Group medical insurance is a widely regarded as one of the most popular and certainly highly valued employee benefits available. When you’re looking to start an employee benefits package, private health insurance should be one of first things you consider. Not only does it give your employees peace of mind with regard to their health and well-being, it can also have major benefits for the employer in terms of a healthier workforce, meaning fewer and shorter absences. It doesn’t stop there either. There are many reasons why providing private medical insurance is the perfect employee benefit.
Essentially, group medical insurance covers the costs of private medical care when your employees suffer injury or illness. It will cover all eligible employees in a firm and can avoid the need for individuals to buy the insurance themselves. Policies can be arranged to suit all budgets, depending on the level of cover required and the number and age of employees. Large or small groups, this type of medical insurance for business has many benefits. Here’s how:
A HEALTHIER AND HAPPIER WORKFORCE
A healthier workforce is often more productive. When employees get the care they need, not only can they be cured quickly but it may be prevented in the first place. Having the tools employees need to nip illness in the bud before it occurs could be the difference between a high performing business, and one that is under par. If your employees do become ill, a private health plan could get them back into work swiftly. This results in less sick pay and fewer problems with productivity making your business more productive. The National Health Service has to revolve around the general publics need, not your workforce.
ATTRACTING THE BEST TALENT
An attractive employee benefits package is important for attracting the right staff. When prospective employees see group medical insurance is available as part of a rewards package, you’ll be seen as up there with the best. A talented team can push a company forward and retaining these employees is important. Group medical insurance shows that your firm cares about its workers health and wellbeing, leaving staff feeling valued.
BENEFITS OUTWEIGH THE COSTS
Often the perceived benefits by employees of group medical insurance are larger than the actual costs incurred by the firm. Individual private medical insurance can be quite costly, but private medical insurance arranged on a group basis can offer lower premiums due to administrative savings of arranging a number of policies in one go. Furthermore, group medical insurance premiums paid by the employer can be filed as a business expense for corporation tax purposes although it does count as a benefit in kind upon the employees.
There are two main types of private medical insurance available, giving access to healthcare Professionals and services:
There are additional benefits for your employees:
In conclusion, group medical insurance can benefit your employees by keeping them healthy and making them feel valued. With happy, healthy and motivated employees, comes a more successful business. Use private medical insurance to help attract the right staff, and once attracted keep your workforce as productive as possible.