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Group Health Insurance
What Is Group Health Insurance
Group health insurance is a company paid personal health insurance benefit for employees. Much like (PHI) personal health insurance the benefits are the same so but of course the company pay for the policy and can claim the costs back in tax. Under corporate PMI schemes the employee may be liable to tax on the premiums paid. This would appear on a P11D. Its called a group health insurance as everyone under the policy is pooled together to obtain the cover. This normally leads to a cheaper premium overall the risk is spread through out the group of people. As with a personal health insurance plan, group health insurance gives many benefits. With the NHS struggling more and more to keep up with demand, more and more people are choosing to go private meaning quicker treatments, avoidance of NHS waiting lists and choice of the best surgeons, doctors and hospitals. You have the privacy of your own en-suit room during recovery along with dedicated care. Many corporate policies do not cover children but this can be added. With this cover your children will have access to all the treatments available to adults. Parents are even given accommodation when staying with their child.
We at mykeymaninsurance.com are able to search the whole of market when it comes to health insurance in able to get you the best quote. Of course its not always about getting the cheapest cover as there are big differences between providers. You will need to speak to one of our qualified advisors for full details on the cover provided.
Group Health Insurance Plans – Beneficial Health Care Solutions for Employers and Employees Alike
Being a member of a group health insurance plan is a solution highly beneficial for the employee and the employer alike – and this is true for small, medium and large size companies as well. The flexible solutions offered by insurance providers make it possible for the companies to take better care of the health of their employees, while employees can feel more secure that they are not abandoned, should anything unexpected happen to them; in other words, a properly chosen and compiled group healthcare scheme creates a win-win situation for everyone participating. But let’s just see these advantages in a bit more detail.
Advantages of Group Health Insurance for the Employer
Besides creating a positive atmosphere at the company and motivating employees (which translates to increased productivity), having the right group health insurance policy in place comes with numerous other benefits for the employer:
- Reduced absenteeism – better medical care will help your employees get better sooner, so they can return to the workplace sooner. Faster recovery will reduce the disruptions caused by the absence of your employees.
- Cost control – you as an employer have the possibility to diversify your group health insurance package and to provide different levels of insurance coverage for different levels of staff. If you pay the insurance premiums for your employees, the amount you spend this way is completely deductible and the benefits received by the members of the insurance group are tax free.
- Free choice – if you sign a group insurance policy, it does not mean that you must stick to that policy forever. You can change your insurance provider and you can modify your plan or you can have a completely new contract laid out for you if you are unhappy with your current solution.
- Flexible, tailored solutions – you can include into your group health insurance policy whatever type of medical you want to offer your employees. You can provide your employees with dental care, mental health care, home nursing or private ambulance, and you can also define the frequency of health assessments, etc.
- Prevention – many group health insurance plans include a general health check for the employees every year. The screening involved includes blood tests, measurements of weight, height, blood pressure and others, all necessary for preventing illnesses, which automatically lead to poor productivity.
Advantages of Participating in a Group Health Insurance Policy for the Employee
Group insurance policies are beneficial for the employee as well:
- Motivation – the members of company-held group insurance policies are usually more motivated than people whose employers do not provide such benefits. As another advantage of high-level medical care, employees do not have to worry about the costs of their medical treatment, so they can focus more on their work.
- Prompt diagnosis and recovery – the quick recovery of the employee is obviously not only the interest of the employer. Private health insurance policies not only provide medical care that is superior in quality to the services provided by the NHS, but they also eliminate long waiting lists and the quicker the diagnosis, the sooner you can start treatment. The sooner your treatment commences, the quicker your recovery is and the sooner you can get back to work.
- Lower premiums – your employer can decide how much of the insurance premium he will pay, but even if your company contributes with only a small percentage of the entire amount, your expenses will be much lower than in the case of individual health insurance plans.
- High quality medical care – though private medical insurance policies do not offer the same complexity as the national healthcare system, the quality of the treatment received by the beneficiaries of group health insurance is usually superior to the treatment received patients under the NHS. The members of a company’s insurance group may benefit of treatment in more comfortable circumstances. Beneficiaries of private health insurance policies are usually given contiguous treatment by the same doctor and, in case of certain conditions, private insurers may provide access to treatment that is not available under the NHS.
- Complex assistance – Group health insurance plans vary in the type and complexity of the services included, but most of them offer day-patient and in-patient treatments, out-patient treatments such as physical therapy, specialist consultations and 24/7 free help lines.
Collective health care plans are beneficial for all the participants:
- employees can use the plans as highly efficient, low-cost motivational tools and they can get a competitive edge on the labour market that will attract qualified people to work for the company;
- employees can benefit of high quality medical services at low cost or completely free.
If the group health insurance plan is put together carefully, based on the detailed comparison of several group health insurance quotes, to comply with the requirements of the employer and the employees alike, the scheme will surely make both sides incredibly happy.