|
Benefits
of group insurance
Many employees see group insurance coverage as a major incentive
for dedicated work for the organization. However the benefits of
group insurance vary from company to company. Almost all group
insurance policies cover emergency and routine medical
procedures such as regular doctor's appointments and hospital
treatment for accidents. Most cover extends care in hospitals or
rehabilitation centers. Mental health needs may also be covered
under group insurance.
Some offer assistance for vision care or dental work, but
coverage may be limited to specific procedures. Prescription
drug expenses often fall under group insurance benefits, but
most likely with a co-pay provision. Under a co-pay plan, the
covered individual must pay an established price out-of-pocket
for name brand and generic medications. However, group insurance
may or may not cover the employee's spouse or dependents |
|
Why
should organizations invest in group insurance ?
Group insurance is an investment in a company’s well being,
rather than an expense. Group insurance plans can be cost
effective in complementing the compensation structure, apart
from making the company a more desirable place to work.
Therefore, more and more business owners are investing in group
insurance plans. The various benefits of group insurance for the
organization are:
• The organization will be able to provide coverage such as
dental care, medical care, life and disability insurance for
your employees and their families.
• Both the organization and the employees will have immediate
access to lower cost insurance than is available individually.
• The organization will be a more attractive place to work for
employees, enhancing the likelihood of staff retention.
• The enhanced financial security and the benefit of corporate
support will increase the employee morale and loyalty to the
organization.
• The premium, as a business expense, is tax deductible.
|
