Corporate Benefits

Introduction

Obviously employers have vested interest in the health and well being of their staff and in many occasions the quality of the employees’ benefit package can assist with the retention and attraction of new staff. For larger companies the cost implications are enormous with the financial impact running into millions.


So how can we help? The first notion you need to discard is that insurance is the only solution. Insurance is a vital component in reducing financial risks and maintaining a fixed budget but it should only be used when an event cannot be predicted or cost the implication might be catastrophic.


A company providing health benefits to a hundred employees should not pay insurance for Outpatient treatment. Generally it is a predictable cost that can be managed without having to give money away to an insurance company. Conversely a company with only ten staff should pay for insurance as one major event could break the budget.


The largest companies should also consider removing the standard insurance element for Inpatient treatment. Again the risk of a major event is mitigated when hundreds of employees are covered as the potential exposure can be measured. A safety net of Stop-Loss insurance cover can be purchased to limit exposure without overloading the budget.



Benefits Management

Whether insured or not the delivery of health benefits must be managed. A major insurance company will provide a network of hospitals and clinics plus 24/7 telephone support and the cost of this is incorporated into the price of the insurance. Such services can be sourced through independent providers at a reasonable cost with treatments being paid from a cash pool. The employees enjoy the same quality of service irrespective of whether they are insured or not.


Through the use of dedicated medical health trusts we are able to offer very cost-effective solutions to most clients. Benefits packages can be structured to include critical illness, life cover, travel insurance, dental warrantees and outpatient cash allowances managed via MasterCard prepaid cards.