All you need to know about Employee Health Benefits

Insure My Team
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October 31, 2022
employee health benefits

Employees today are looking for more than just a high-paying job. While considering job opportunities employees also consider the employee benefits being offered by the employer.

If given a choice between two opportunities, one that has a higher salary but no benefits and another that offers a lower salary in comparison but offers various benefits, employees are more likely to choose the job that offers better benefits. It’s not us who are saying this. It’s several surveys. According to a study conducted by Glassdoor, approximately 60% of people say employee benefits and perks are a big influence in deciding whether or not to accept a job offer. The report also noted  that 80% of employees would prefer greater perks over a pay boost.

The benefits offered may include perks such as overtime, medical insurance, gratuity, PF, profit sharing, and retirement benefits to name a few. Out of these, group medical insurance is the most commonly offered benefit and is mutually beneficial for the employer and their employees.

Providing group medical insurance for your employees shows them that you care not only for their health but also for their overall well-being and makes your employees feel appreciated. If your employees feel that you care about them, they will feel appreciated and their loyalty and dedication towards their job also gets a boost.

In this blog, we will cover all you need to know about offering Employee Health Benefits to your employees.

But before we move on to the ‘Why’ and ‘How’, let’s get an understanding of ‘What’ employee group health insurance is.

Employee Health Benefits: Indian Government Regulation

Medical insurance is available for employees working in the organized 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.

Providing health and wellness benefits is vital to build and retain a talented workforce. This also adds to the appeal of your company and helps attract talented employees.

Why should you offer health benefits to your employees?.

  1. Employees say medical insurance is, by far, the most important benefit they receive from their employer.
  2. Offering medical insurance can help with recruiting and retention.
  3. Paying for employees’ health benefits is tax-deductible, so you actually save money by investing in your employees’ health.
  4. Over 60% of employers have found that offering employee medical insurance helped their business with higher productivity levels. 
  5. 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 a step forward  and offer health insurance to your team. 

Now, we can move on to the next big question: 

How to find the right health benefits plan for your company? 

Here are a few basic features to keep in mind when you shortlist health benefit plans for your company:

  1. Look for the right coverage 

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

Keeping the past few years in mind, it is ideal to check if the coverage also includes COVID-19 treatments. This would provide some peace of mind to your employees. 

  1. Cost

While it is important to buy a health plan that meets your employees’ needs, it is equally important that it suits your pocket as well. Budget is a highly important aspect to keep in mind when buying group medical insurance. Choose a plan that is affordable in the long-run to prevent issues like insufficient funds for premium covers which can cause problems for you and your employees.

  1. Customer Service & Claims Processing

A common issue 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 enroll, 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 importance. 

  1. Comprehensive Wellness Care

Another factor to keep in mind while considering a health benefits plan for your company is the comprehensive wellness care features included in the plan. These features can include organizing wellness sessions like Zumba, physical and mental health-related sessions for your employees, free e-consultations with a doctor-on-call for employees and family members covered under the policy, and discounts on medicines and health checkups to name a few.

Employee Health Benefits By Insure My Team 

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