How Group Insurance Can Benefit an Employer

By: Gregory Rozdeba

Most employees today are looking for an employer that offers more than just a paycheck. One of the benefits they look out for is group health insurance. In fact, the importance of these policies has grown during the pandemic.

A group health insurance plan can also be of significant benefit to the employer. If employees are healthy, productivity and employee turnover can improve. A group health insurance plan also helps employees during medical emergencies. This can reduce stress levels and further improve overall morale.

Let's talk about some of the biggest benefits of group health insurance for the employer.

What is Group Health Insurance?

As the name suggests, this type of policy provides health insurance to a group of people. They are also referred to as corporate health insurance plans. Group health policies are used as a loyalty-building tool in most businesses. The premium payments of these policies are always handled by the employer.

The premiums are generally low for such policies. This is because the risk factor for the insurance company is spread out among a group of people.

How Group Health Insurance Works?

Group health insurance plans are not available to individual buyers. They can only be purchased by companies or groups that can ensure 70% participation. No two plan types are the same due to the differences between insurers, terms, and costs. Once the company has decided on an insurance plan, the employees can choose if they accept or decline the policy.

In some cases, the employees may have an option to opt for basic coverage. There is also an option for advanced coverage, which includes add-ons. The premiums are then split between the company and its employees based on which plan is chosen. Health insurance benefits of these plans may also be extended. these can include the immediate family of the employees for extra charges.

Benefits of Group Health Insurance for Employees

Since the policy is designed for employees, it comes with some significant benefits. Some of these benefits include:

·      Free Health Insurance Coverage

Since the policy is usually purchased by the employer, it ends up being free for the employee. Employees may feel like the coverage they are receiving is not enough. They may make additions at extra cost.

·      Faster Turnaround Time

Being enrolled in group insurance allows for faster claim settlement. Companies prefer going for insurance providers which offer fast service to their employees.

·      Easy Access to Family Health Insurance

Buying health insurance for their spouse and children can be expensive. A group policy can cover all immediate family members of a person. It also comes with no extra premium payments. The plan also offers easy health coverage for parents. This is usually a tough task because of the age and health risks.

·      No Waiting Period

For most insurance policies, insurance companies have a waiting period. especially when it comes to maternity benefits and diseases. This means that a person cannot claim benefits for a certain time after these events. This limitation does not exist in group insurance policies.

·      No Medical Screening Needed

Medical screening is important for insurance companies. it allows them to determine the status of the person who is buying a policy. The premiums on the insurance plan may increase or decrease depending on this. This does not apply to group policies.

Benefits for Employers

There are also noticeable benefits for employers, specially those providing a group health insurance option to their employees. These include:

·      Protecting Their Investments

Every employee is an investment in some way to the company. If they are unable to work due to health reasons, the company loses an asset.

·      Maintaining Productivity

A group insurance plan reduces absentees and increases productivity. This is because employees are more focused on their work rather than medical issues.

·      Attracts Employees

Having a health insurance policy on offer is attractive. It increases the level of commitment and satisfaction from the employees

·       Tax benefits

Having a group plan maximizes tax compensation for your employees. This is because these plans make sure medical expenses are paid pretax for your workers.

Conclusion

If your business qualifies, having group health insurance can be beneficial.

These plans are more affordable than individual health insurance. They help to increase employee morale and you may even attract new talent to take your business to new heights.

5 Ways To Protect Your Staff (So That They Can Protect Your Business)

The value of employees has never been as significant as it will be throughout the era of repairing the damage caused by COVID-19. However, if you want your team to perform to the best of their capabilities, you must go the extra mile to keep them protected. Otherwise, distractions and illnesses can cause serious problems. 

So, what are the best ways to safeguard your team during this time? Here's all you need to know about doing the best for workers and the brand alike.

1| Consider The Team Dynamics

The impacts of the coronavirus won't fade anytime soon, which is why adapting to situations is vital. Arguably the most effective solution is to reduce the number of on-site employees. You can do this by using remote workers and outsourced services to complement the work occurring in the company setting. Aside from keeping employees safer, it'll allow you to dedicate more time to on-site staff.

