SMEs Can Miss Out on Many Benefits if They Don’t Provide Group Medical Insurance

Small and Medium-Sized Enterprises (SMEs) are critical to every country’s economic health. This is because they promote employment and encourage growth in urban and rural areas, thereby reducing the income gap. However, when it comes to group medical insurance, many SMEs hesitate, thinking that this is something only large corporations can offer. Also, the cost of providing the traditional one-size-fits-all group medical policies has risen drastically in recent years.

If you are looking to provide your small number of employees medical insurance, choose a company that offers tailored plans, based on your company’s needs.

1. Ensuring Business Continuity

For a small company, long-term illness and prolonged absenteeism can be a huge risk factor. SMEs don’t have the resources to spread the workload among many employees. Thus, through group medical insurance, you can promote quick medical assistance and swift recovery. Medical insurance will provide your employees financial support to deal with sudden hospitalisations and take care of medical bills.

2. Attract and Retain Talent

To grow the business, you need the best talent. Today’s youth look for what the company can do for them while selecting a job. So, they will appreciate this benefit, where they get to have insurance for themselves and their dependents at a lower cost than individual insurance. If you provide a great benefits package, this can impact recruitment and retention positively.

3. Affordability

Working with the right insurer will ensure that premiums are affordable, while employees have access to health benefits. Insurers can advise you on proper coverage and plan structures, based on your company’s requirements and also suggest add-on benefits.

Many SMEs are family-run businesses that take their employees’ well-being very seriously; often to the detriment of their business. Group medical insurance will offer financial support to employees and reduce the financial and emotional burden on the business.