Health Insurance Is the Benefit Most Valued by Professionals: Find Out Why

The world of work is changing radically. Greater labor mobility in a borderless world—and, above all, the shortage of skilled workers—are factors that are driving companies to make their employment offers more generous and attractive in order to retain the talent that enables them to thrive in both domestic and international markets.

Recently, it has become standard practice to offer employees greater flexibility in their work schedules, telecommuting options, and a range of other benefits that demonstrate that companies care about the well-being of their employees.

According to the Frac, health insurance is, right after salary, the factor that carries the most weight in a professional’s decision to choose one company over another, since it not only guarantees the employee comprehensive protection during their workday but also allows them to perform their duties with greater peace of mind and contributes to a better work environment, something that all studies They point to this as essential for greater productivity, especially when it comes to group health insurance.

What is group health insurance?

Group health insurance, or employer-sponsored health insurance, is a type of policy that provides coverage for the healthcare expenses of a large number of people, unlike, for example, individual health insurance.

This type of insurance is ultimately essential when it comes to ensuring the safety of a group of employees at a given organization.

Among the types of coverage offered by these group insurance plans, the most common are:

• Outpatient care: expenses related to doctor visits, exams, and tests;
• Hospitalization: expenses resulting from surgeries or hospital stays of employees;
• Dental care: expenses related to dental visits and treatments.

In addition to these, many SME (small and medium-sized enterprise) health insurance plans offer coverage for mental health, cancer treatment, and ophthalmology; home visits by a doctor; prosthetics and orthotics; medications; critical illnesses; and medical assistance while traveling, the latter being highly valued by companies operating in the global market.

Health Insurance for Businesses: How Does It Work?

As a general rule, group health insurance plans operate under two distinct models: reimbursement and copayment.

• Refund: Under this plan, the employee pays for healthcare expenses and is subsequently reimbursed, on average, at a rate of 35% or 50% by the insurance company upon presentation of the corresponding invoices;
• Copayment: The insured person will have access to a network of clinics affiliated with the insurance company, where they can receive health care at a lower cost. The insurance company, in turn, will cover the difference between the “normal” price and the agreed-upon price.

There is also the possibility for companies to combine these two options.

Benefits for Businesses

By purchasing health insurance, companies will be able to enjoy a range of benefits that can give them a competitive edge over their competitors.

Thus, the main advantages of corporate health insurance include:

• Attracting and Retaining Talent: As we have already mentioned, the shortage of skilled labor is one of the major obstacles to business growth, especially when companies face intense competition—not only domestically, but also globally.
  In addition to salaries and productivity bonuses, professionals seek stability and, above all, an organization that values them not only as key assets for the company’s growth, but also as human beings who need, for example, protection in the event of illness.
  Thus, by offering health insurance to their employees, companies can gain an edge in the competition to hire professionals.
• Tax Benefits: The 20% deduction for corporate income tax (IRC) is one of the main tax benefits of health insurance for companies. This helps organizations reduce their tax burden and ultimately promotes safer and healthier work environments.
• Increased productivity: Knowing that they are protected in the event of an accident or illness, employees will feel more valued and secure, which will ultimately lead to greater motivation and lower absenteeism, and consequently result in higher productivity.
• Competitive advantage in the job market: When proposed salaries are the same, offering health insurance can be the competitive edge needed to sway a professional to choose one company over another.

Benefits for Employees

Just as with businesses, health insurance offers enormous benefits to employees. Namely:

• Access to quality health care: As we saw earlier, employees will have access to a wide range of care in various areas of health, such as ophthalmology, oncology, orthodontics, and psychology;
• Cost savings on doctor visits and medical tests: all healthcare expenses, within the scope of the policy coverage, are covered by insurance, which will result in significant savings;
• Well-being and security for their families: knowing that any type of accident, medical treatment, or illness is financially covered by health insurance, employees will be able to enjoy greater comfort and a better quality of life.

In addition, because many health insurance for businesses Since they offer medical assistance while traveling, expatriate employees and their families will be able to enjoy greater peace of mind.

As we can see, group health insurance plans offer numerous benefits to employees, but this does not mean that they cannot purchase their own individual health insurance. In fact, this is even encouraged, since doing so allows them to access coverage not included in corporate health insurance, such as maternity coverage, for example.

How to Choose Health Insurance for Small and Medium-Sized Businesses?

If a company has decided to purchase health insurance for its employees, it is important to consider the following factors during the selection process:

1 – Types of Roofing

When analyzing the coverage offered by each insurance plan, companies should keep in mind the profile of their employees and the types of medical care that best suit them. For example, if a company has a majority of older employees, it is essential that the plan include coverage for hospital stays and medications.

2 – Ceiling of the roof structures

Although, as a general rule, insurance companies allow companies to customize the annual limit for each type of coverage, it is essential that projected expenses be carefully calculated so that no employee is left unprotected.

3 – Number of people who are safe

In addition to the number of employees the company intends to insure, it is important to consider the possibility of expanding its workforce in the future through new hires and to tailor coverage to each employee’s specific job duties.

4 – Geographic area covered

Group health insurance plans typically include a network of partner clinics where employees can access health care at a lower cost, but please note: it is important to verify whether the clinics are located within the company’s geographic area to avoid travel that is too long and financially burdensome.

5 – Check whether there are any discounts for including the employee’s family

Some health insurance plans offer discounts if the company includes the employee's family among the insured. In addition to the financial incentive, this is an excellent way to motivate employees.

Why choose EXS for corporate health insurance?

EXS tailors its health insurance offerings to the specific needs of each organization, thereby ensuring that the coverage selected will be suited to the profile of its employees.

In addition to a comprehensive analysis of the health insurance market, EXS offers specialized support through a consulting service that will help your company choose the best option.

EXS ensures flexibility in its insurance plans by offering companies the ability to adjust their coverage and contracted services, as can be seen by reviewing all the corporate health insurance solutions offered by EXS Seguros, which can be found here.

Conclusion

In a business and workplace environment marked by uncertainty, prioritizing health gives you a competitive edge over your competitors in the race to hire the most qualified professionals on the market at a time when they are becoming increasingly scarce.

We must not forget that a good work environment and employees who feel safer and more comfortable are synonymous with greater loyalty to the company, which in turn leads to a greater sense of belonging and higher productivity.

The icing on the cake is that purchasing health insurance for your company ensures that you can take advantage of tax benefits that can be extremely important in giving your company a competitive edge.

Group health insurance is the perfect solution to make your business more attractive to employees and motivate them to go the extra mile so your company can achieve its goals.

Don't wait any longer—request one now proposal customized health insurance plan. Your company and your team will thank you!