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Choosing medical insurance for your business isn’t a decision to be taken lightly, and there are many aspects to consider when finding the policy that’s right for your organisation and your employees. The higher the level of cover you’re able to afford, the better, though your firm’s insurance needs may be influenced by the type of work you do, your location and other factors.
Offering medical insurance to new and existing employees is a proven method of improving employee satisfaction levels, and finding out about some of your workers’ specific medical requirements could show them that you care. Many employers have achieved success by offering different tiers of medical insurance as optional benefits, with more comprehensive policies being available in exchange for other benefits or as part of salary sacrifice agreements.
You should also consider that not all your workers will have identical needs, and the size and average age of your workforce will usually go some way towards determining the most suitable policies to take out. If you run a manufacturing business, warehouse or construction site, your workers may also be at higher risk of injuries and making claims, which will have an impact on your premiums.
If you have prior experience with one provider of small business medical insurance, you should consider using them again, but also compare products from their competitors, as they may be offering limited deals and discounts that could reduce your overheads without sacrificing quality. Even from the same provider, there will usually be different levels of cover available, and depending on the packaged option you choose, you may prefer to purchase a number of standard insurance policies or a selection of different policies customised to the needs of individual workers.
You should also research the types of hospitals and quality of treatments available from different healthcare providers when making your decision, thinking about more than just the proximity of private hospitals to your workplace. Some policies may offer access to specialists and new technologies and treatments not available elsewhere. You should also check whether the policies only cover in-patient treatments or out-patient treatments, if your employees need to travel for consultations.
Choosing medical insurance for your business that incorporates dental and ophthalmic care will save you cost of arranging these policies separately. Life insurance cover is another popular type of insurance that can be offered to employers to protect their finances if something happens.
The author of this article is a part of a digital marketing agency that works with brands like Bupa. The views and opinions expressed within this article belong to the writer and any reference or summary of Bupa Health Information Factsheets is that of the writers and does not represent Bupa or the information contained within the Bupa website. The contents of this article are of a general nature only and do not constitute specific advice. This article does not take into account your circumstances or needs and must not be relied upon in place of appropriate professional advice.
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