Business health insurance allows businesses, large and small, to give free or discounted medical cover to their employees. For companies, it is a great way to promote a healthy workforce, reduce sick days and retain staff. With the average UK worker having 9 sick days per year, costing UK employers a total of £29 billion per year, the opportunity to skip waiting lists and give your staff quality treatment is certainly an incentive. (Source: HR Magazine).
In addition, with the media constantly reporting on the NHS and its lacks of resources and long waiting lists, there has never been a better time to consider private healthcare for you and those around you. (Source: nao.org.uk)
There are a handful of providers that offer business health policies, including some plans and packages that are beneficial for companies of all sizes – See Equipsme for more information.
What is included in a Business Health Insurance Policy?
- Private GP video consultations – perfect for those working from home, they can show and discuss their symptoms through video technology with a health professional and avoid needing to leave the house.
- In-patient, day-patient and out-patient treatment to cover hospital fees, consultants’ fees, diagnostic tests and out-patient surgical procedures. See standard medical insurance for more information.
- Extended cancer cover – employees’ eligible in-patient and out-patient costs are covered in full, including radiotherapy, chemotherapy and follow-up consultations, biological therapies, hormone therapies, cancer and reconstructive surgeries and stem cell therapy.
- Mental health – up to 8 sessions of out-patient cognitive behavioural therapy (CBT) and counselling per year, ideal for those with high pressure and stressful jobs.
- NHS hospital cash benefit – if your employee chooses NHS treatment instead of your private company health insurance plan, they can receive a cash benefit of up to £2,000 worth of treatment.
- Childbirth – cover for pregnancy complications, home nursing and childbirth cash benefit of £100 per child (if the employee chooses NHS treatment instead of private)
Other cover includes oral surgery, physiotherapy, dental treatment, private ambulance and more.
What Are The Benefits for Employers?
Small and large businesses that adopt healthcare for their staff enjoy reduced absenteeism (less sick days). If their team of employees have better access to healthcare, they won’t miss work due to illness or risk this spreading to other members of staff.
There is no question about it, having someone out of the office due to illness and sometimes for several days can really put a stop to your business. Finding someone to fill in for them or getting other colleagues to pick up the slack, is not good for any workforce. But by giving people you work with the access to quality healthcare, those pesky sick days are likely to occur less and less. For long-term battles with back pain, toothache or sight problems, the idea of letting your staff see a qualified physio, dentist or optometrist and fix these issues can certainly save a lot of time and money for the organisation.
A healthy group of workers certainly promotes a better moral. For several people, having free business healthcare or a very discounted rate is a reason to be more loyal towards the company which can only lead to better results and improve staff retention.
Without a doubt, having a stronger, fitter and healthier workforce will lead to a more productive company. By not having to sit in long queues at the GP or hospital and be able to choose a Consultant nearer to home or the office, workers are able to use their time more efficiently and this can mean not having to come in late, leave early or take half days off work.
Business Health Insurance Tax Credits and Discounts
Possibly the best reason for company health insurance is because of the tax breaks available to the business. Certainly in the US, small businesses can receive up to 50% off their tax premiums if they meeting the criteria. In the UK, health insurance for employees along with company cars and childcare is an expense that is tax deductible (Source: Expenses and Benefits for Employers) . So firms are able to benefit their employees in a tax efficient way.
Further discounts are available for the more workers that you put under the policy because it is like you are purchasing cover in bulk numbers. There are also insurers we work with that provide discounts for ‘healthy employees’ – for instance, those that are members of a gym or do not make a claim in two years, can receive discounts of 25% or more on their policy.
What Are The Benefits for Employees?
One of the best things about corporate health insurance is that the staff member is able to get access to private healthcare when maybe they wouldn’t usually be able to. For someone with chronic back pain or problems with their teeth, the prospect of waiting several weeks to see a specialist can only make matters worse. But having access to work health insurance means that they can see someone who can help in less than 24 hours, and it is all paid for or heavily discounted.
Certainly having an employer that values your health and is willing to give you this employee perk will increase your motivation and make you feel like a valued member of the organisation. Having better health can also make you more productive at work. You may have had injuries or health problems holding you back over the years and also lost a lot time going back and forth for appointments. But with improved healthcare, you can get better results at work and maybe that promotion you were hoping for will become a reality.
Some private healthcare for businesses can also extend to family members. Certainly in the case of those giving birth, there are a lot of discounts available but your business health insurance can sometimes also cover your spouse or children as part of the package – so be sure to speak to your employer and insurer to find out if this is feasible.
Business Health Insurance Comparison from MediCompare
At MediCompare, we are leading business health insurance broker in the UK. Working with some of the most established medical insurers in the country, we are able to help you find the best policy for you, your organisation and your colleagues. Private healthcare for small and larger companies, whether you have 2 or 999 members of staff, we can help find the best scheme for you.
To get a quote today, simply enter your details in our 5-step application form and one of our partner insurers will get in touch with your immediately either by email or phone. By answering a few simple questions about your existing policy (if you have one), your company and the number of staff, we can provide you with a competitive quote today and get you and your firm covered in no-time.