A leading insurance company in the UK has announced this week that it will no longer be selling corporate health plans that include overall cost or time limits for cancer treatment.
In 2005/2006, cancer treatment costs increased considerably, mainly down to the introduction of new medications used to battle cancer. Many insurance companies used benefit caps and time limits in their corporate health plan to limit the financial impact on their client businesses.
Although this helped businesses financially, some patients who were claiming treatment on the corporate health plan could end up reaching their benefit limit at a critical part of their treatment meaning having to pay for the remainder of treatment themselves or changing it altogether.
The new change to these corporate health plans hope to be able to provide the best healthcare possible to employees who are in the middle of such a difficult time during treatment whilst still being able to provide a policy that is still affordable to businesses.
Showing posts with label corporate healthcare. Show all posts
Showing posts with label corporate healthcare. Show all posts
Thursday, 31 March 2011
Friday, 21 January 2011
The Cost of Health Insurance for SMEs
It is often stated that the cost of private health insurance for small to medium businesses is far to high to justify the expenditure when overheads are so tight. But this is to underestimate everything that healthcare provision adds to a company of any size.
Yes, in the short term health insurance is yet another overhead, and yes things can be tight for small and local businesses, but it is still a question of scale, and all businesses in the end face the same problems, just that sometimes it is slightly more acute the smaller the business if key members of staff are unable to work for reasons of illness or accident. Let us face the facts that the bigger the business, the larger the staff, the more chance of overlap in particular roles, therefore the easier it is for people to cover for absenses: large companies always have a corporate health plan, and if it makes sense for them it makes more sense for a smaller business that has necessarily more limited resources to draw upon.
A healthcare insurance policy not only covers the costs of medical treatment but also affords the employer the cost of employing temporary staff in the meantime, and besides, the insurance does not have to be that expensive if you have a thorough look around.
Yes, in the short term health insurance is yet another overhead, and yes things can be tight for small and local businesses, but it is still a question of scale, and all businesses in the end face the same problems, just that sometimes it is slightly more acute the smaller the business if key members of staff are unable to work for reasons of illness or accident. Let us face the facts that the bigger the business, the larger the staff, the more chance of overlap in particular roles, therefore the easier it is for people to cover for absenses: large companies always have a corporate health plan, and if it makes sense for them it makes more sense for a smaller business that has necessarily more limited resources to draw upon.
A healthcare insurance policy not only covers the costs of medical treatment but also affords the employer the cost of employing temporary staff in the meantime, and besides, the insurance does not have to be that expensive if you have a thorough look around.
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