A recent survey of employers conducted by Mercer has revealed that the costs for businesses in the UK providing benefits such as employee health insurance to workers has increased by nearly 5 per cent in the last year. These increased costs are the largest seen throughout Europe.
Inflation on medical services has been attributed with the blame on the price rise of employee health insurance plans in the UK. New advances in medical science and treatments have also contributed to the price hike. There are also a greater number of claims being processed by Insurers. Many people who would not always claim for everything are now trying to make the most of their premium in such difficult economical times.
The majority of employers in the UK do not ask for any employee contributions and therefore take the full brunt of these costs.
Showing posts with label health insurance. Show all posts
Showing posts with label health insurance. Show all posts
Tuesday, 15 March 2011
Tuesday, 15 February 2011
Small Business in the Big Society
What position has small business in this new-fangled "Big Society"? The big society is set to change the nature of the British landscape, for better or worse depending upon who you listen to. There will be change that is for certain. But what will be the effect upon small businesses. As it currently stands the small business community is already under pressure from the rather slow progress in the recovery, but this voluntary move might be just as bad.
In the big society, where most of the tasks are to be taken up by the voluntary sector by good-minded citizens, this all sounds absolutely fantastic, except that it overlooks the fact that many small businesses survive on public sector contracts, and that when they fulfill this role they also provide much needed local employment. Nor does cover the fact that answer the fact that only those able to volunteer will give their time.
When it comes to the overheads caused by companies in providing these services: wages, health and safety checks, company private health insurance, guarantees, it all goes to show that this may,in fact, impede the progress of small companies when this important part of the economy is in most need of a boost.
Yes, the "Big Society" may sound great on paper, but real life isn't drawn up on bits of paper.
In the big society, where most of the tasks are to be taken up by the voluntary sector by good-minded citizens, this all sounds absolutely fantastic, except that it overlooks the fact that many small businesses survive on public sector contracts, and that when they fulfill this role they also provide much needed local employment. Nor does cover the fact that answer the fact that only those able to volunteer will give their time.
When it comes to the overheads caused by companies in providing these services: wages, health and safety checks, company private health insurance, guarantees, it all goes to show that this may,in fact, impede the progress of small companies when this important part of the economy is in most need of a boost.
Yes, the "Big Society" may sound great on paper, but real life isn't drawn up on bits of paper.
Monday, 18 October 2010
Business Backs Osbourne
In a letter in today's Daily Telegraph, undersigned by many of the CEOs of the largest businesses in the UK, British business has come out in favour of the Chancellor of the Exchequer's impending cuts to spending in the public sector.
The impetus behind this backing is that the British economy is in a sound enough footing [the green shoots etc.] to take up the strain of any natural wastage caused by government savings. This is a very fine statement by these businessmen except for one point, and that is that they are all on the board of a very large businesses.
It has long been a fact that most of the job creation in the UK has been done at the hand of the nation's small businesses, not the large, and these have not been consulted in the formulation of the letter. It is not so easy as signing a letter when you have to run a smaller business, banks are not quite so willing to extend credit, cover month to month expences: business health insurance policies; salaries; rent; insurance.
Small to medium businesses must never be confused, they have widely differing challenges, and need much different skillsets in management, it is almost impossible for large business leaders to make this claim, Mr Osborne needs, instead, to listen to the world of small business.
The impetus behind this backing is that the British economy is in a sound enough footing [the green shoots etc.] to take up the strain of any natural wastage caused by government savings. This is a very fine statement by these businessmen except for one point, and that is that they are all on the board of a very large businesses.
It has long been a fact that most of the job creation in the UK has been done at the hand of the nation's small businesses, not the large, and these have not been consulted in the formulation of the letter. It is not so easy as signing a letter when you have to run a smaller business, banks are not quite so willing to extend credit, cover month to month expences: business health insurance policies; salaries; rent; insurance.
Small to medium businesses must never be confused, they have widely differing challenges, and need much different skillsets in management, it is almost impossible for large business leaders to make this claim, Mr Osborne needs, instead, to listen to the world of small business.
Wednesday, 24 February 2010
On Your Own - Insurance
Even when you're on you're own you still need some sort of protection from the unexpected. The thing is that the smallest of businesses will try to cope with people trying to do more than one job when a colleague goes absent for a time. This can't be the case if you decide to go it alone in business.
The simple fact is that a person who is self employed becomes incapacitated there is no one else to run the business, and besides now there is no more revenue coming in.
There is only two possible things that can happen in these circumstances: you can go on sickness benefit [barely enough money to keep yourself going, never mind any dependents you may have] and temporarily wind up your new business; if you have had the forethought to take out a self employed health insurance plan. This not only covers the cost of any medical bills but will provide income replacement after a certain time off work [depending on the policy].
It has to be said that neither is the best option, you can go for the short-term savings risking the possible loss of impetus for your business, or you can be cautious, and try to smooth out the bumps which are inevitable in any business.
Good Luck Out There.
The simple fact is that a person who is self employed becomes incapacitated there is no one else to run the business, and besides now there is no more revenue coming in.
