In the UK, you have the NHS (National Health Service) which is free at point of use, but also a thriving private healthcare sector. With the recent pandemic, the number of people opting for private health insurance is growing and businesses are getting policies to protect their staff. In this article we look at the benefits of health insurance to small businesses in the UK.
Benefits of health insurance to small businesses in the UK
Small business health insurance does of course cost money and therefore it’s important that you understand the potential benefits of a policy. Here are some of the most common business benefits of private health insurance:
- Private health insurance in the UK is a benefit to employees and therefore offering it may help you attract and retain staff.
- Some providers include access to support lines so your team can get 24/7 medical assistance.
- Happy and healthy employees have fewer days off work, meaning you’ve got a productive workforce.
- Business health insurance policies can be extremely flexible in terms of what cover is offered, meaning that there are budget options available if a company requires a lesser level of cover.
- A healthy workforce is one factor contributing to the overall atmosphere amongst employees and at work. Periods of ill-health may cause stressors and frustrations within a business and may place pressures on staff at all levels.
- Offering private cover may encourage your employees to take healthier actions and adjust their lifestyle, which may improve the overall wellbeing of the workforce.
Health insurance for small businesses
The size of your business will determine what policies options are available to you as well as guiding which health insurance option is right for your situation. Small business health insurance as the name suggests is a policy which is designed for small companies.
What’s covered by small business health insurance?
What is and isn’t covered by your policy will depend largely on the options you choose when you speak to your broker. But broadly speaking the following will be covered on all policies:
- The cost of treatment for acute medical conditions
- Treatments where a bed overnight is required
- Cancer treatments
What’s not covered by health insurance?
There are a number of things that won’t be covered by your health insurance policy, including:
- Pre-existing conditions
- Chronic conditions that can’t be cured
- Emergency care
- Fertility treatment
- Standard pregnancy
- Cosmetic surgery
Finding the best policy
You can of course take the time to find your own health insurance, but we’d always recommend speaking to an expert health insurance broker. They’ll be able to save you time not only finding a policy initially but each year when your health insurance renewal is due they’ll be able to search the market on your behalf to find you the best deal.