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How to compare different corporate health cover plans

13 July 2020 - 3:18pm

According to MarketWatch, the job market in Australia is currently on the rise since the start of the COVID-19 pandemic. That's great news for employers and prospective employees alike. If your company went through a round of layoffs and is ready to get back into the swing of hiring, you may like to take a look at the current benefits you have to offer. More flexibility in terms of working from home may be considered essential today, but a strong health insurance plan - or lack thereof - can make or break someone's immediate instinct to apply to work for you, or keep their current position.

Offering a corporate health insurance plan to staff members is a valuable benefit to think about, but it can be very difficult to choose one based on the variety of options available. Reestablishing yourself as a strong corporation or developing new tactics to retain strong employees is essential at this time, and the right corporate health insurance plan can help you do just that.

If you're in the process of evaluating corporate health cover plans, think about the following:

Consider employee objectives to compare and contrast plans

In choosing the right corporate health cover plans, it's important to think about how it can benefit you and your employees. Popular objectives to think about during the planning and implementation process include:

1. Employee - and family - wellness
A health cover plan that prioritises the health and wellness of your employees is a must. Overall health support in the hospital or when leave from work is necessary is critical, and additional benefits in relation to medical care and wellness visits can make a job more appealing to prospective employees. Offering the option to participate in private health cover to employee family members is another critical staple to consider.

2. An outcome that maximises the return on investment
As detailed in our whitepaper titled "How to convince the CFO to invest in a corporate health plan" a well-structured corporate health cover plan can prove to provide a return on investment. Research by Comcare found that a substantial care plan can reduce sick leave, improve overall employee productivity and enhance the overall reputation of your corporation.

3. A retainer for valued employees
Reevaluating your current health cover plan can make or break an employee's decision to grow with your company. A new and improved option can make it easier for a valued employee to stay, especially if the benefits you have to offer outweigh those of a competitor that one of your employees was considering pursuing.

4. A valuable recruiting tool
While beneficial for existing employees, the right package offering can be used to recruit prospective employees and make your company more appealing to those in search of a new career.

5. Cost control
Changing legislation and tax obligations may have an impact on the corporate health cover you choose, and this is something that may not have crossed your mind in the past. Your ability to compare method of premium funding with what's currently trending could save your business thousands if you're paying the Fringe Benefits Tax, for example. Mitigating such costs can be done with help from a professional who can guide you to choose the best possible funding option.

Evaluate your corporate health cover plan knowledge

Before you can determine which corporate health cover plan works best for your establishment, you need to consider your current industry knowledge. Ask yourself the following questions:

  • Is my current underwriter delivering the best value in terms of premium versus benefits?
  • Is it time to renegotiate your terms?
  • Do I have the experience and knowledge of the industry to know I'm getting the best deal?

A better grasp on general health cover plan knowledge can help you make the best decision, and that's where a professional in the industry can help.

Why work with HICA?

When it comes to navigating the different options you have for corporate health cover plans, taking a deep dive into the comparison of your options can be both confusing and time-consuming. That's why we recommend letting the experts prepare an unbiased report for you instead.

It's important to speak to the professionals who have the experience and resources to provide you with invaluable information. HICA is Australia's leading independently-owned health insurance consultancy and brokerage firm with more than 30 years in the business. We can provide health care solutions for individuals, as well as professional groups, associations and corporations. Our dedicated team is ready to guide you through your options and offer insight based on what would work best for your corporation based on your size, as well as employee wants and needs.

For more information, contact HICA today for an obligation-free consultation. We look forward to working with you.