Which are you?
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Private health cover is becoming less of a luxury and more of a necessity for many businesses throughout the UK. In fact, it’s been suggested that offering health benefits to your staff is more than a mere perk, it’s a crucial business strategy.^
There are many benefits you can offer to attract and retain the best possible staff. Quality treatment, less waiting and the feeling of being valued, are just some of the benefits that a private health cover policy can offer staff. It can therefore be a key factor in 'tipping' potential employees towards one particular company over another.
Having employees off sick for any length of time can be costly. Work can fall through cracks and the cost of hiring temporary staff can be extremely expensive.
Although having private health cover won’t prevent sickness absence altogether, what it can do is help get employees back to work quicker should they ever need medical treatment. For many procedures this can significantly cut waiting times so you have your employees (or yourself) back to work much sooner.
Private health cover is also a tax deductible business expense under current tax rules (September 2006).
It’s also a good way for company directors or owners to buy private health cover for themselves and their families – you could cut the cost significantly by taking out a company paid policy. After all, why shouldn’t you benefit as well as your employees?
Over 164 million days are lost each year to staff illness. This equates to an estimated £13 billion of revenue lost each year*
Whether private health cover is new to your company or you are thinking of changing insurer, there are key points you will need to consider to ensure you only pay for what you need not just what’s available.
On the other hand, you may have a cash plan or be considering buying a cash plan and it is worth knowing how cash plans and private health cover differ.
^(Source: Employee Benefits Survey, June 2005)
*(Source: CBI Absence and Labour Turnover Survey 2006)
To speak with an adviser by phone and obtain a quote, call 0800 142 142
To arrange for an adviser to visit at a convenient time, call, 0800 015 2294
Alternatively, you can e-mail us at healthcare@
norwich-union.co.uk
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