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Is your company maximising investment in a corporate health insurance plan?

25 November 2016 - 12:32pm

When your business takes out a corporate health insurance plan, you're going to want to know that you're making a good return on your investment. This isn't necessarily in financial form, but in employee performance. Over time, the improved health of your employees, thanks to the business health insurance benefits, will lead to better business performance - thus financial returns.

Business insurance investment in Australia is largely seen as something that is considered once, and then paid at the end of each quarter or financial year without any formal review process. Your investment should be a genuine money-maker - so you should take steps to make sure it is improving the performance of your business. HICA can help.

What is available in a business health insurance plan to help employees?

Previously, one of the only ways to manage a chronic health condition was with private health insurance. For Australians that didn't have this cover, they would either face extensive medical bills or large periods of time away from work. This was not only bad for their finances, but also the business' performance because of a missing employee.

Employees falling ill for long periods of time can be costly to your business.Employees falling ill for long periods of time can be costly to your business.

The benefits of a great business health insurance plan include the ongoing education of employees about chronic disease management. Many business health insurance funds now offer tools to help manage employee health. One of these tools is a self-assessment plan that can highlight potential issues that could develop into serious problems if they are not dealt with.

Employers also have access to all of the collected data, which allows them to tailor programs and education to certain individuals and groups. These programs can help to improve bottom-line productivity, and the performance of the business overall. Comcare states that having a sound business health insurance plan also helps to improve the reputation of your organisation, which can encourage employee retention.

Choosing the right insurance broker

Your broker should be providing you with an annual review of your insurance investment.Your broker should be providing you with an annual review of your insurance investment.

If your insurance broker is not providing you with detailed information about the performance of your business health insurance at the end of every year, it's time to look for a new broker. This includes data about taxation reimbursements from the Australian Taxation Office - it might also include expense payment fringe benefits.

Without the right data about the performance of your business health insurance, your investment will not be performing as well as it could - it all comes down to your broker. To make sure your employees are getting the most benefits from your investment in business health insurance, get in touch with HICA today.