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Why the New Year is the Perfect Time to Invest in Corporate Private Health Insurance

February 5, 2018

Private health insurance was once considered a necessity for families, however, the rising cost of health insurance premiums have seen a lot of Australians dropping or reducing their coverage. Now, less than half of Australians have active health insurance policies in place.

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As such, corporate private health insurance coverage is an asset to any business owner who wants to keep their employees happy, retain staff for longer, and increase workplace productivity. And since insurance premium price hikes to cover the rising cost of healthcare in Australia usually take place in the first half of the year, there’s no time like the present to sort out your corporate private health insurance needs.

 

What are the Benefits of Corporate Private Health Insurance?

 

A healthy workforce is a productive workforce. A growing number of Australian businesses are starting to incorporate private health insurance as part of their workplace benefits, which can cover anything from basic medical and mental healthcare, to cover for alternative therapies, international healthcare, travel insurance and much more!

 

Private health insurance policies at a corporate level can also include coverage for preventative healthcare, such as regular medical check-ups, dietary advice and eye screenings. While corporate private health insurance might not immediately seem like it benefits you as an employer, when you look a little closer, you’ll quickly see that it comes with countless benefits.

 

Lower Employee Turnover

 

Private health cover is a benefit that a lot of job seekers and employees look upon favourably. Even though a lot of businesses are starting to offer health cover as an incentive, it’s still not common place. This means that you’ll likely attract a better quality applicant pool when advertising jobs, while also retaining staff for longer periods of time.

 

In Australia, the average employee stays in a role for around three years, however, as Millennials start to occupy a larger portion of the workforce, this figure is dropping, as they typically change jobs more often than older generations. When you think about how much money and effort goes into fully training a staff member, and how valuable a good employee is to your company’s public image and bottom line, offering benefits like health cover that encourage employees to stick around, will actually save you money in the long-term.

 

Fewer Sick Days

 

One of the main reasons people don’t go to the doctors or don’t get elective hospital procedures done when they need them is because they don’t have the money to do so. While Medicare benefits in Australia are among the best in the world, patients often still have to pay for a portion of their healthcare. But as the cost of living continues to rise, and Australian wages begin to stagnate, a lot of people can no longer afford to pay for a portion of their healthcare costs.

 

This means that employees are taking less preventative health measures, and are more likely to call in sick for a number of different treatable conditions. For many people, less access to healthcare can mean a lower overall level of health, which not only influences their work performance when they do come into work, it also causes them to take more days off. Once again, private health cover as an employee benefit can help keep your staff in better health, reducing the number of sick days they take, which will prove beneficial to your bottom line.

 

Increased Productivity

 

How much lost productivity does your business suffer each year when employees not only call in sick but also underperform due to colds, headaches and other treatable conditions, some more severe than others?

 

Preventative healthcare is made accessible to employees through corporate health insurance schemes, which means their overall level of health is likely to improve, and in turn, their stamina and levels of concentration.

 

At the end of the day, staff that feel like their employers care them for are more likely to perform, even if they are feeling a little under the weather.

 

If you want to hit the ground running in 2018, and make it your businesses most successful year yet, talk to Sydney Insurance Brokers today about how a corporate private health insurance policy can help your business achieve its 2018 goals.