In India, the healthcare sector is expected to reach Rs 19.57 lakh crore (US$ 280 billion) by 2020. The Health Insurance market which is of Rs. 30746.63 Crores (US $4.3 billion) and has grown at a rate of 18% CAGR in the last 5 years. Employees are the most valuable assets for a company and offering a healthcare and employee benefits plan is an ideal business approach as it works in a two-fold manner. First, it gives employees the much-needed protection they need in these times of COVID-19. Secondly, it helps boost employee morale and retention rate which cumulatively helps the business grow. It also helps employers protect their cashflow, avoiding the advance/compensation given to employees for health emergencies.
Recent studies have revealed that the majority of employees feel their employers should offer some kind of employee health benefits that covers them against unforeseen financial risks. However, in most cases, Micro, Small and Medium Enterprises (MSME) are unable to provide such benefits to their employees. A smaller workforce increases the price for insurance companies thus making the product extremely expensive for the MSME and the ones to suffer are the employees. The employees have to bear all the treatment expenses, often paying up to 50-70% of their income to health loans.
This is where Onsurity comes to the rescue. We bridge the employee benefits and healthcare gap. Onsurity provides a comprehensive, monthly healthcare program to MSMEs with an option to include health insurance, life insurance, accidental insurance with health and wellness services.
Why should employers provide healthcare and employee benefits plans (which include healthcare and insurance benefits)
Healthcare and employee benefits plans for retention
Providing your employees healthcare benefits will increase their loyalty to the organization making them stay longer. Providing this benefit also helps in recruiting a quality workforce. Offering any kind of employee benefits is the most effective way of increasing productivity alongside developing a great company culture.
Employee healthcare to boost morale and productivity
As an employer, you want your employees to remain motivated and focus on being more productive. Offering healthcare benefits gives a positive indication that the employer cares about the employees and this in turn helps motivate and drive the team.
Increases Competition and attracts more talent
Businesses that offer healthcare benefit to their employees attract more people than the ones which don’t offer these benefits. This will further increase the competition among the employers with same the size and line of business.
Healthcare benefits are the most preferable benefits
According to the surveys from Glassdoor, Fractl and Monster, employees consider this to be one of the most important benefits they can receive from their employers.
Better Business Management
Having an all-round healthcare plan from a trusted partner not only ensures that employees are exposed to lesser health threats; It also ensures that the employers have better control over their cashflow in the long run.
Onsurity’s TeamSure Program is a complete package that includes life and health insurance, and wellness benefits for teams. The healthcare benefits include coins on steps, health check-ups, teleconsultations, discounts on medicines etc. With our healthcare program, we are leveling the playing field for small businesses in a market where large businesses often pay a hefty price for employee healthcare plans from providers.