Group Health Insurance Policy for Small Business

Employees are an organisation’s most valuable assets. Employers should take utmost care of their employees to make sure they are well looked-after and they remain motivated. One of the ways to take care of employees can be to provide them with a Group Health Insurance Policy (also known as a GMC Policy).

How does Group Health Insurance Policy for Small Business Work?

A Group Health Insurance Policy for Small Businesses works in the same way as a Corporate Health Insurance Policy, but it is customized for a smaller group of employees.

A Group Health Insurance Policy for Small Business Owners provides reimbursement to the insured employees for any hospitalization expenses incurred by them or their insured family members due to an injury or illness.

A Group Health Insurance Plan for Small Business is purchased by employers to provide group health insurance coverage to the employees of the small business.

Why do Small Businesses require a Group Health Insurance Policy?

Many small businesses prefer group health insurance plans because it allows employees to avail group health insurance coverage at lower costs than individual health insurance plans. A Small Business Group Health Insurance Plan provides peace of mind that the medical expenses of employees are covered and leads to higher employee satisfaction.

Purchasing group health insurance policy is an excellent way to keep your employees healthy and motivated. In addition to a small business’s bottom line, a group health insurance plan can also provide a motivational incentive to employees to work extra hard. Group Health Insurance Policy for Small Businesses needs to be thought of as an investment rather than expense. However, it is important to remember that a small business should compare group health insurance plans for small businesses amongst the various group health insurance providers in India before purchasing one.

What are the benefits of a Group Health Insurance Policy for Small Business?

Attracting Better Talent

Small Businesses are always short of talent as they are unable to match the salaries paid by the bigger companies.

This is all the more important for small and medium enterprises given that they are always short of talent and competing with much bigger firms for attracting the best talent. Providing employees with a Group Health Insurance Coverage would provide them with peace of mind and make them feel safe. Employees and their Family members can rest assured that they are well taken care of in case a medical emergency strike.

Lower Employee Attrition

In addition to attracting top-quality talent, a comprehensive group health insurance plan for small business also helps in retaining top employees. Offering a small business group health insurance plan can make your business stand out from the crowd. Since employees are aware that their medical expenses are covered, they would think twice before leaving the company. Higher employee retention leads to lower attrition, which means lower investments for training new employees and lower expenses incurred in finding newer employees. This makes the return on investment on a Small Business Group Health Insurance Plan even more attractive.

Tax Benefits

Tax Benefits of a Group Health Insurance Policy allow employers to claim tax deductions on Group Health Insurance Premiums paid. This is a major advantage of a Group Health Insurance Policy as the effective outgo towards premiums reduces.

Cost Effective

Premiums for a Group Health Insurance Plans for Small Businesses are lower than premiums of individual health insurance plans with similar features. As a result, an employer can provide a Group Health Insurance Policy to his employees at a much lower cost than providing each employee with individual health insurance policy. You can read our blogpost on the difference between a Group Health Insurance Policy and an Individual Health Insurance Policy to know more.

Customised Coverages

Another advantage of a Group Health Insurance Policy for Small Business Owners is that the all the coverages can be customized depending on the needs and the budget of the employer. Employers decide the sum insured, set room rent limits, co-payment limits and sub-limits so that the premiums can remain within the budget.

You can read our detailed blogpost on advantages of a Group Health Insurance Policy to know more.

How many employees are needed to purchase a Small Business Group Health Insurance Policy?

Some Group Health Insurance Companies offer a small business group health insurance policy for as low as 7 employees. However, other Group Health Insurance Providers have a requirement for minimum number of employees for group health insurance in india which starts from 10 employees to 15 employees.

How much does Group Health Insurance Policy cost for Small Business?

The Cost of Group Health Insurance Policy for Small Business is very reasonable and affordable. The average cost of small business group health insurance policy for a Sum Insured of Rs2 lakhs per employee and 7-10 employees is approximately 35,000 rupees – 40,000 rupees.

How do I choose the right Group Health Insurance Plan for my Small Business?

There are more than 20 insurance companies in India offering Group Health Insurance Plans for Small Business. It is time consuming and a lot of effort to compare group health insurance plans for small businesses amongst the various group health insurance providers in India. But employers should compare the following features of a Group Health Insurance Policy before finalising the policy:

• Sum Insured Limit
• Room Rent Limit in a Group Health Insurance Policy
• Co-Payment Clause in a Group Mediclaim Policy
• List of Network Hospitals
• Waiting Period in a GMC Policy
• Pre-Existing Disease Coverage
• Maternity Coverage

Group Health Insurance for Small business is complicated, we can help

As mentioned above, it is time consuming to purchase an appropriate group health insurance policy for small business given the varied options available. Hence, it is advisable to take the help of an experienced group health insurance broker like Qian when purchasing a Small Business Group Health Insurance Plan.

Qian Insurance Broking was founded in 2016 with an aim to help small businesses with their group health insurance requirements. Qian specializes in Group Health Insurance Policy for small business and can assist you to compare Small Business Group Health Insurance Plans from 20+ Group Health Insurance Companies. Their experienced team will help you select the best group health insurance plan for a small business and also assist in 24*7 Claim Settlement for employees. Qian has a track record of serving 100+ small businesses for group health insurance policy requirements. We have settled more than 98% group health insurance claims with great satisfaction and speed.

Regardless of size, group health insurance policy is a great way to provide quality health insurance coverage for your employees. These plans are designed to cover the medical needs of employees and their families. In addition, small business owners should have a plan that suits their needs and budget. This type of insurance can also be a great way to protect your company’s reputation and brand. If you are looking for a group mediclaim policy for employees, look for the best option for your needs.

1. Group Health Insurance Policy for Employees
2. What is Group Health insurance?
3. What is an Employee Group Health Insurance Policy?
4. What does a Group Health Insurance Policy cover?
5. What is not covered under a Group Health Insurance Policy?
6. How is a Group Health Insurance Policy different than an Individual Health Insurance Plan?
7. What are the Key Features of a Group Health Insurance Policy?
8. What are the add-on covers available under a Group Health Insurance Policy?
9. What is the impact of Room Rent Limit on the claim amount payable under the Group Health Insurance Policy?
10. Should employers opt for a Pre-Existing Disease Coverage from Day 1 in Group Medical Insurance Policy for employees?
11. Does a Group Medical Insurance Policy provide Maternity Benefits?
12. What are Waiting Periods under a Group Health Insurance Policy?
13. What are the benefits of Group Health Insurance Policy for Employers?
14. What are the benefits of Group Health Insurance Policy for Employees?
15. Why should you purchase an Employee Group Health Insurance Policy for your organisation?
16. How many employees do you need to purchase a Group Health Insurance Policy?
17. Who is eligible for Group Health Insurance for Employees?
18. Are Employer Group Health Insurance premiums Tax-Deductible?
19. How much does a Group Health Insurance Policy Cost?
20. Which are the leading Group Health Insurance Companies in India?
21. How to purchase a Group Health Insurance Policy?
22. What are the Documents required to make a claim under a Corporate Health Insurance Policy?
23. Why should I Purchase a Group Health Insurance Policy through an Insurance Broker?
24. Compare Plans from 20+ Group Health Insurance Companies and choose the Best Group Health Insurance Policy in India with Qian!
25. FAQS
26. Testimonials