Employee health is big business all over the world. In fact, a RAND Corporation study from 2014 found that 75 per cent of US businesses had, or were intending to implement employee wellness initiatives. Such movements are rapidly gaining popularity in Australia too.
A comprehensive employee health insurance plan is the best foundation for any wellness initiative, but to get the most out of it you must fully understand its workings. Get started by asking yourself these essential corporate health insurance questions.
What will my employees value in a corporate health insurance plan?
The first thing you need to ask yourself is what your employees would value from a corporate health insurance plan. For example, if you have a high proportion of younger workers they may appreciate basic hospital cover most. After all, those in their twenties are amongst the least insured in the country and they're also dropping their health cover quicker than any other age group, according to Australian Prudential and Regulation Authority data.
On the other hand if you have an older workforce (who may already have health insurance), extras cover including things like dental, optical or physiotherapy may be more valued. By tailoring your cover to your workforce you improve its effectiveness in helping attract, retain and incentivise employees.
What costs and resources are necessary to maintain corporate health insurance?
The most essential questions about any corporate health insurance plan always concern the cost and resources required.
The most urgent questions about any corporate health insurance plan always concern the cost and resources required to purchase and maintain it. Can your business afford it? How can you ensure its costs don't increase in future?
HICA offers a range of tailored solutions that can help ease the strain a corporate health insurance plan may have on your finances. For example, aligning your plan with HR goals such as improving employee retention by only awarding long serving workers with health insurance could help keep costs down. Alternatively, you could offer co-payment to reduce premiums rather than fully cover them.
The takeaway here is that with the help of an experienced insurance advisor your corporate health plan can be whatever you need, at whatever cost is suitable for you. What's more, with HICA you'll have an insurance expert available to help you manage your employee's insurance cover at all times.
For more help answering your questions about corporate health insurance in Australia, get in touch with the team at HICA.