Business Health Insurance- What is it and why bother?
Business Health Insurance is not something we think about very often in the UK. We have the NHS, so why would we bother with private medical? The fact of the matter is, the NHS is a brilliant service that we are all lucky to have, but it is often over-used, and this can be stressful for employees who cannot afford to miss extended periods of work. This is where Business Health Insurance comes in, and it is one of the most sought-after benefits that employees look for in a business.
What is Business Health Insurance?
It is a way to support your staff when they fall ill or are involved in an accident. It covers a wide range of injuries and illnesses, including cancer and mental health, which means that your employees don’t need to feel concerned that their health condition will not be valid for protection. Health insurance also tends to offer additional support, like therapy and dedicated phone lines, as well as discounted gym memberships.
What is the Benefit to Employees?
As explained on the Eden Health website, employee health matters because it can affect their capacity to be, “Productive and creative at work, as well as their ability to be happy in their personal lives.” A lot of employees cannot afford to be away from their desk for weeks, or even months, while they wait for a diagnosis and treatment. Health insurance means that they get back to normal life as quickly as possible without hindering their recovery process.
Many health protection plans offer coverage for immediate family as an added benefit – so spouses and children will also receive healthcare if they fall ill. This kind of peace of mind is important for employees because they know their family will be taken care of and that their work is providing something more than just money.
What is the Benefit to Employers?
You do not need to be without your workers for too long, as we all know it can put a strain on businesses. It also means that sick pay is paid for less time, and you might not need to hire temp staff while your employee is off.
It improves productivity and morale, which means that your employees are likely to work better and faster when they know they have health protection. This is good for your business because it means work gets done better and more efficiently. Some businesses tend to look out for the key players in their business with the help of policies such as key person life insurance and similar others, which might be essential businesses to plan for unplanned and unexpected events.
Your staff are also less likely to leave because of the health benefits you provide. Employee Benefits are one of the most sought after insurances after Group Life Assurance.
Is Business Health Insurance Taxable?
Remember your employees are likely to need to fill out a P11d form from HMRC because it is a taxable expense for them. This is not by a massive amount and it is deducted from their tax-free allowance, but they need to be made aware of it so that they can contact HMRC.
It is good to offer protected and peace of mind to those who work for you. It’s important that they feel both safe and secure in their job if their health were to take a turn for the worse. Supporting them with quick and easy to access private medical means that they can get back on their feet faster and return to their desk. It’s good for you, for them, and their families. If you haven’t considered it already, now is the time.
