Benefits of Buying Group Medical Insurance for Employees in India While Living in USA

As an NRI business owner or employer residing in the USA, managing operations in India is both rewarding and challenging. However, one of the most crucial yet often overlooked aspects is providing comprehensive employee benefits, particularly group medical insurance. Why is this important? Because even from thousands of miles away, offering health security to your employees in India helps build loyalty, trust, and long-term productivity. 

But here’s the question: How do you ensure your workforce is well-protected when you're managing things remotely? And more importantly, why is group medical insurance for employees in india such a game-changer for your business? Let’s explore how the right insurance strategy can not only safeguard your employees well-being but also contribute significantly to the growth and success of your Indian operations.

Key Reasons Why Employers Should Offer Group Medical Insurance to Employees

A group medical insurance for employees in India acts as a support system, ensuring the well-being of your employees working in India. It allows them to access quality healthcare services with complete financial freedom. Group health insurance is like a good pair of running shoes in a marathon, without it the journey gets tougher and riskier.  Here is a detailed overview of why this group insurance makes sense in the corporate world:

Bring and keep skilled employees

When employers are concerned about employee’s healthcare, even while operating from the USA, it leaves a long-lasting impression on the company. Offering perfect group medical insurance for employees in India retains existing employees and attracts new candidates.

Smart Tax Saving

Few people know that businesses can claim tax benefits for paying the premiums for group health insurance. Yes, under section 36(1)(ib) of the income tax act, an employer may opt for a tax deduction while filing income tax during the financial year. 

Stress-Free Support and Comfort for your team

Medical emergencies are uncertain. Additionally, we are very well aware of the continuously rising cost of healthcare services. From medicines to hospital stays, the expenses can quickly drain your finances. That's why providing group medical insurance to your employees can significantly help them bear such increasing costs with complete peace of mind.

A smarter and cheaper alternative than individual health plans

Many employers mistakenly believe that offering group insurance in India will significantly increase operational costs. Group medical insurance typically comes with lower premiums compared to individual plans, making it a cost-effective option for both employers and employees. Moreover, employers get flexibility through customisable options depending on company size and premium costs. 

What's the Minimum Employee Requirement to Get Group Health Insurance?

A frequently asked question among employers is, "What is the minimum number of employees for group health insurance in india ?” If you’re wondering the same, you’re not alone. Let’s explore the details to understand the exact requirements.

As per norms of the Insurance Regulatory and Development Authority of India (IRDAI), the minimum number of employees for group health insurance in india  is generally 20. However, following the amended guidelines issued by IRDAI, many insurers may also offer group medical insurance for compact teams. These compact or small teams usually have 5 to 10 members in their workforce. 

Ultimately, it depends on the insurance provider and their specific terms and conditions. Some insurance providers may also offer micro-insurance plans to businesses with fewer than five members. 

Things to Know Before Buying a Group Health Insurance Plan

Businesses and employers need to know certain key factors before buying medical insurance for employees in India. From understanding the minimum employee requirement to evaluating the scope of coverage, several key factors must be taken into account when opting for group insurance:

Review and Explore the Best Group Health Insurance Plans

When choosing a  group medical insurance for employees in India, evaluation is very important. Employers should compare the benefits offered by each plan along with the cost of their premiums. Proper evaluation of available options helps businesses make the best decision for their employees.

Before finalising your group medical insurance, it’s crucial to understand your employees’ healthcare needs. This includes the category of healthcare services they prefer in their daily life and the level of coverage they require. In addition, identifying the employee demographics like their age, gender, and health conditions also helps you in choosing the right group health insurance plan.

Assess the Financial and Monetary Impact

Evaluating the overall cost is one of the most important steps when choosing a group health insurance plan for your employees in India. Employers should make the ultimate choice only after an analysis of all the associated costs of the group insurance plan.

Select the Right Coverage Option

When selecting a group insurance plan, there are usually two options that an employer needs to face: basic hospitalisation coverage and comprehensive coverage. Basic hospitalisation coverage often includes the cost of hospital stays, surgeries, and other minor treatments.  However, it doesn’t cover additional services such as diagnostics, consultations, or outpatient care.

Alternatively, comprehensive coverage not only includes basic hospitalisation coverage but also covers additional costs that may be related to doctor's consultations or diagnostic tests. The comprehensive coverage offers a wide range of healthcare services and is considered a more ideal option for businesses. 

A Reliable and Esteemed Provider of Group Health Insurance Plans

No matter if you are running a startup or a large business, choosing group insurance plans from Niva Bupa is always a smart and reliable decision. Niva Bupa Policies and plans are designed in such a way that keep employees healthy and protected across all the global locations, like   the USA, UK, or elsewhere. Hence, these advantages help you in understanding why these plans by Niva Bupa are among other available choices:.

Final Considerations: Start Protecting Your Team's Health

Therefore, after weighing all the factors and recognising the key benefits, choosing a group insurance plan becomes a well-informed and strategic decision. Employers or businesses should not compromise on employees' health and their well-being, even if they are living or operating from abroad. 

A well-thought-out group health insurance plan helps keep your team healthy, motivated, and productive. Therefore, it becomes necessary to invest in the most effective and suitable group insurance for your workforce. 

FAQs

1. What is group medical insurance?

Group medical insurance offers comprehensive health coverage to employees under one policy. It’s a cost-effective solution that provides high-quality healthcare services.

2. How can NRIs buy group medical insurance for employees in India?

NRIs can purchase policies remotely through corporate brokers, online platforms, or by designating an HR manager in India to manage the process.

3. How are premiums calculated for group medical insurance?

Premiums for group health insurance are determined by factors such as the number of employees, their age, the type of coverage, the sum insured, and medical history. 

4. What are the tax benefits of group medical insurance?

Employers can avail tax deductions under Section 36(1)(ib), while employees benefit from tax-free coverage up to ₹5 lakhs under Section 17(2).

5. Is it possible to customise group insurance plans to meet specific needs?

Yes, add-ons such as dental, wellness, OPD, or international coverage can be incorporated into the plan, depending on the budget and specific needs.