There often comes a time in a business where the decision is made to introduce a formal benefits package.
This could well be introducing a simple company life insurance scheme, income protection for a group of employees or one most popular with staff a group health insurance scheme.
This article focuses on a group health insurance plan, the benefits of having health cover in place and the key things to consider when choosing the policy.
Like with any group insurance scheme there are a number of options to choose with regards to the policy which will affect the cover provided and in turn the premiums.
Many of the health insurance products on the market today provide cover which rewards healthy living, there are many points based systems out there which with more exercise, healthier eating and a generally healthier lifestyle earn s the employee points to spend on a treat whilst also helping to reduce the organisations premiums.
The first port of call when considering a group medical scheme is to have a budget in mind and use that budget to maximum affect.
A health plan can range from very basic providing a level of inpatient cover only which would pay for employee treatment should they require a stay in hospital.
To a mid range plan which covers inpatient treatment in full whilst providing a limited level of outpatient treatment, thus employees can have diagnostic tests and consultations up to a maximum of say £1,000 per policy year whilst still being able to receive inpatient treatment.
Then to a comprehensive plan which will cover both inpatient and outpatient treatment in full meaning other than the initial trip to the GP all tests and treatment should then be covered.
Having decided on your core level of cover there are a range of options to keep the premiums in check or provide a greater level of cover.
The most common consideration is an excess, this is the proportion of a claim per year that the employee has to pay towards the treatment.
As you can imagine the larger the excess the less expensive the premiums due to increase share of the cost the employee must bear.
Additional options which can be chosen include alternative therapies, this additional cover allows employee to receive other forms of treatment such as physiotherapy, acupuncture and osteopathy.
A common extra, especially for companies who do not provide a separate dental insurance plan is the optical and dental benefit.
The dental and optical benefit covers everyday healthcare costs for your eyes and teeth including check-ups, this benefit is often limited up to £200 per policy year.
With the range of providers and products on the market whatever your company budget there is a health insurance scheme that will fit your needs.
When deciding on the cover you simply need to understand the options available, decide which best fit your employee demographic and then tailor the plan to your budget.