subject: Business Health Insurance – Showing employees some love [print this page] Business Health Insurance Showing employees some love
When asked what is the one thing that worries employees most about not having a job, or losing their job, pat comes the answer not being covered by business health insurance. In the UK, where everyone and anyone is entitled to NHS benefits, private medical insurance has a kind of elitist appeal that many people covet. However, most people (mistakenly) assume it is expensive and thus choose to stick with the govt. run NHS. While the NHS does provide free medical treatment for almost all cases, the NHS provides medical treatment that is faster, of a higher quality, and with a wider choice.
Obviously then an applicant with an Honours degree and a fat portfolio of achievements is not just looking at great salary, but also the perks that go with it. And one of them, is being able to afford a private room at a clinic of their choice while getting their appendix removed. Therefore, don't be surprised you when you interviewee asks you, "And what about health insurance?" and doesn't seem too excited when you remind him of the NHS. Apparently, business health insurance is not just about health anymore, it's also about business.
In countries where an NHS-like system does not exists, or exists only for a selective few, business health insurance is almost a norm. That means any reputed company hiring employees is expected to also provide for health insurance, just like it is legally bound to provide provident fund or pension. However, in the UK, businesses have the option of adding on health insurance as an attractive perk thereby appealing to employees of a higher caliber. Business health insurance can also be seen as an incentive offered to hard-working employees, thus using it to motivate productivity and creativity amongst employees.
And no doubt, business health insurance is definitely going to increase employee retention and weaken attrition rates. While comparing businesses, an employee is definitely going to compare the package and when he sees he will have to downgrade from his private suite to an NHS ward, he is definitely going to think twice before shifting loyalties.
For companies however, the decision to provide group business health insurance becomes an important financial one, needing access to lots of information and resources in order to calculate its feasibility. This problem is solved by websites acting as intermediaries or brokers between customers and insurance providers. All you need to do is fill up a form stating your requirements and you will easily be able to compare quotes from insurance providers. You will also find a large variety of plans suitable for all business types: small, medium and large, and customizable in the way you want.
Websites like these will also offer you resources to understand the implications that business health insurance can have for your organization, as well as the formalities you may have to consider. However, most of the times, the provider will take care of this for you, once you've decided who to pick. So if you'd like to hire the best, be prepared to give them the best!
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