How corporate medical insurance benefits your employees and your business
Your employees are your business’ most valuable asset
As head of HR or company director you know it pays to keep your employees happy. Recruitment and training doesn’t come cheap and knowledgeable staff members who can get the job done are key to success.
You also know that it’s good for your business if they stay healthy and working hard for you. Plus, your business may also be eligible for tax relief (simply ask your accountant about this).
Corporate medical insurance benefits can help, and here’s how…
Counting the cost of sick days off
According to the National Institute for Health and Care Excellence (NICE), sickness absence costs the economy around £15 billion a year. The average public sector worker takes 9.1 days off sick a year (5.7 days average in the private sector) and if you count up those lost hours of productivity the cost to your business will quickly mount up.
As well as the odd day off here and there, long-term sickness (over six months) is a major issue for businesses to tackle. A report by The Centre for Business and Economics Research (CEBR) equates the cost of long-term sickness to £6.7billion or an average of £208 per employee.
Improving quality of life with faster access to treatment
Corporate medical insurance benefits are not about offering a direct alternative to the NHS. It aims to improve quality of life for your employees by reducing waiting times. So rather than struggling on with a painful shoulder or back that is stopping an employee from working fully whilst they wait for an NHS appointment, it’s about accessing treatment quickly to solve the problem and get back to normal as quickly as possible.
Greater choice with private medical insurance
Private medical insurance also allows employees to choose a place and time that is more convenient for them for treatment, rather than simply accept a date given to them or go to the back of the line. So employees can plan their treatment around key events in their private or working lives.
Supporting recovery time
Essential recovery support, such as physiotherapy, is included in medical insurance packages. This can aid full recovery as quickly as possible and help get employees to get back to work sooner following treatment or injury.
What does business medical insurance cover?
We know that one-size doesn’t fit all. There’s a whole range of medical plans available, which can be tailor-made to suit your company’s exact needs and budget, whatever the size of your business.
How can we help?
Corporate medical insurance can be complicated. If you’ve got lots of other things to juggle it can be hard to find the time to sit down and go through it thoroughly. Our specialist team has an in-depth knowledge of the complexities of medical insurance and the differing needs of companies. You’ll be allocated a dedicated account manager, who will be on hand to help guide you through to find the best option for your employees and your business. This account manager will stay with you throughout your membership to support you as your business changes and grows.
Trusted medical insurance
We deliver insurance for businesses of all sizes through one of the UK’s largest providers, AXA, which is trusted by many of the UK’s biggest companies to deliver their business medical needs.
Attract the best employees
Offering corporate medical insurance benefits to your employees is a great incentive. With it, you can help attract and retain the best employees. They will then know they are working for a company that cares for their wellbeing. But it can also help your business’ bottom line, and pay for itself, by helping to minimise time off for longer-term sickness.
Find out more by getting in touch with us today.