Health Care for Small to Medium Businesses

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      4 Mar 2011

      The Rising Costs of Employee Health Insurance

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      Small to medium businesses look set to be hit hard in the pocket when it comes to renewing their group health insurance policies.

      The cost of providing such benefits is set to rise significantly around April when most policies are up for renewal.

      It is claimed that more than half the companies that offer employee health insurance have ended up claiming more for employee treatments than what they had paid for in their premium.

      Another reason insurance companies report that premium prices will have to go up are that there have been significant advancement in medical technology which has meant that medical inflation is growing at a faster rate than general inflation.

      All this means that the rise in cost of businesses offering these benefits are set to rise up to double or triple the amount that it did last year.

      These benefits can keep workers happier and healthier meaning fewer sick days and a more productive work force. Many businesses will need to look at whether these benefits can cover the extra costs that come with offering employee medical cover.

       

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      28 Oct 2010

      Who needs Business Health Insurance this Bonfire night

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      Many people consider a group business health insurance plan to be a bit of a luxury in many a small business at this time in the UK, but I have been reading up about possible changes in legislation which may require all public houses in to provide business health insurance if they intend to have any bonfire celebrations this year. This is obviously because it might get a bit dangerous so it would be better to be more careful for the employees.

      Reading earlier some posts about worries about this, seem to point at the almost guaranteed certainty that many small pubs will have to check very carefully the small print on any of their contracts to do with both employee safety, and general working conditions, check they must.

      This is not the only problem, as there might also be a risk of public liability being necessary, lamdlords would also be very wise to have a look at the safety guidelines provided by the health and safety executive, to make sure that everything in their business is up to scratch, hey it is after all always better to be ahead of the game.

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      13 Sep 2010

      Group Health Insurance bucks the Trend

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      Andrew Tripp, the chairman of the Association of Medical Insurance Intermediaries [AMII] has come out with a somewhat bold statement of late "the health insurance sector is fairly recession proof". As I said this is a very bold thing to come out with when nobody is sure of what the future is going to hold in any sector of the economy. But is he correct? After all it would not be in his best interests to say anything less.

      Well in some ways yes, and in other ways no. The simple fact is that sales in Small business health insurance policies are down, but they are certainly nowhere near following the general downturn in the economy.  And of course there are mitigating factors in any such results, for example when companies downsize in order to tighten the belt during a recession, this automatically means they need less policies, but it is not a statement of their relationship with their own provider.

      But it is also true that some companies will have changed providers in order to lower costs too. This is classic swings and roundabouts, the truth, as ever, is somewhere in the middle, some companies will be outperforming the national trend, whilst others will be underperforming. The truth is that bothing is recession proof, but sometimes certain sectors of the economy can buck the trend, currently the private health insurance market is doing this.

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