Are you looking at getting a better corporate health insurance policy for your business in the next few months? If you decide to go it alone, there's going to be a lot of legwork to do, because you'll be sorting through all of the current available providers by yourself.
According to IBISWorld, 34 businesses make up the health insurance industry. It might not seem like a lot, but when you take into account the benefits you need (or want) for your employees, it's going to be more intensive than just looking at which provider will give you the cheapest deal. There's more to consider than just the cost of a corporate health insurance plan. It's an investment in the health of your employees, as well as in the future of your business. That's where HICA can help with a free consultation.
What do you have to look for in a corporate health insurance plan?
When you invest in the wellbeing of your workers, you're offering an incentive to them. If they know they're protected by health cover at work, they can reduce or cancel their private cover, which will save them money. Depending on the plan you opt for, the health insurance benefits could end up saving them a lot of money, like on necessary dental work, for example.
The benefits to your business include increased productivity and motivation, which translates into happier employees, according to Comcare. What's more, when your employees are healthy (and they will be if your corporate health insurance includes wellness programs), you won't be losing money to absenteeism.
The total cost of absenteeism to the Australian economy is $32.5 billion annually, according to a Direct Health Solutions study from 2015. It costs a business almost $350 per day a worker is absent, and the average employee is absent for 8.6 days per year. For large businesses, that's a cost you don't want to have to fork out.
To keep your workforce healthy and happy, your corporate health insurance should include a wellness program.
To keep your workforce healthy and happy, your corporate health insurance should incorporate the ability to access wellness programs and chronic disease management solutions offered by the insurer. These will help to keep people from developing further chronic conditions and needing to take long leaves of absence.
Why is corporate health insurance so beneficial?
Your employees want to be happy at work, so give them a chance to be. Let them know they're looked after by reviewing your current corporate health insurance with a HICA representative, and upgrading to a plan that benefits your valued people more.
Get in touch today to start the process.