit, they’re unable to utilise it. So, while selecting a healthcare team, understanding their customer service process is of utmost prime importance. 

Employee Health Benefits By Insure My Team 

Insure My Team manages group health insurance seamlessly so you can have a stress-free workday.

Get a demo now.

Written By:
Insure My Team
Insure My Team provides accessible and affordable group healthcare to Startups, SME's and Corporate organizations.