It wasn’t long ago that corporate health plans were a luxury – one of the biggest perks of a benefits package. For employees, it’s still seen that way: healthcare is one of the most highly valued benefits a workplace can offer.
However, for employers, now is the time to think seriously about corporate medical insurance if you don’t already have it.
That’s because a perfect storm of events has conspired to put businesses at real risk of staff sickness. There’s a number of reasons why:
- Sick Pay is now your responsibility
The government has stopped reimbursements for Sick Pay meaning that staff sick leave is going to cost your business dear. Whilst you can take out insurance to cover that cost, the best solution is to help employees get better and return to work quicker. But….
- NHS waiting lists are at an all-time high
Why is this your problem? As the employer, when your employee is off sick, you’re the one carrying the burden. Finding a replacement, covering the workload, keeping an uninterrupted work flow – it’s a stressful time for any business, but the chances are, the smaller the company, the more keenly you’ll feel this loss. And yet…
- The government is just about to increase Insurance Premium Tax
Yes, this impacts corporate policies too (I have a few ideas on how to mitigate this here) but it also means fewer individuals than ever are going to have their own cover. Recent research by Aviva showed only 11% of people had Critical Illness cover and just 13% private healthcare. Now is the time to square this circle by protecting your biggest asset: your workforce.
I’ve talked before about how staff sickness can bankrupt a business – now is the time to insure against this risk. My commitment to my clients is to try to find cover that fits any budget – feel free to challenge me on this today! 0800 690 6990.