How GMC Plans help Small Businesses?

Group health insurance is a policy plan that covers the medical expenses of all employees under one plan. The employer provides the plan to provide protection benefits to their employees against medical emergencies and hospitalisations.

Small businesses, corporate organisations, and multinational firms can opt for group medical coverage. Small businesses should specifically invest in this plan as they have limited employees who act as the backbone of their business. Protecting their health and overall interests is the responsibility of the employer.

Protects From Unseen Expenses

Having group health insurance protects employees working in small businesses from unplanned medical expenses. Unplanned hospitalisation and diseases can impact employees' productivity and finances and cause extra stress.

However, if they are protected by the small business health insurance provided by their employer, their mental and financial burden is lessened, which will directly impact their productivity at work positively for organisations that have good work cultures and value their employees.

Cost Effective

Buying business health insurance for employees is much more cost-efficient for businesses in the long term. This is because the overall premium for group health insurance is split and shared among all insured employees. This lowers the cost significantly.

Moreover, when employers already provide employees with health insurance benefits, it saves the company additional costs in case of an employee's medical emergencies.

Trust and Loyalty

Small businesses succeed by keeping loyal employees happy and building trust with new employees. Providing health protection insurance helps build trust and loyalty in employees toward the organisation.

It ultimately results in creating a better work environment in the organisation, which helps in successful collaborations and better work relationships among the employees.

Tax Benefits

Buying group mediclaim policy also has tax benefits for small businesses. The purchase of insurance is an investment, and this investment helps the business to avail of tax breaks while keeping the employees of the organisation protected and insured.

These are some of the benefits that employees can avail of through group health insurance provided by the company.

Hospitalisation Expenses: The group health insurance covers the pre-hospitalisation and post-hospitalisation expenses of the employee in case of accidental injuries.

The expenses covered include ambulance expenses, diagnosis, injuries, room rent, etc., so that employees do not have to stress about finances and can focus on their treatment.

Illness: Insurance also covers the expenses of the employee and their family members in case of hospitalisation due to any illness. It includes treatment, medicines, and other hospitalisation costs.

Critical Illness: GMC protects employees against critical illness expenses that would typically affect their financial health. The plan ensures that employees and their families get proper treatment and medical services if they are diagnosed with any critical illness.

Maternity Benefits: Under the group mediclaim policy, employees get maternity cover that ensures that employees and their spouses can welcome this happiness without worrying about expenses. Moreover, the insurance also provides coverage for the newborn for the first 90 days.

Psychiatric Illness: The small business group health insurance also provides psychiatric illness coverage to the employees. So that employees can get proper treatment for their mental illness.

Annual Check-Ups: It is well-known that precaution is better than cure; thus, getting an early diagnosis is essential to prevent any serious health complications in the future.

That is why getting annual health check-ups is crucial for employees and their families, and with group health insurance, the cost of these check-ups gets reimbursed.

Small businesses face many challenges in scaling up and acquiring great talents. Investing in SME insurance like group health insurance helps them build a distinct identity that showcases that they value their employees.

For employees, it is a beneficial policy that ensures that they are protected and valued in their jobs.

There are many reputable insurance providers, such as Tata AIG, that offer great features in their group health insurance. Making an organisation a productive and collaborative place is the employer’s responsibility, and protecting their employees is one crucial step towards achieving this.

What are the benefits of GPA insurance?

Group Personal Accident insurance is an insurance policy that caters to the organisation's employees. The central benefit of GPA insurance is that it provides financial support to the immediate family in case of an employee's demise due to an accident.

Moreover, it covers the medical expenses in case of disability due to an accident and other emergency hospitalisation expenses.

What is an excellent small company health insurance?

An ideal group health insurance for small businesses is one with lower premiums and extensive coverage.

What is the minimum number of employees for group health insurance?

To buy group health insurance, an organisation must have at least 20 employees. However, IRDAI also allows microinsurance for organisations with fewer employees, subject to certain conditions.