When added to the reduced operational costs, this can be a highly beneficial outcome.

2| Upgrade Your Data Security

Whether you choose to use remote workers, the use of data is at an all-time high. While cybersecurity is an issue that most entrepreneurs worry about due to client interactions, you must not forget the staff. Preventing hacks and using encryption is essential for internal data as well as external links. Otherwise, distractions could occur in addition to an increased risk of attacks.

It's always better to be safe than sorry in business. Do not forget this for a second.

3| Accept The Need For Cleanliness

Even with reduced foot traffic, employees need to be protected against germs and allergens. Investing in masks so that each person, staff, and employee has a clean, sterile face mask at all times and anti-bacterial gel is vital. This site for dispensers will provide a significant step in the right direction. As well as the right materials for personal hygiene, you must ensure that teams are regularly reminded about the need for cleaning. Otherwise, the efforts you make are redundant.

Naturally, all workspaces should be cleaned and disinfected frequently too.

4| Provide The Right Equipment

Protecting employees isn't all about adapting to new challenges posed by the coronavirus. The fundamentals of safeguarding remain. This link to flame-retardant pants can keep employees safe in a range of situations. Meanwhile, gloves, goggles, footwear, and harnesses may be required too. Without the best facilities in place, team members won't feel fully respected. And it can impact their output.

Besides, with fewer concerns to distract them, the employees will be less prone to mistakes.

5| Remember Human Elements

As the need for cleanliness shows, the human aspects are as significant to the process as business elements. Therefore, promoting incentives that keep employees in good health is crucial. This can cover lifestyle choices while also considering hydration during the shifts too. For the very best results, you can use staff healthcare. It is a clear display of respecting them as people, which goes a long way.

If you care for the employees, they will inevitably care for the business. It is that simple.

Employee Health And Wellbeing: It Matters More Than Ever

The health and wellbeing of your employees matter more now than ever. While many workplaces are closed, businesses are beginning to think about life after the pandemic and what it’s going to be like when colleagues start working together again.

There’ll be a lot of changes to make to policies and workspaces, but the health of your employees is what should take priority. Take the following into consideration and make sure your employees’ health and wellbeing come first.

Put new measures in place to keep employees safe

Coming back after periods of lockdown, remote working, and isolation, the workplace is going to be an entirely new landscape. Your company will need to look at its policies and ensure that employees are as safe as they can be when they return to work. From putting more sanitation products out for employees to being strict on quarantining, there are different measures you can put in place to maintain a healthy workplace and keep your teams safe.

Get ready to offer flexible working

Many employers have had to adjust their working practices to be able to survive the pandemic. It’s new territory for many businesses, but allowing employees to work from home is not only keeping them safe, but it’s demonstrating that it is something that businesses can implement successfully in the future. First, Twitter, and now Facebook has announced permanent work-from-home arrangements for employees, and it could be a trend that many other businesses adopt over the coming months. Flexible working could have many benefits for your business, and potentially save you money on your operating costs too. 

Consider changing employee benefits

People are starting to become more concerned about their health, and this is something your business should be thinking about too. There are various health benefits your business could be provided in lieu of others to help match their priorities. Private health, vision insurance, gym memberships, and other types of employee benefits could be of interest to your employees right now. Consult with your workers about any proposed changes to make sure they have a say.

Help employees keep on top of their mental health

Mental health is just as important as physical health. It’s been a difficult time for many recently, and as an employer, you could do a lot to boost employees’ mental health. There are ways you can support employee mental health during a pandemic and beyond, helping to build a happy and healthy workforce. It’s important to be understanding as people transition back into the office environment, so make allowances and be prepared for things to take time.

Employee health and wellbeing should always be a priority for your business, but it will be even more important going forward. To help build a strong team, you need to keep them healthy and motivated, and prioritizing health in the workplace will make a strong start. Focus on what you can do to improve employee health and wellbeing both now and for the future.