A startup founder has to manage a lot of work and financial stress to run the organization. It is difficult especially during the foundation years when you are still finding a way to create a competent workforce. Either the employees are leaving for better options or you are failing to provide them their expected package! Both ways, the loss is on your part. While there is no better option than patience and hard work to improve such things, you can take a wise step to manage the needs temporarily.
Group health insurance can be an excellent tool to meet the needs of the employer and the employees. How? Well, there are multiple beneficial aspects of buying the group healthcare plans and having the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy under your name. Read along to find out the ten ways through which group health insurance can be highly beneficial for a growing startup.
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Better employee retention
The most common problem that most startups face is low employee retention. Most employees leave the job after serving for a brief period. A growing company needs steady support from the workforce and experienced employees. A group healthcare plan helps in reducing the leaving pace of the employees. How? As the premium gets paid by the employer, the employees enjoy the benefits free of cost. No employee would want to miss out on such service perks and thus grow loyal to the startup, making your workforce stronger.
Motivation for better production
Startups during their initial years of establishment need that extra push to amplify the production pace. A service benefit like the group Mediclaim acts as a great motivating force. The employees in the organization level up their efficiency to ensure their job stability and security. As the plan coverage of the group healthcare insurances is valid till the service tenure, most employees fear discontinuation of the plan benefits for sudden employment discharge. Employers use these group insurances as a tool to improve the existing performance and ensure better progress for the startup.
An excellent service package.
Most startup founders find it difficult to offer a lucrative package to the new recruits. As a result, they miss out on potential talents who may have paced up the productivity quotient. While it may be difficult to escalate the salary packages at one go, employers can always compensate for it through other ways. Group healthcare insurances are among the best service grants to an employee. It is useful for them in managing financial distress during medical emergencies. Thus, these insurance plans offered by startups are an economical way of attracting new talents into the workforce.
A way to remove absenteeism
When your employees have the access and financial support to get medical treatment, you get a fitter workforce. How? Many insurance companies offer health checkups and daycare expenses as a part of the plan coverage. So, the employees can get immediate health checkups and treatment facilities to combat the ailments. With an effective treatment procedure, they can get back to work fast. This way, startup founders can reduce the number of sick leaves and breaks taken by the employees.
Extensive plan coverage and benefits
Employees working in a startup can get cashless coverage and reimbursement facilities with group healthcare insurances. The network of hospitals under the selected insurance company helps in getting quality treatment under able medical teams. The employee only has to produce the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy documents to get instant permission for cashless treatment under the top hospitals in India, lying under the vast network of approved hospital names.
Comprehensive benefits for employer and employee
Employer health insurance policies can provide individual or comprehensive support to the employees. The decision is upon the employer whether they want to pick an insurance plan that covers both the employees and their family members. Either way, it gets represented as a good leadership quality from a startup founder. It also brings a great reputation for the startup and builds a positive brand image for your startup in the market.
Easy claim and settlement
Startup founders are not only responsible for the payment of premium but also needs to ensure whether the employees are getting benefitted through the insurance coverage. The best group health insurance always offers efficient processing for claim settlement. Whether it is the TPA (third-party administrator) or the insurance company team, they ensure fast and effective settlement. The diligent customer support team also helps the employers to resolve any doubt related to the plan features, making it a convenient option to pick. So, for employers, offering a group healthcare plan is not only beneficial but also convenient.
Affordable premium plans
Startup founders may not be always in an economically sound position to spend too much on employee-welfare plans. Group medical insurances have affordable rates based on the features you pick in the plan. The employer can choose the plan based on their capacity to afford the premiums without going into debt or creating financial trouble in the company. There are plans with different attributes and, so the premium prices also vary depending on the employer’s choice.
Scope for customization
Depending on the economic stability of the startup and employee strength, the founders can customize the policies. They can offer add-on benefits for the employees who want to get better plan coverage alongside the base plan. The employees can pay the extra money by deducting a part of their salaries if they want to. There is a high scope of plan flexibility in group healthcare insurances that eases the lives of employees and employers.
A way to save tax
Who does not want to enjoy a tax deduction? With the group, medical insurances startups can reduce the financial burden with tax reliefs. In India, you can get a portion of your annual tax deducted for the payment of premiums of group healthcare insurance. The employer (in this case the buyer of the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy) can get a tax deduction in annual income tax amounts by producing valid proofs of payment receipts. Thus, startup founders can gain financially through insurance.
PlanCover – Adding to the benefits.
Now that you are aware of the many benefits of the group healthcare plan, have you found the right policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy? PlanCover meets your needs when it comes to group medical insurance policies. The top-rated insurance selling company sells group insuranceGroup Insurance refers to any insurance plan under which a group of employees (and their dependents), or members of a from the leading IRDA companies to startup founders and employers having a small to mid-capacity enterprise of 7 to 450 employees. You can also connect to them and buy the best policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy from several alternatives. Specify the insurance features that you need along with the budget and they will offer the best options to choose from.
