How Health Cover Boosts Business
Staff absenteeism and retention are key issues that almost every employer tackles, impacting budget and productivity. Small businesses are hit particularly hard, especially when individuals are self employed or directors of their own limited companies. In these circumstances, there is little or no cover to keep business moving whilst key people cannot work. Could investing in private health insurance be the answer?
There are several benefits to be gained, for both the business and its employees.
Business benefits of health cover
Offering employees private health insurance via a corporate scheme offers several business advantages:
- Enhanced employee wellbeing, including physical and mental support.
- Easier staff recruitment and retention.
- Reduced absenteeism.
From simple health cash plans to tailored health care, a range of budgets is supported.
It’s important to note that offering corporate health insurance cover incurs a benefit in kind cost to employees within the scheme. This is because the policy is a benefit received from employment but not included in salary or wages. The additional tax payment relates to the cost of the insurance premiums and can be deducted via payroll or declared via a P11D form submitted to HMRC.
Peace of mind for employees
Private medical insurance offers important reassurance to employees. They – and their family members – value access to:
- A 24/7 remote GP
- Shorter waiting times to see a consultant or specialist
- Faster diagnosis
- Better facilities
- Choice of hospital, consultant and time and place of appointment
Health cash plans contribute towards the cost of routine healthcare, such as dental check-ups and treatment, plus eye tests, glasses and contact lenses. Therapies such as osteopathy, physiotherapy, acupuncture and podiatry can also be covered. This means you don’t have to be ill to benefit!
Private medical insurance is designed to cover some or all of the costs of private healthcare, from consultations with diagnostic scans and tests through to treatment and post-operative therapy.
Private health insurance benefits vary between providers and often include:
- Cancer cover
- Private room
- Drugs not available on the NHS
- Mental health support
- Health checks
- Cash benefits for using NHS
- Discounted gyms and health screens
It’s important to note that conditions existing prior to starting the policy may not be covered and emergency services are not included.
Would your business benefit from lower absenteeism?
Does your staff morale need a boost?
Sally and Andy Greenwood are health insurance specialists. Contact Sally on 07838 702894 or Andy on 07533 363889 to find out more about how a plan can help you or your business. Discuss your health cover options without obligation – or jargon!