What is company health insurance?
Company health insurance gives your employees access to private healthcare in the UK should they ever need it. By avoiding potential delays on NHS waiting lists and having more treatment options, they’ll be better and back to work as soon as possible. Remember, much the same as private medical insurance, you should always compare your options at medical insurance renewal time.
Do we need small business health insurance?
Health insurance is one of the most sought after paid benefits from prospective employees. Providing medical insurance to your team will protect them should the worst happen, but also demonstrates your commitment to their health and wellbeing.
Benefits of business health insurance for employees:
- Access to high quality treatment at a time that suits them
- They’ll be seen quicker and avoid potential delays on NHS waiting lists
- Choice over treatments and specialists
- Access to medicines which may not be available on the NHS
- Mental health protection and help managing stress
Benefits of business health insurance for employers:
- Reduce absenteeism, get unwell employees back to work sooner
- Stand out in the employment market by providing a sought after benefit
- Lessen employee turnover and improve staff retention
- Look after your staff and create a culture where every employee’s wellbeing is important
What does small business health insurance cover?
Like private medical insurance, business health insurance will only cover acute conditions, meaning those which can be cured with medical treatment. Chronic conditions, which aren’t curable, or conditions for which you’ve recently received treatment for, won’t be covered.
Inpatient treatments - included as standard in most policies
Basic health insurance will typically cover the treatment of acute conditions where a hospital bed and overnight stay is required -commonly called inpatient treatment. While this gives your employees access to potentially faster treatments, they would still need to be diagnosed through the NHS first.
This isn’t always an issue, but if there is a waiting list for a certain diagnostic test and your team member’s problem is deemed as non-urgent, they could find themselves waiting for diagnosis and therefore have their treatment delayed.
Outpatient diagnosis and treatment
Outpatient diagnosis and treatment covers the cost of initial investigations and tests into acute conditions and treatments where an overnight hospital stay isn’t required. The level of outpatient cover you provide your staff is up to you, but as you would expect, the more you provide, the higher the premiums will be. You could choose to include outpatient cover in full; limit it to a cash value per year (typically £1000) or exclude it entirely to keep the cost of the policy down.
Comprehensive cover will of course vary from provider to provider, but essentially it will give your staff full access to both in and outpatient treatments, alongside private diagnostics and testing, to establish a diagnosis quickly.