Group Health Insurance A Vital Employee Benefit
All good employers understand the need for their staff to have group health insurance
. All will know the importance and peace of mind to staff that having group health insurance means, they will also see it as a staff retention tool.Those employers that do not have group health insurance are missing out on the loyalty factor that comes with having good employee benefits. Research shows that after a company car, health insurance is second as the most valuable employee benefit.
Is group health insurance expensive?
When you consider that if a key member of staff contracted a serious illness or disease how long they might be off work for then group health insurance could pay for its self in no time. Staff members would get private treatment for curable diseases or illnesses quickly and would not have to wait in lengthy NHS queues. The loyalty that this type of insurance brings cannot be priced.
What does group health insurance cover?
Group health insurance or company health insurance as it is sometimes called is designed to help employers reduce the burden and cost of employee absence on their business. Through helping employees stay healthy so they are less likely to be absent from work, helping them return to work as quickly as possible.
Many of these company plans also offer a range of added value benefits such as a 24-hour GP helpline and health and fitness club discounts.
Another common feature of these group health insurance plans is the addition of family cover, where members can add their family members to the policy. Sometimes the employer will pay for this additional feature and sometimes the staff member is required to pick up the cost themselves. Whichever way it is paid for it will most likely be cheaper than taking out a separate policy for the family.
When considering group health insurance solutions employers would be wise to seek the advice of an independent financial adviser who can research the entire market to find the cover required for the budget and needs of the employer.
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