Private medical Insurance differentiates one company from the other. A company that seeks this cover for its employees shows that it does not shy way from taking care of its workforces interests in a bid to improve their fitness, for efficiency.
It also makes the company receive recognition as a market leader - and most of its allied partners want to be associated with it. This move also keeps competitors at bay for a very long time.
As one of your most important business assets, it pays to have happy and healthy staff. Employee absence cost employers more than 13 billion in 2006 alone. (Confederation of British Industry).
The Health and Safety Executive states that work related stress accounts for over a third of all new incidences of ill health. Many insurers now offer stress help lines providing valuable support for your employees and an effective absence management tool.
Thats why more and more businesses are choosing to offer Private Medical Insurance. Unfortunately, selecting the scheme that offers your business value for money from the hundreds on the market can often be confusing and extremely time consuming.
To give an example:
A permanent employee earning £29,000 per year is struck with a knee injury and is unable to attend work:
The first option
If the employer does not have private health insurance, the temporary cover is inevitable though it does not provide a permanent solution. It has a higher cost and the employee has to wait for months, in the public system.
The second option
When the company has Private Medical Insurance, it means less time for the worker to get help and reduced cost for the treatment.
The company will be spending less on private health cover for its entire workforce whether they get sick often and despite the length of their stay in the company.
Debbie Wright is the author of this article on health insurance companies. Find more information, about health insurance here