There is only two possible things that can happen in these circumstances: you can go on sickness benefit [barely enough money to keep yourself going, never mind any dependents you may have] and temporarily wind up your new business; if you have had the forethought to take out a self employed health insurance plan. This not only covers the cost of any medical bills but will provide income replacement after a certain time off work [depending on the policy].
It has to be said that neither is the best option, you can go for the short-term savings risking the possible loss of impetus for your business, or you can be cautious, and try to smooth out the bumps which are inevitable in any business.
Good Luck Out There.
Tuesday, 12 January 2010
Tips for Small Businesses in 2010
1. Start Preparing Your Taxes Now: Organize tax information early or it can distract you from running your business: 46 percent of small business owners say that finding and organising the documents they need to prepare their taxes is very or somewhat difficult, and 77 percent of small business owners find the tax preparation and documentation process very or somewhat time consuming, which only takes them away from tending to their bottom lines.
2. Cut Personal Expenses: Find ways to cut costs outside of the business, because you’ll likely have to take home less pay and even go into your savings: 69 percent of small business owners say that current economic conditions are forcing them to reduce the amount of money they take home from their businesses, and 61 percent think they are very or somewhat likely to use their personal assets in the next year to keep their businesses afloat.
3. Think Green: Small business owners think the following business segments have the best opportunities for post-recovery growth, in order of importance: green industries, business services, technology and energy.
4. Have a Long-Term Plan: 43 percent of small business owners who have been hurt by the current economy say that it will be more than 12 months before their businesses rebound, followed by another 24 percent who expect that it will take six to 12 months to be in the clear.
5. Don’t Focus on the Money: Only 12 percent of entrepreneurs say that “making more money” is the biggest reason they became a small business owner; while 46 percent say they are motivated by having “more flexibility with their time” and by “being their own boss.”
6. Use the Web: 32 percent of small business owners who are part of an online networking community say that their biggest benefit from social networking is “getting new business leads.” Moreover, 47 percent of 3,000 consumers surveyed say they are more likely to use a small business that has a Web site.
7. Rely on Yourself: Don’t overextend yourself by borrowing too much in the beginning: 64 percent of small business owners say that they did not need financial capital to start their businesses. Among those who did need the capital, 45 percent received it from their personal savings, and another 16 percent borrowed from family and friends.
8. Focus on Sales: One way to stay on course is to keep a sharp focus on sales: Owners say that sales generation is the biggest issue facing their businesses today, followed by taxes, operating costs, health insurance, access to capital and inflation.
9. Stay in Touch with Family: 31 percent of small business owners say that they are very likely or somewhat likely to borrow money from family and friends in the next 12 months in order to stay in business.
10. Stay Healthy: Preventive medicine and taking care of yourself are important, given that 65 percent of small business owners report that it is somewhat or very difficult to obtain affordable health care for themselves and their employees.
Data was collected in 2009 as part of the monthly Discover Small Business Watch poll of 750 random small business owners with less than five employees. The survey of business owners has a margin of error of plus or minus 3.8 percentage points.
2. Cut Personal Expenses: Find ways to cut costs outside of the business, because you’ll likely have to take home less pay and even go into your savings: 69 percent of small business owners say that current economic conditions are forcing them to reduce the amount of money they take home from their businesses, and 61 percent think they are very or somewhat likely to use their personal assets in the next year to keep their businesses afloat.
3. Think Green: Small business owners think the following business segments have the best opportunities for post-recovery growth, in order of importance: green industries, business services, technology and energy.
4. Have a Long-Term Plan: 43 percent of small business owners who have been hurt by the current economy say that it will be more than 12 months before their businesses rebound, followed by another 24 percent who expect that it will take six to 12 months to be in the clear.
5. Don’t Focus on the Money: Only 12 percent of entrepreneurs say that “making more money” is the biggest reason they became a small business owner; while 46 percent say they are motivated by having “more flexibility with their time” and by “being their own boss.”
6. Use the Web: 32 percent of small business owners who are part of an online networking community say that their biggest benefit from social networking is “getting new business leads.” Moreover, 47 percent of 3,000 consumers surveyed say they are more likely to use a small business that has a Web site.
7. Rely on Yourself: Don’t overextend yourself by borrowing too much in the beginning: 64 percent of small business owners say that they did not need financial capital to start their businesses. Among those who did need the capital, 45 percent received it from their personal savings, and another 16 percent borrowed from family and friends.
8. Focus on Sales: One way to stay on course is to keep a sharp focus on sales: Owners say that sales generation is the biggest issue facing their businesses today, followed by taxes, operating costs, health insurance, access to capital and inflation.
9. Stay in Touch with Family: 31 percent of small business owners say that they are very likely or somewhat likely to borrow money from family and friends in the next 12 months in order to stay in business.
10. Stay Healthy: Preventive medicine and taking care of yourself are important, given that 65 percent of small business owners report that it is somewhat or very difficult to obtain affordable health care for themselves and their employees.
Data was collected in 2009 as part of the monthly Discover Small Business Watch poll of 750 random small business owners with less than five employees. The survey of business owners has a margin of error of plus or minus 3.8 percentage points.
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