Do you have business health insurance questions? You can get the answers that you require here. Health insurance for businesses is becoming increasingly popular for many reasons. One of these reasons is that employers see offering this employee benefit as a way to secure higher staff retention rates while competition to recruit quality team members is becoming difficult. A health insurance policy also helps ensure your workforce is healthier and, as a result, more productive. Yet many people still have misconceptions and questions they would like answers to about this type of insurance. At Anderson Health, we have been advising business owners on health insurance for their organisation for over 25 years, and we get asked these questions below very often. We want to bring together the most common business health insurance questions we get asked by clients in our latest blog post, which addresses the queries and frequent misconceptions you may have.
Can business health insurance be taken out only by large businesses?
Business health insurance policies are not just for larger organisations or corporations; any sized business can benefit from this type of policy. At Anderson Health, we specialise in health insurance for small, medium or large organisations, regardless of how many employees you have. Many people often think that only large international corporate-style businesses need health insurance, but this is not true. Arguably smaller companies with fewer employees feel the impact of ill health far more acutely than businesses with vast amounts of staff who can adapt more quickly to covering employee absence due to a more extensive and diverse workforce. Suppose you are a small business with around ten employees, for example. In that case, likely, you won’t have the spare capacity within your workforce, and as such, you would feel the effects of an employee’s long-term absence due to ill health more acutely. This situation for small businesses can be even worse if an employee such as a supervisor, manager or staff member who is off of work due to ill health has a degree of responsibility for business operations. Having health insurance policies in place before this occurs is crucial to allowing small business employees access to quicker treatment and health consultations, which may shorten or remove their need for absence altogether.
Is business health insurance expensive?
Many business owners assume that health insurance is too expensive for their organisation and that only businesses larger than their own can afford to provide their team with health insurance. This is not true, as a health insurance policy can be adapted to the needs of your business, meaning your coverage can be adjusted to your budget.
There are several ways that your premium can be reduced to meet what you feel is affordable; for example, the policy excess can be raised. This is the amount you can pay for treatment before your cover kicks in. The higher that you choose to set your policy excess the lower your premiums will be. There are other cost reduction considerations to keep in mind; any SME that takes out a policy will benefit from group pricing, meaning that the more people listed on your group health insurance policy within your organisation, the less expensive the cost will be per person. It is also essential to consider that HMRC allows health insurance as a tax-deductible business expense, which makes this type of policy attractive to business owners.
Do insurance companies always try to reject any health insurance claims?
Many people think that insurance companies always try to find something in the small print of their service to stop them from having to pay out, but this is not the case. At Anderson Health, we only recommend insurance companies with a strong track record of paying out against claims. Even in the unlikely event that a case gets rejected, Anderson Health provides a free health insurance claims resolution service to all our clients. This is an added benefit that we offer where we help our clients with disputed or unpaid claims in the unlikely event they arise. With Anderson Health, you will always be able to speak to the partner who handles your account within our brokerage, and we are on hand to answer any questions you may have. Ultimately insurance companies do not try to not pay out under their agreements; doing so would, of course, damage their reputation and hurt their business model, so this is not something that happens often. However, if something goes wrong with your cover, we can help with our free claims resolution service, where we offer help and advice to our clients in the event of disputed or non-paid claims.
How do I take out a health insurance policy?
This is the simple part; using a health insurance broker allows you to take out a health insurance policy easily, giving you all the help you need when your coverage is in place. Instead of you having to trawl through search engines or market comparison sites, it makes sense to use a health insurance broker. Firstly it takes the time and hassles away from you in arranging your policy, but also it makes sense because, at Anderson Health, we do not charge our clients to put their cover in place. The insurer pays for the service without impacting your monthly premium. We have extensive experience in the health insurance market, and our product knowledge is second to none. If you would like to learn more, then fill out our website form, and a member of our team will be in touch with you: contact a Business Health insurance broker.