Health insurance and startups often do not get along in one sentence for many. It is considered to be for big guns of the industry.
Therefore, certain myths about health insurance for start-ups need to be busted. Many think that a company does not need any health insurance as it only adds to its unnecessary expenditure. Sometimes, they believe that since the entire cost is not covered, it is of no use probably, because this health insurance for startups are hassles that won’t be used in the future.
Well, these are just myths with zero ground reality. For a company to be able to play a long game, the health of employees is as essential as the health of a company as a whole. Therefore, health insurance for startups holds immense importance.
Visualizing health insurance for startups in the beginning phase does not convince start-up founders, as a considerable part of the allocated investment is prioritized as capital only. This is why health insurance takes a back seat. However, prioritizing company culture and taking no notice of employee health needs to be acknowledged now. So, it is recommended to have group health insurance for startups with 50 or equivalent employees.
The following points highlight the benefits of health insurance for startups:
High retention rate
The Human Resource of any organization is counted to be the most valuable asset that can change the company’s scale. Therefore, it is essential to retain such worthy employees.
Health insurance for startups is assuredly one factor that can influence an individual to stay and work at the start-up. If a start-up offers generous health benefits to employees, they will stay motivated and focused on working with full efforts.
A company that cannot retain its employees’ overtime ultimately has to bear the costs of hiring new employees, and those of HR team activities will increase the company’s expenditure.
Enhanced productivity and motivation
A healthy team is more productive and could perform all the tasks with much better efficiency than a team that is not physically or mentally well.
If a company covers an employee’s health costs, an employee is more likely to get himself treated in case of any ailment, which he may avoid if he has to pay for it himself.
The health insurance for startups will result in fewer sick day leaves and increased consistency in achieving goals, thus benefiting the overall start-up.
An employer can enjoy various tax advantages of insurance by opting for health insurance for startups.
The cost of such a health care plan could be deducted from their income as a business expense, which later is converted to a tax advantage. The savings pooled from these tax evasions could be invested to enhance the organization’s performance or be saved, depending upon the management’s discretion.
Covers necessary costs
The essential healthcare services incorporated under this health insurance for startups help in covering various healthcare costs. The illnesses, accidents, preventive care covered in the plans also protect employers from unnecessary expenses.
Considering the occurrence of any workplace mishap, employers are saved from the high medical expenses they might incur. Therefore, these health insurances are a must to ensure the consistency and stability of a start-up.
Enhanced reputation in the market
A start-up company that takes care of its employees is likely to create a positive image of your company or brand in the market. The employers’ extensive health insurance plans will help generate goodwill in the market for the start-up and ultimately benefit it in the long-run.
A good reputation always results in more revenue generation for the company.
Peace of mind and happiness
For an individual to be at peace and happy, it takes much more than just a salary in this dynamic world. Therefore, health insurance for startups comes with an assurance of taking care of all possible uncertainties that might become a reality.
This assurance gives the company a focused mind in a peaceful body working to meet the organizational objectives. Hence, health insurance is deemed one of the initial additional benefits of its employees.
According to the National Health Benefits trends and statistics report, 85% of millennials believe that healthcare is considered an absolute necessity for employee retention. This underlines the need and consideration of health insurance for startups.
An investment in health can never turn worthless. In a journey from a startup to an established brand, you need a workforce that can transform your vision into a reality. Investment in health insurance makes it easier for a start-up to attract the top talent and retain them.
Apart from health insurance, there is even more that you can add to the healthcare plan that you provide to your employees to add the essence of comprehensiveness to it even at affordable price which is possible with Onsurity.
Onsurity’s healthcare membership is packed with all the health benefits that your every employee looks forward to having for their health and safety like group health/term life insurance, doctor teleconsultations, fitness webinars, discounted health checkups and medicine orders delivered at doorstep.
So, you just need to opt for Onsurity’s healthcare membership for your start-up and focus on making the big picture a reality.