Health insurance may seem like an almost laughable thing in the UK, especially when we have the fantastic NHS readily available. However, the option of more than one form of healthcare is something that many employees want from their employers.
It’s fast becoming one of the most sought-after benefits when moving to a new workplace, so if you don’t already have it implemented you might want to check out why it’s important for you, as an SME, to have it available.
What is Business Health Insurance?
If your employee is sick and needs treatment, group health insurance will cover the expense and ensure that they are seen quickly by a private medical doctor. The NHS is often over-used, and the strain on their services means that employees can end up off work while waiting long periods of time to be seen by a doctor.
This causes them to lose money, and they are often put on statutory sick pay. Business Health Insurance helps employees to avoid this so that they can receive treatment quickly and get back to work. It also saves you money and means you do not lose employees for extended periods of time.
What Does Business Health Insurance Cover?
This form of insurance covers a range of illnesses and conditions, but the key things you will find included are:
- Inpatient Treatment
- Outpatient Treatment
- Cancer Cover
- Mental Health
They also tend to come with the following added bonuses:
- Employee Assistance Programmes
- Virtual GP
- Second Medical Opinion
- Fast track appointments
- Health screening
- Discounted gym membership
It is something that SMEs can take out quite easily and affordably for their staff. The best part is that most providers have special schemes in place to ensure that small businesses can provide staff with this sought-after benefit.
Why Employees Want Health Insurance
Employees want peace of mind if something happens to them. So many will go to work even when they are suffering because they are terrified of missing out on money or missing prolonged periods of work. Business Health Insurance means they do not need to worry about any of this and can instead focus on their recovery and eventual return to work.
Some employers will cover immediate family as well, so if a spouse or child falls ill they have access to the same kind of cover as your staff member. It’s something that employees are grateful for, and that the whole family can benefit from.
When you have this kind of plan in place, you can expect to see a massive increase in worker productivity and work ethic. They will be more relaxed and focused, and your retention levels are likely to increase because workers don’t want to risk moving somewhere that does not provide at least equal benefits.
Health insurance is important in any country, and it is the kind of thing that good employees look for when they are searching for a company that they want to stay with. Even SMEs can afford to provide health coverage to their staff, and with specially tailored plans it has never been easier to give them the peace of mind they need and deserve.