Business health insurance is one of the best employee benefits in terms of both its popularity and its potential impact. It can contribute to a healthier and happier workforce, which means you’ll lose fewer days to unplanned absences with a rise in productivity and staff retention.
But it’s common for businesses of all sizes to feel that business health insurance is simply beyond their means. In this post we’ll explore some ways you can save on business health insurance so as to enjoy all the benefits, for less.
Evaluate Your Budget for Employee Healthcare
Some insurers will tailor their healthcare cover to suit all of your needs, including your budgetary requirements. It’s important to work out just how much you can budget, so you can get an insurance package that meets all of your needs at a price you can afford.
How Much Does Business Health Insurance Cost?
The price of your business health insurance will depend on a number of factors, including:
- The total number of staff you employ.
- The average age of your employees. Older employees will have different medical needs, which can often lead to higher premiums.
- Your location. Private hospitals tend to cost more in London, for example. So if you are based in London, the price of your cover will reflect this.
- The nature of your business. You will likely have to pay more if your employees carry out dangerous or physically demanding work.
- The level of cover you choose.
The amount you pay will depend on your unique business situation and the level of cover that you choose.
But as you’ll see below, there are some ways you can save on the cost of business health insurance.
How to Save on Business Health Insurance
- Group Health Policy – A group health insurance policy will often cost a lot less than getting an individual plan for each of your employees. This means you’ll get a single policy to cover a number of employees who all face the same job risk level, such as office workers or warehouse staff. Often, insurers will even offer discounts to larger groups.
- Level of cover – Your health insurance plan might include cover for almost every type of healthcare. But the more you include in your policy, the more you’ll pay. If you want to save money, you could cut back on the extras. Simple diagnostic cover, for instance, will cost a lot less while still counting as a meaningful employee benefit, as it can allow staff to get fast-track access to GP appointments rather than waiting for NHS availability.
- Pay annually – Some insurers will offer a discount if you pay annually, rather than monthly. This is another reason why it’s important to consider your budget in advance. You may find monthly payments more affordable, even if they do ultimately cost you slightly more.
- Include an excess – In any insurance policy, the excess is the amount of money you need to pay at the start of a claim. You may be able to reduce your premium payments if you volunteer to pay a higher excess per employee.
Tailored Business Health Insurance From Capacity Insights
At Capacity Insights, we specialise in helping businesses of all sizes provide their people with flexible and comprehensive health insurance.
We’ll take all of your circumstances into consideration, including a budget, so you can provide your employees with essential cover at a price you can afford.
Whether you’re looking to invest in your first business health insurance plan, or you want to change or add to your current package, we’re here for you.