Corporate health insurance is a benefit which is provided by some employers for their employees. It allows them to receive private medical treatment quickly and at their convenience, usually with no cost. It means employees can enjoy the advantage of immediate treatment should they need any surgery or treatment of any kind.
Not only do these schemes benefit the employees, it’s also a great incentive for employers too and that’s what we’re taking a closer look at below.
Benefits for Everyone
Corporate health insurance benefits the employer or business because members of staff who need medical treatment will receive it quickly. Therefore recovery speed will be faster and there will be less absence from work as a consequence. Without the worry of when they’ll receive the treatment or potentially going through every day in pain the employees can also be focused on their day to day work.
The benefits from an employee’s perspective are even more obvious. Monetary value goes out of the window with this benefit as it can simply life changing. To begin with signing up to their company’s corporate health plan won’t cost a great deal, whereas a private medical insurance plan can cost hundreds every month. This cost is often beyond what most people can afford and waiting lists in the public sector are known for their length.
Corporate health plans provide employees with the peace of mind that if they were to require medical help it would be available. What’s more the majority of plans include benefits which can be accessed by all including free eyesight checks and a yearly health check to ensure all is ticking over OK. It’s similar to getting your car MOT’d! Any potential problems can be flagged up early so employees can handle them and early intervention can make all the difference.
Other benefits to all parties involved include increased morale, not only provided by the fact that the general health of the workforce is improved but also because it provides employees with the sense that their employer actually cares about their wellbeing.
Many business owners may be worrying about the costs when looking into corporate health insurance. This is particularly true of small businesses but most providers will create a package tailored to the individual business ensuring premiums are in line with employee numbers and related data.
The type of cover employers provide is down to their generosity! Some will limit premiums to cover just the individual who works for the company whilst others will allow for policies which also cover their whole family including children.
Although finding a job isn’t the easiest at the moment some candidates can still afford to be picky and they will look into the incentives offered by a company before accepting a job offer. With this in mind it really does make good business sense for employers and businesses of all sizes to offer corporate health plans. As we’ve shown the benefits are plentiful and all sides can reap the rewards.