Whether you're the head of an enormous conglomerate with multiple interests, or a small-business owner in charge of a handful of highly trained individuals, making sure your employees' health and wellbeing is secure can be absolutely critical to continued success.
Finding the right corporate health insurance can be a key way to do this. There are a total of 35 health funds available in Australia, each with varying policies and levels of cover.
Whilst the nuances can be vast, appraising your business correctly and understanding your own needs before taking out a policy can be crucial. Here are three considerations for your existing or potentially new corporate health insurance:
Keep your policy up to date
If you already have a corporate health insurance policy but haven't updated it in some time, doing so is an absolute must.
Whilst some funds will offer flexible cover depending on the size of your business, if you have experienced a huge amount of growth it's important that all the subsequent benefits that come with this are suitably covered.
For example, if your business grows exponentially in a short space of time and you have to take on a swathe of new staff, ensuring your policy is capable of covering these new employees is key.
Offering your employees the benefits of subsidised health cover could have huge benefits. Firstly, it's likely that your staff will happily get involved in a scheme that could save them money on private cover. Secondly, it's easier for you to keep track of each employee's individual needs and thus, manage working capital more effectively.
An unsubsidised business health plan is the alternative. This can offer more flexibility if you're likely to have a high staff turnover, and may also prove to be more cost effective for businesses that are unwilling or simply have no room in their budgets to account for subsidies.
Finding the right policy
As there are so many different health funds and nuances in corporate health insurance, choosing a policy out of thin air is simply not an option as it'll likely trip you up further down the line.
Consulting with experts – particularly those that can offer impartial advice – should be your first step on your company's mission to find the most suitable corporate health cover. Call HICA on 1300 44 22 01 for input from specialists who will able to point you in the right direction of the ideal policy for your business.