A HEALTHIER WORKFORCE IS A HAPPIER, MORE PRODUCTIVE ONEChoosing employee benefits with care is of huge importance. If you are to retain your best talent, you need to ensure that you offer benefits that outshine the competition. There is no denying that corporate health insurance is at the top of the list. This is especially the case if you offer business health insurance that covers your employees family members as well. Plus, is not just about making your employees happy, as there are a number of different benefits that you will experience in the workplace if you decide to offer private medical insurance to your workforce. So, let's take a look at different benefits of private health insurance for employees in further detail… Recruitment and retention - As touched upon, offering private medical insurance is one of the best ways to hold onto your best talent at your business. There is no denying that your employees are the most important asset to your business. How would you cope if you were to lose your greatest talent to the competition? This is something that a lot of business owners are experiencing because they are not in tune with what is important to their members of staff. Falling only behind the pension, health insurance is deemed the second most popular employee benefit. Therefore, not only can it help you when it comes to holding onto your top talent but it also plays a significant role in attracting the most promising candidates to your business. Private health insurance for small business owners can give your company a competitive edge while also ensuring that the work environment is a happy one whereby all of your employees feel valued. Reduced number of absences - If there is one thing that hurts productivity at any business it is a high number of absences. By introducing health insurance, you are encouraging your employees to live a healthy lifestyle. There will be more likely to attend routine checkups and to get symptoms checked out as soon as possible, rather than leaving it to get worse and worse. Enhanced productivity – The two company health insurance benefits that have been mentioned above come together to ensure that productivity levels are high at your business. Research indicates that healthy businesses are six days a year more productive per employee when compared with unhealthy businesses. There are many different ways that private medical insurance can help to make your workforce more productive. Of course, the most obvious way that this happens is because your workforce is going to be healthier, and when someone is healthy, they are able to work at a higher level. However, you also need to consider the fact that by introducing this type of insurance policy, you are making your employees feel valued. This, in turn, increases their loyalty to you and enhances the overall feeling in the workplace. When you have a happy and healthy workforce, you are going to have a productive workforce.
Improved engagement levels – Aside from this, research also indicates that three times as many healthy workers participate in workplace wellness programs when compared with unhealthy employees. Therefore, by offering private medical insurance, you can also expect to improve the engagement levels at your business.
To figure out how much your private health insurance would cost, you’d have to enter details such as your postcode, age and some simple lifestyle and health questions. To give you an idea of the average prices on the market today, we got quotes for a 30-year-old, female, non-smoker, living in the Essex area. The prices given to us ranged from £12.50 to £82.89 per month, with different options that will alter the price slightly. These quotes are significantly lower than the quotes you would receive for high cover options or for family cover. The average premium for private health insurance in the UK is £1349 per year but as stated above, that price can fluctuate depending on your specific needs and policies.
One of the major factors that have an influence on how much you are going to pay for your insurance policy is the cover options that are available. As with any type of insurance, you must research the market thoroughly to determine the exact level of cover that you require. Once you have selected the standard of health insurance that you require, for example, low, mid, or high coverage, you will then be able to tailor your policy to suit your specific needs. This means adding on or removing different products that will alter your level of cover based on your requirements. Some of the different options that are available are as follows –
As you can see, you will be able to add different products based on your needs. One person may deem dental cover important to them, whereas another may not be interested in adding this to their policy. Therefore, it all depends on your individual wants. Of course, for every add-on to your policy, it will increase the overall cost. Therefore, you need to carefully consider what is important to you and what isn't. You could opt to provide employees with a standard cover and then they can add on extras if they wish.
It is also worth pointing out that they are waiting periods in place for certain insurance products. For example, if you are thinking about starting a family, it is important that you take out maternity cover before you start trying for a baby. The vast majority of medical insurance policies that are in place today will have a nine-month or 10-month waiting period when it comes to maternity care. This is to stop individuals from simply taking out an insurance policy once they have fallen pregnant. As soon as you are thinking about starting a family, you should look to add on maternity cover.
Another factor that you will really need to think about is the level of excess that you are going to set on your policy. For those who are unaware, excess refers to the sum of money that you will need to pay before the insurer pays out. Therefore, if you set your excess at £100, and you need to have a liver transplant. This means that you will need to pay a hundred pounds towards the treatment and then your insurance provider will cover the rest of the cost. It is important that you carefully consider what level you are going to set your excess at. The higher you set your excess, the lower your monthly premiums will become. However, while it can be tempting to increase the excess by a significant degree so that you only have a small amount to pay every month, is imperative that the excess is set at an amount that you will comfortably be able to afford if you do need to make a claim on your medical insurance policy. If you set the excess too high and you are unable to pay it, you are essentially rendering your medical insurance plan ineffective.
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