Business health insurance is increasingly being adopted by employers as a motivational tool to get the best out of their employees. The benefits of getting this cover for employees are highlighted, and explained in available sources. It is hoped that after reading through, a clearer understanding of the topic will be gained and common pitfalls will be avoided.
The type of insurance cover a company provides for its staff speaks volumes of its welfare packages. Without mincing words, it is a well established fact that organizations with great paying jobs and superb welfare packages are able to attract great minds and brains, thereby, increasing their productivity geometrically, as compared to businesses that adopt a lackadaisical attitude to employee’s health. One of the ways of achieving this is by providing a business health insurance for its workers.
Business health insurance also called business medical care is a special kind of insurance cover provided for the employees of a business and comes in many different flavours; however the most common is employers compensation, other types include critical illness insurance, life insurance, income protection, etc. It is available to all kinds of businesses, from mom and pop kind of establishments to those employing thousands of employees.
How it works
The employer contacts one of the several insurance cover providers, either directly, through insurance agents or retailers. Then the employer determines the extent of cover required, naturally, the cover determines the amount payable as premium. The premium payment can be paid by the employer alone or jointly with the employee. Though employees prefer the former there may be different classes of cover for different categories of employees such as managerial staff and junior staff. Most times, this is spelt out in the employment contract.
A company that provides business health insurance motivates its employees; most people consider this before accepting employment. It also gives the business owner greater control over the number of health related absentees as each visit to the doctor will be documented and sent back to the business owner. As a healthy workforce is a productive workforce, the insurance provider relieves the business owner the responsibility of ensuring a healthy workforce.
The providers of health insurance are many, hence the choice of which carrier to use generally is not an easy one to make, however, all major providers have websites that provide information services, also some insurance agents and health advisors provide calculators, online search services and other tools to help your search for a fee or for free. These services enable you to compare two or more providers. However, be wary of using such services, and their impartiality cannot be guaranteed.
Most providers of business insurance health offer flexible options for the employer to choose, the best option to suit his budget and that of his employees. Business health insurance has been analyzed, as can be seen, companies that provide this cover for their employees generally have more satisfied, healthy and dependable workforce. This cannot be compared to those who ignore this important motivational tool, with its range of benefits.