Group medical insurance is designed to support employees who need medical attention. This can be financial support or to ensure they have access to the best care as soon as possible. Many plans include support and advice to help keep employees healthy which can reduce sickness absence.
Offering medical insurance can be very appealing to both existing and prospective employees and can help to attract and retain staff.
Many policies can provide the option for employees to add their family members at their own expense and this can also be seen as a real benefit.
Endsleigh have a specialist team of advisers who are able to source the best solution for the needs of your business. We are able to search the UK market on your behalf and recommend the most suitable provider.
There are a number of personal factors that affect the cost of group medical insurance. Unsurprisingly the age of your employees plays a significant role. The older your employees the more likely they are to become ill and subsequently present a greater risk to the insurer.
The level of cover you provide to employees and the number of employees you include will contribute significantly to the cost of cover. Providing the most basic cover will naturally be the cheapest option available.
Some areas have a higher claims ratio than others which will be taken into account when the insurer assess the risk a new client poses.
The cost of this policy can be outweighed by the reduction in time key employees take off sick due to illness or injury as a result of receiving preferential medical treatment.
Policies can be very flexible; for example you can choose how extensive the cover will be and how many employees you wish to cover. It may be that just senior staff are offered cover or your entire workforce.
You can further alter your policy by including an excess or waiting period if you were looking to bring down the cost. There any many options available allowing you to enhance your benefits package to suit your employees’ and company’s needs and your budget.