Most multinational companies operating out of the United Kingdom have some form of corporate health or medical group insurance for their employees. Many other small and mid-sized companies have also realized the importance of health insurance as the number of employees going on sick leave has been on a rapid increase for the past 2 or 3 years. When the employees report sick and take extended sick leave, the productivity of the organization is adversely affected. This will have an immediate impact on the profit margins of the company.
Most reputable corporations in the United Kingdom have opted for a corporate health cash plan. Through this plan, everyday medical expenses such as the buying of spectacles, eye checks, dental check-ups and prescriptions are completely taken care of. Employees also receive discounts on the hospital admission rates in both government hospital network such as the NHS, and most private hospitals. By opting for business health cover, organizations can pass on the benefits provided by fitness centres in the form of membership discounts to their employees.
There are different levels of corporate cash plans available. Based on the role of the employee the organization can enrol their employees at the relevant level. The premiums that need to be paid can be either paid on a weekly mode or on a monthly mode. Employees are required to follow a simple claim process, wherein they need to provide the receipts during the hospitalization or consultation period to the corporate health policy provider along with the claim form. The employees will usually get 100% reimbursement on the medical expenses incurred.
By providing thiscover for employees, employers not only ensure that there is very little productivity loss due to absenteeism, but also help to keep the morale of their employees high as employees feel that their organization really cares for them.