Otherwise known as ‘Group Health Coverage,’ corporate medical insurance is designed to benefit your employees. Providing them with cover, in the event of prolonged sickness, to support their treatment and hopefully get them back to work as soon as possible.
This post will run through some of the features, benefits, and pitfalls of corporate medical insurance.
This type of medical insurance is bought by an employer for the benefit of his employees. There are packages to suit all companies, from small businesses to global corporations. These schemes are useful because they incentivise workers and reduce the costs of employee absenteeism.
Grouping lots of employees together, under one policy, also spreads the risk across many people. This means that the insurance premiums can be more affordable for your company.
There are many levels and variations of cover available for corporate medical insurance. Basic plans will cover only things like inpatient treatments. Then there are mid-range plans, where something like 50% of an employee’s salary can be covered. There is also the option for the employee to extend cover, all the way up to full comprehensive insurance. Features of comprehensive plan may include inpatient and outpatient treatments, overseas cover, some will even offer GP and home nursing services.
Charles owns a plastics company and has 50 employees. 10 of his staff work in the factory, producing the goods to sell. 10 people handle installations and deliveries. 6 of his personnel work in sales and travel extensively and the remaining staff work in the office. Cecil is looking for a company-wide medical insurance package that can handle multiple levels of cover.
Group Medical Insurance can encourage employee loyalty and attract the best candidates to your company. To find out how you can best insure your workforce with their medical needs, get in touch with a specialist group medical insurance broker. They can offer you free advice and a no-obligation quote.
Quick friendly service. I was quite confused about what my family and I required but the policy options were quickly clarified and I got a great price and top service. Emily Thompson, Bath
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* Medical insurance from 95p per day is an illustrative figure only and may not be available to you. The figure is based off of a 25 year old with no previous health issues taking up a Priority Health policy from Health-on-Line with a £100 excess. Figure accurate as of 17/08/2016.
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