Pouring money down the metaphorical drain is the worst nightmare of most business owners. That's why before starting any new initiatives to improve your business you should be sure that they'll make a positive difference – corporate health insurance in Australia is no exception.
But it can be tough to know what questions to ask when buying corporate health insurance, and to figure out what's really important.
Will your staff value a corporate health plan?
One of the main questions you must ask is if your staff will value a corporate health plan. That's because if you're using it as an incentive or a salary package sweetener it won't be effective if it's not something that your employees actually want.
Consider the commonly known benefits of corporate health insurance when answering this question:
- Avoid public waiting lists.
- Avoid the Medicare Levy Surcharge.
- Select your doctor or surgeon.
- Dental cover.
- Stay in a private hospital room.
These are just a few of the many benefits your employees will enjoy when you take out a corporate health insurance plan.
When employee health and wellness is managed well employee engagement more than triples.
They'll also save thousands of dollars a year as they won't have to take out health insurance themselves.
Why helping your staff helps you
Helping your staff is a fantastic end-goal, but what about your business? Will providing your employees with better cover, saving them money and allowing them to take care of their health really serve its purposes?
The short answer is yes. The long answer was provided in an extensive Comcare review of research evidence showing that healthier employees positively effect your business. It found that a better focus on health and wellness helped to attract better employees and reduce turnover.
The research also showed that when employee health and wellness is managed well employee engagement more than triples and productivity increases. In fact, healthier employees were found to be absent 25.3 per cent less often and reported more job satisfaction.
Impressive as these statistics may be, it remains difficult to measure the true effects that healthier employees and corporate health insurance could have. The best way to find out is to contact one of the expert corporate consultants here at HICA.
Get in touch today to start making changes that make your business better.