Group health insurance is becoming extremely important among employees, especially after the COVID-19 pandemic. While large companies always had access to such policies, startups and small businesses continue to struggle in getting an affordable health insurance policy for their employees.
Before we tell you all about choosing the best group health insurance for startups and small businesses, let’s understand the basics of group health insurance.
What is Group Health Insurance?
A group health insurance is a policy that covers a group of people who work under the same organization, cooperative societies or trusts.
The employer bears the premium of the group health insurance and offers it as an added benefit to its employees.
Importance of Group Health Insurance
A group health insurance is beneficial to both the employer and employees. While, employees get access to medical facilities and healthcare at all times, especially during emergency conditions, the employer enjoys tax deductions on the insurance premium.
Reduce employee attrition
An effective health insurance policy help builds financial security among employees. An overall sense of financial protection in medical emergencies boosts employee satisfaction and retention.
Boost employee motivation
A guaranteed financial aid during uncertain times makes employees value their jobs beyond their career goals. And, the security and protection of health insurance results in building a productive and creative workplace.
Improve employee wellbeing
Bearing medical expenses is one of the major stress amongst employees after the COVID-19 pandemic., Getting access to good medical treatment without any financial burden helps reduce stress levels, boost employee morale and increase their overall productivity and wellbeing.
Enjoy tax benefits
According to the Indian Income Tax Department, the insurance premium paid by the employer is deductible from the taxable income as a business expense. It is considered as a part of employment income (benefit-in-kind) for the employee and helps businesses in tax savings.
Best Group Health Insurance for Startups and Small Businesses
Health insurance providers generally cover enterprises as the risk of medical coverage is distributed among a large number of employees. Small businesses end up buying individual medical cover for their employees which turns out to be an extremely expensive affair.
Your search for affordable group health insurance for your startup and small business ends today.
RazorpayX Health Insurance provides best-in-class health benefits at affordable premium costs even with an employee count of just 2. You can choose an insurance plan tailor-made for your business with:
- Automated insurance management upon employee onboarding and exit
- Coverage on pre-existing conditions, maternity from day 1
- No waiting period. Employees can use health insurance cover from day 1
- Cashless claims at over 6,500+ hospitals across India
- 24*7 support via phone, chat, and email for employee queries and claim
And, execute all things payroll in a single click!
So, hurry up! Take your employee satisfaction to a whole new level with RazorpayX.