For the longest of times, when one hears the term “Group Health Insurance”, the first, and sometimes only, the thing that comes to mind are giant corporations with 100+ employees. Slowly, but surely, this has changed and it is no longer the reality of the Post-COVID world that we all are now a part of. We are all aware of the stress and that is joining a new company, and to top it off, if it is a startup, the risks and the stress are much higher than, say, joining a well-established company in the same industry. This remains to be true, no matter the industry, no matter the city.
So how are startups beat the added hurdles of gaining and retaining trusted and highly valued employees? That along with the already existing challenges of making a space for themselves in the industries makes it all that difficult for most startups to survive long-term. But we are here to talk about one way in which you and your startup can gain a high ground over your competitors.
We are, of course, talking about Group Health Insurance for Startups! This might be something that you haven’t heard before, but we can tell you the top 5 pros as to why investing in Group Health Insurance is an excellent idea for all companies, including startups.
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5 Pros of Startups Investing in Group Health Insurance:
When it comes to potential employees thinking about investing their time and efforts into your startup, one of the most important things that pull them in is a sense of trust. The more deep this sense of trust is, the more likely it is that they will choose to work with the startup. One of the many ways in which a startup can help instill that trust is by offering Group Health Insurance to all of their employees. On an initial level, when a potential employee hasn’t interacted with the company all that much, having group health insurance for the employees, makes the company seem legit, successful, and secure. Those are all the qualities that will attract some really great talent.
Security for Employees
An extension of our previous point, once the employee has officially started working within the company, having group health insurance adds an additional layer of security for the employees. The longer the employee feels secure in their corporation, the longer they are likely to stay associated with the corporation.
As a startup, providing your employees with group health insurance increases the company’s retention rate. As we mentioned earlier, the employees are more likely to stay in the startup for a longer period of time, as long as they feel secure. Providing group health insurance gives the employees that security. This means high retention rates. This, in turn, reflects extremely well on the company, especially when hiring more employees.
Builds Reputation for the Startup
Not only does having a group health insurance attract good talents, but it also helps in establishing your startup within the industry. As we had mentioned early on, there are many hurdles that a startup must face in order to get a footing in the industry, and providing your employees with group health insurance gives you a leg up over your competitors and makes you a firm standing in your industry.
Better than Individual Plans
Group health insurances are better for employees when compared to individual plans. Some of the core reasons behind this are that in group health insurance, an individual’s pre-existing health conditions are not taken into account, and the premium on the policy is much lower compared to individual policies, just to name a few. And while all of these may sound like good benefits for the employees, it does help the startup as well. All of these reasons can contribute to higher employee morale of the company, and that in turn is going to make the employees, and thus the company, more productive.
Get affordable and customisable plans to secure your team
Now, let’s look at a few crucial points to consider while looking for Group Health Insurance for start-ups:
- Minimum group size : A lot of group health insurances come with a minumum group size of 7, but worry not, we at Healthysure understand that startups may have even smaller teams and therefore have a minimum group size of just two employees.
- You can pay the whole premium or have your employees share it. Especially if coverage for family members is included. The size of the company, the number of individuals insured, and the average age all factor into the premium levels established by the insurance provider.
- Because start-ups lack a greater workforce, app-based claim filing systems are preferable to traditional ways. This saves time, effort, and money on administration.
- Designing your own plans would need some preliminary investigation to identify the finest companies capable of providing plans that are suitable for the persons involved.
Group health insurance has been a key advantage supplied by organizations in today’s post-COVID-19 era, particularly by emerging firms and startups. It has an impact not just on individuals but also on how businesses operate. If you are a startup and have not yet protected your employees from medical emergencies, you may do so today and drive the growth of your team and business. Get affordable and customisable plans to secure your startup now
All in all, the top 5 reasons for providing group health insurance, as a startup, to your employees are all centered around employees and their satisfaction. But a huge reason behind that is that as a startup, your resources in terms of employees are one of the most crucial tools on your belt. And as we all know, happy employees make up for a happy company!