Corporate employees in India often find it challenging to maintain a healthy lifestyle. A few common conditions that prevail are arthritis, diabetes and blood pressure. Sadly, only 15% of the overall working population is under corporate health and wellness program in India as per a 2021 Redseer survey.
The COVID-19 pandemic has further triggered a 25% increase in anxiety and depression worldwide. This is the final wake-up for all companies to ramp up their health coverage. The good news is that by paying for worker healthcare expenses, employers can ease some of the financial worries. This helps improve their job satisfaction and productivity too.
Group health insurance is a kind of medical insurance sponsored by an employer for the workforce. Wish to know in what ways it can foster loyal employees? Here’s a look.
Taking Care of Rising Healthcare Costs
The Health Research Institute (HRI) of PwC expects a 6.5% rise in medical costs in 2022. Although it is somewhat lower than the 7% medical inflation in 2021, it is higher than the figure recorded over 2016-2020. Nearly 3.2% of Indians cannot afford healthcare services owing to high medical costs. Therefore, medical inflation is a prime concern for working professionals as well. By financing their healthcare costs, you can help them focus on recovery and win their gratitude and loyalty.
Higher Retention of Employees
Say, an employee has to choose between your organization and another company with the same work environment and compensation. The person is more likely to opt for your company if you provide more benefits including group medical insurance. Likewise, you will also have higher chances of retaining the employee if you continue to offer this benefit for years. Therefore, no doubt, around 90% of employees choose to remain in a workplace where their well-being is taken care of. This happens by winning their loyalty.
As important as offering group medical insurance to employees is helping them understand the benefits of the same. Ensure to do that so they are informed enough to make insurance claims when needed.