Health insurance is a key facility that are provided by employers and organizations to their employees, in order to provide them with a security net and support system in the case of any unfortunate illness, disease or disability. There are several different types of insurance that are available in the market which comes in different forms, prices and terms, but perhaps the most affordable and relevant insurance program that small and medium sized businesses can elect for their employees are Group Health Insurance. Group Health Insurance has certain features and cost saving characteristics that makes them an ideal option. These insurance plan would be able to provide the employees and organization with two-fold security in case of illnesses as well as injuries.
Group health insurance is very flexible in nature, which ensures that business owners have the luxury to choose the most appropriate plan according to their requirements. For an organization with 10-115 employees, group health insurance is highly feasible and cost effective insurance option. Business owners can tailor the insurance contracts according to the number of employees and their health requirements, so as to choose an appropriate plan for themselves. Insurance contracts tend to require a lot of paperwork and administration in order to handle them properly, but these type of insurance cover an entire group of employees under a single contract, reducing the paperwork and administration costs, that further drive the costs down.
Best Cover Option
There are several clauses and instances that the employer must explicitly add within a contract to make it worthwhile for the employees to have a health insurance policy. But with our organizations, employers would have the option of choosing readymade insurance contacts that they can be implement in their organization and achieve the desired results. Our SME plus group insurance policy is very affordable and provides the employees with features such as Hospitalization and Outpatient support.
Group Insurance Plan also have the capability to add certain features to improve the security and level of coverage that an insurance contract is able to provide, by selecting options such as corporate support that covers individuals overseas, while also providing a large number of panel clinics to choose from for their care and well-being. These features further adds to the relevance of a Group Health Insurance and the results are substantial cost savings in the future.
Reduced Initial Payment
Due to the decreased in administrative work required to maintain the group insurance contract and a large number of employees availing insurance facility simultaneously, the employer would also have reduced costs at the beginning that would further translate to lower premium payments in the future. All of these Group Insurance benefits combine together to form a complete insurance plan, which is affordable and has the capability to provide critical support in case of any health issues.
Individual Insurance Policy VS Group Insurance Policy
Individual policies may be appropriate for a single individual trying to get insured but for a group of employees and a larger organization, it is more beneficial to have a group insurance plan that would result in substantial cost savings for the company.