Health Insurance is something that gives you cover for medical and health issues. Nowadays, companies also provide health insurance in the form of a Corporate Health Insurance plan for fulfilling the medical need of employees. It is suitable for business and beneficial for an employee that is working in your organization. Corporate Health Insurance also plays an essential role in the retention of business.
Why is Corporate Health Insurance beneficial for your business?
A medical cover is a top priority for every worker, so it should be a top priority of your organization. Some points that show the importance of Corporate Health Insurance for your business are as follow.
- Make your employee happy
A company, an organization, or a business cannot flourish with the workers or employers, so it is essential to keep your employers happy and satisfied. It will lead them to passion and dedication towards their work, which ultimately helps you grow your business. It is one of the essential benefits that you can provide to your employers. According to a survey, the four things that play an active role in gaining a worker’s trust are Health plan, Pension, Vacation plan, and Retirement plan. So take care of your employers, and they will take care of your work.
- Reduce operating cost
It can also help during negotiation with an employee on the topic of salary. Some people agree to work for less pay because buying a self or family insurance plan can be costly than a corporate insurance plan. It can balance your business financing issues and help get better services, happy employees, and trust at less cost.
- Lower insurance premiums
Sometimes you hesitate to purchase a health insurance plan due to the amount to premium. Still, with corporative health insurance, you have to pay less premium amount as your workers will also be insured by the company, resulting in a low premium rate. A self-insurance can cost you more. This shows the apparent profit of impressing the employees as well as getting insurance at low prices.
- Tax Saving
A business can avail some tax profit on the premium that they pay for the Insurance plan. It is also beneficial and plays a role in a successful business, or if we say it’s a smart move, nothing is wrong with that. For a business, you must have to act smart by taking wise steps and decisions, and Corporate health insurance is one.
- Increases Competition
Who doesn’t like more facilities while doing a job? For sure, everyone wants it and gets attracted to the company that offers them more. This way, the competition is increased in the market, and you can win this competition with a huge margin. It also increases competition for employees, the company that offers more facilities want more qualified individuals.
What health insurance should you provide your employees?
What health benefit should you offer is the biggest question, and the answer is that the one that provides more coverage and entertains your employee the best at the time of need.
There are specific health insurance criteria that you must offer to your employees. Some of them are as follow
- Medical Insurance: It is one of the most basic and essential needs of the worker, so a company must offer it. The company can also ensure the workers on a split money basis.
- Dental Insurance: This plan is generally offered by large business companies and is also essential.
- Vision Insurance: It is not a MUST-HAVE but can be a wise step to attract excellent and qualified workers.
- Disability insurance: It is a must plan that you should offer so that if your worker is ill and can not work, he will not face any financial issue and will get paid as regular days
- Life Insurance: It is an essential plan for workers with family. It can solve many of their problems. You can buy the loyalty of your worker just by investing a small amount to make him happy.
- Health saving accounts: The other benefit you can provide to your worker is starting a health saving account. You have to pay the administering fee, and the worker will save a particular portion of his income.
It can help you keeping your staff longer, which ultimately lessens the hiring and negotiating stress.
Some features of a Corporate Health Insurance plan:
The corporate health insurance plan must have the following features
- In-patient cover
- Daycare surgeries
- Pre-post hospitalization
- Domestic road ambulance
- Donar expense
- A second opinion, OPD, Dental care
- Alternate methods of treatment
- Corporate floater
- Premium instalment facility
- Modification of wait period
- Co-payment and deductible
- Employee protection
- And more
But again, it all depends on what the company offers to their employee