How does corporate HealtH insurance benefit employers?
As an employee, having corporate health insurance as one of your job perks is simply amazing. You get healthcare coverage for you and your family members, absolutely free of cost! However, the outlook might not be the same from the employer’s point of view – paying health insurance premiums for all your employees can be a bitter pill to swallow.
But, be this as it may, corporate health insurance actually provides several benefits the employer as well. Don’t believe us? The next 500 odd words will help you change your mind.
It helps attract the best talent. This is one of the biggest advantages of providing health insurance to your employees. Job applicants today seek more than just a high salary, they are also looking for the best job perks and corporate health insurance is one of the biggest benefits ever!
Retaining of the best talent. Corporate health insurance helps you get the right talent and it also helps in retaining them. Your employees will be reluctant to switch to another organisation as they might lose out on their healthcare benefits in the process. This is especially if they have opted to cover their family member under their corporate health insurance policy.
Job satisfaction. Having corporate health insurance boosts employee morale and job satisfaction. It shows that you care about the health and wellbeing of your human resources. This makes your employees feel valued and encourages them to put their best foot forward while on the job.
Tax benefits. By paying for the health insurance premiums for your employees, you can avail a good amount of tax benefits as well. Irrespective of the amount of premium you have paid, you can claim it as your company’s expenditure and reduce your tax liability for the year.
Good will. Corporate health insurance will be there for your employee and help them tide over some of life’s most difficult moments (medical emergencies, surgeries, etc.). Conversely, it will also be a part of their biggest celebrations (these plans cover maternity expenses too). This ensures that you are always there for your employees and helps build goodwill towards the organisation.
These plans are also highly advantageous for your employees. They do not have any waiting periods and cover pre-existing illness right from the word go. Further, no medical test is required to get these plans. This is something that one does not usually enjoy with a normal health insurance.
And lastly, with the current COVID-19 situation, a corporate health insurance goes a long way in keeping your employees safe and ensuring their finances are protected against the outbreak of the virus. This is because most corporate health insurance plans will cover hospitalization expenses related to COVID-19. This is probably one of the biggest benefits of providing your employees with health insurance cover, especially during these trying times.
We hope this article has been helpful for you. Good luck and all the best, take care!
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