What does business medical insurance cover?
Business medical insurance covers the same acute conditions as private medical insurance taken out by people on an individual basis. Although the policy may be more generic than a tailor made health insurance policy, the same exclusions will still apply, usually excluding pre-existing and chronic conditions.
Business medical insurance will usually cover all named staff members, and can be used to cover as many members of staff as required, from a small business medical insurance policy, covering just two or three employees, to a corporate medical insurance policy covering a staff of hundreds.
What are the benefits of business medical insurance?
There are many benefits of business medical insurance, not least the opportunity to show your employees that you are a company that cares about their welfare and wellbeing. This not only helps with staff retention, but also makes the company remuneration package more attractive when recruiting.
Perhaps the most important benefit of business health insurance is that key staff will receive prompt, high quality care whenever they need it, reducing their time off work and increasing their productivity. Business medical insurance also means that staff can choose when they have treatment, and this can be worked into production schedules and other important business cycles.
What types of corporate health insurance schemes are possible?
Business medical insurance is available with several options:
- A blanket health insurance policy can cover all employees and is paid for outright by the company as part of the salary package.
- Business health insurance can be part funded by the company with employees making up the difference.
- A corporate health insurance scheme can be an optional benefit that employees pay for themselves, but get at a reduced rate due to the bulk purchase of business medical insurance policies by the company.
Small business medical insurance
Small business medical insurance can be even more important, as the smaller the company, the greater the impact of losing an important staff member:
- Small businesses must plan for elective medical absences as carefully as they can as well as minimising the impact of more urgent health problems.
- Small business health insurance helps protect small companies by giving them access to prompt treatment when it is needed and the ability to plan non-urgent treatment more efficiently.
- For self employed people, with no sick pay or colleagues to fill in for them when they are sick, small business health insurance is crucial to get them back on their feet as quickly as possible.
Buying business medical insurance
Company health insurance policies can often represent a considerable saving compared to the individual policies, while at the same time representing a highly efficient way of doing business for the insurance companies. As a result, this is a highly competitive market and it can be hard to be sure you are getting the best deal available.
At Health Insurance Solutions will search through hundreds of different policies for your business medical insurance, to ensure you get the best cover at the best price.
