In a business model, an employer that cares is the employer that thrives. Every employee is an asset. Considering today’s scenario, not only do higher-skilled employees seek good salaries and good working conditions, but what’s crucial for them now is incentives like group medical insurance. Going by the generic meaning, group medical insurance singapore means a type of insurance policy covering the medical expenses for the employee’s group working under an organization.
The benefits one gets through this!
Known by corporate health insurance, the benefits of this kind of incentive have gained prodigious attention, making it an important metric for an employee to take up an offer of joining the firm. Group health insurance insures a good pool of people, making it a lucrative deal for anyone new on the board. Anyone dependent on the employee, parents, spouse, or children gets to leverage the coverage. The tenure of the policy is dependent on the working period of an employee with the firm. As long as the employee is part of an organization, the policy would be offered under group health insurance. If you have a well-settled job and you are not switching anytime soon, considering the firm with an incentive such as group medical insurance Singapore would be your best shot.
Different organizations are now coming up with this policy such that the cost of the premium is borne by the organization. This way, employees can stay stress-free about their financial and medical expenses. On the other hand, while comparing individual policy with group policy, the evident difference is higher premiums in individual insurance coverage.
Top 3 Benefits of Group Health Insurance Policy: Gain Loyalty, Boost Confidence, What else?
The advantages of group policies are not only for the employee. Employers also advantage from such scheme. Some of the other benefits are-
- Strengthen the Hierarchal Model i.e., Employer-employee relation
- Elevate the working conditions by offering a sense of mental wellbeing at the workspace
- In group policies, pre-medical screening is not an obligation. So, avail it conveniently.
- Less complicated and easy claim procedure
- Low cost on premiums
- Enjoy Tax deduction benefits along with the flexibility to pay premiums either monthly, or quarterly, or annually.
An employee with good experience and rich skills always lookout for security in the job. If you want them to stay in your company, a lucrative deal such as group health insurance suffice. By offering medical security, one is getting back the loyalty and trust of employees which is a big deal in the corporate world now.
Long story, short. The group medical insurance singapore is a winner when compared to individual claims.