Business health insurance provides an amount of credible benefits to one's company and brand.Group medical insurance, is an insurance plan, offered to a group of people working in an organisation. The policy usually covers every employee under its umbrella and helps them with prompt medical consultations and treatments if required.
There are many advantages of having a good company health insurance plan:
- A group insurance can provide comprehensive cover
Insurance providers can offer excellent benefits for all employees of the company. From the initial consultations to the diagnosis and prompt treatments at a private hospital.
- Increased production level
Providing employees with the benefits of a good company medical plan will gain their goodwill, and at the same time help to keep them healthier, which in turn, will increase productivity owing to less time off work.
- Reduction in cost due to tax benefits
Basically whenever you take a group policy, as a company, the premium comes under 'business expenses' – corporation tax rebate. Speak to your accountant about this.
- Help in retaining employees
To retain employees is one of the primary concerns today, with so many possibilities strewn across the country for them. Giving such a benefit as the medical insurance policy to your employees can help in the retention of good talent.
Basically the information required includes personal information like name, address, date of birth, level of cover and underwriting required – if fully underwritten your doctor's details and medical history. Ensure that all the information that you provide in the form is correct as non-disclosure may lead to a future claim being declined. The good news is that more and more companies have now introduced tele-underwriting where you can speak to a trained tele-underwriter who will go through all the medical questions with you over the phone which can significantly reduce the chances of misunderstanding and hence non-disclosure.
A good health insurance consultant or broker can provide you with all the details of the best insurance policies, and then, recommend the one based on your specific requirements. Therefore, before purchasing a group insurance policy, it will defiantly be beneficial for you in the long run to contact a specialist broker in this field.
Dean Ghavami is the Director of DataHealth Consultancy Ltd which was founded back in 2000 and he has over 15 years of experience in the health insurance industry.