Why Group Health Insurance Should be a Priority for Businesses?

Group health insurance should be a priority for businesses of all sizes. It’s an investment in your company’s most prized asset-your employees.

Group Health Insurance

To succeed in the long-term, companies must think beyond just profits. Employee well-being is a crucial aspect that often takes a backseat. Though companies have a growing consensus to address it, with enterprises including various perks in employee compensation packages, group health insurance can be a strategic investment for firms looking to impact bottom lines positively. How? Let's find out.

The need for group health insurance to be a priority for businesses
Here’s why group health insurance should be a priority for businesses:

1. Attract and retain top talent
There’s no dearth of options for talented employees. Job seekers, among other things, rank health benefits as one of their top considerations while evaluating potential employers. Through group health insurance, companies can attract and retain top talent.

As per a survey by a major HR consultancy, companies including group health insurance in their packages reported a 30% better retention rate than firms that didn’t offer it.

2. Boost employee morale and productivity
When employees know their healthcare costs are covered, they can focus better. Group health insurance provides employees with a peace of mind. It reduces stress and anxiety related to medical expenses. The benefits of an improved mental state are multifold. It results in:

Enhanced productivity
Higher job satisfaction
More positive work environment

3. Have a healthier workforce
Preventive care services are a major feature of group health insurance. They encourage employees to stay on top of their health. Through regular check-ups and screenings, one can detect health issues early and take the necessary steps.

This can result in better outcomes and fewer sick days. A healthier workforce translates into less absenteeism and enhanced business productivity. It has a positive impact on company revenues. revenues.

4. Enhance company’s reputation
A company’s reputation hinges largely on how well it takes care of its employees. Offering group health insurance can play a vital role in enhancing your company’s reputation. It sends a strong message to current employees and future recruits that you value their well-being above everything else. The message also reaches customers and potential clients.

More often than not, customers prefer to conduct business with companies that treat their staff well, as it’s a strong reflection of a company’s overall value and integrity. The positive image can lead to increased brand loyalty and new business opportunities. In the digital age, word-of-mouth spreads quickly, and businesses offering employee benefits through group health insurance have a competitive edge.

5. Reduce tax liability
The premiums you pay towards group health insurance qualify as a business expense. This means that you are eligible to receive a tax deduction under the relevant section of the Income Tax Act of 1961. The tax benefit can help you lower your tax liability. That’s not all. In the long term, you can use the money saved in taxes to undertake strategic business initiatives to grow your company.

In conclusion
Group health insurance should be a priority for businesses of all sizes. It’s an investment in your company’s most prized asset-your employees. Opting for it helps create a win-win situation where both you and your workforce can thrive and achieve success.

ICICI Lombard offers group health insurance plans crafted exclusively for you and your employees. Our affordable plans ensure you can provide holistic coverage to your employees at a cost-effective price point.

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