UK Employee Benefits
An Employee Benefits Programme is a long term investment which needs to be constantly monitored to deliver value – both to the business and to employees
Keeping staff fit and healthy is a cornerstone for any organisation to prosper. Private Medical Insurance (PMI) is a highly valued employee benefit that will support recruitment and retention.
From an Employer perspective, introducing a Private Medical Insurance scheme reduces sickness absence and speeds return to work. Employees benefit from quick access to diagnosis and treatment, with the freedom to choose who to see and where to go in comfortable private facilities, with access to treatments and drugs that may not be available on the NHS.
Keeping abreast of ever evolving insurer propositions can be challenging. When setting up the scheme we advise on the most appropriate form of underwriting and provide cost containment options to ensure that the scheme works for your business in the long term. Cover can be tailored to suit employee categories, with family cover an option, either company or employee funded.
It is important that staff understand what cover is available to them in order to value the benefit. We offer on-going support throughout the benefit year, assisting with the scheme administration and any member queries or claims issues. Our advice extends to new scheme entrants and group leavers.
Robust reviews at annual renewals are also key as we seek to optimise value beyond cost alone – by considering new insurer offerings, Trust Schemes, Profit Shares and added value benefits.
Using our industry knowledge and expertise will get you to the right place. Whether you are a business, institution or charity, we shape plans around specific business needs, leading to keenly tailored policies, more appropriate cover and cost savings.
Introducing PMI as an employee benefit will help reduce absenteeism and improve productivity
A Health Cash Plan ticks the box for companies looking for a popular low-cost employee benefit. Employees receive cash back for a range of everyday healthcare costs encouraging them to look after their health.
There is more to a Health Cash Plan than money back for treatments
Health Cash Plans are a great entry level benefit with broad reach, or can be introduced as part of a fully developed Health and Wellbeing strategy integrating with other benefits.
From an Employer perspective, introducing a Health Cash Plan improves staff retention and ability to recruit. Employees can proactively manage their health with access to popular Dental and Optical benefits plus Therapies, Consultations and Diagnostics. As there is no requirement for a GP referral, medical treatment is quicker and more accessible.
The range of cover and benefits is ever expanding and it is important to ensure that the benefit is structured appropriately, well communicated and used effectively. Cover normally includes:
Preventative services such as Health Screen Discounts and Flu Jabs
Support services such as an Employee Assistance Programme, Virtual GP Services and Prescription Charges
Additional added value benefits such as Private Medical Insurance Excess Reclaim, Discounted Health Club Membership and other exclusive discounts
All from around £1 per week per employee, with dependent children included without surcharge and partners can be added either by Payroll Deduction or personal Direct Debit.
Good oral health plays an important role in overall health and wellbeing. A Dental Plan will encourage staff to take a pro-active approach to dental health by making trips to the Dentist affordable.
For employers providing a staff dental plan can be a sound investment, reducing staff absence and improving productivity. Everyone needs dental care and most employees will use their Dental policy at least twice a year.
Nearly a quarter of people do not have a dentist that they visit regularly, Dental Cover helps ensure that employees can afford to proactively manage their oral health.
A dental plan will fund work carried out by both Private and NHS Dentists. Cover extends to a range of routine and restorative treatments, plus hygienist visits, up to agreed annual limits.
Unexpected high cost dental conditions and accidents can also occur and a dental plan gives peace of mind to employees, so that they receive the treatment they need without worrying about the cost.
Giving employees the incentive to visit the Dentist regularly helps identify gum disease, oral cancer and other medical issues, such as diabetes and heart disease, before they become painful and costly to resolve.
Different levels of cover are available to suit different needs and budgetary requirements.
45% of adults are affected by gum disease, which increases the risk of heart disease, stroke and pre-term birth
Group Life cover is the mainstay of an Employee Benefits package, ensuring that loved ones are supported financially at a difficult time in the unfortunate event of the death of an employee.
30% of employees in the UK do not have any financial back-up plans in the event of their death
Group Life is an established benefit and a cost effective means of ensuring that dependants are provided with financial security.
Cover is designed to pay out a tax-free lump sum or taxable pension in the event of an employee’s death. This is often based on a multiple of salary, typically 2 to 4 times, although higher levels can be negotiated. Alternatively, a fixed benefit amount can be agreed. Depending on their salary, most employees can get cover without having to answer any medical questions.
Company schemes can be set up with a minimum two employees, so can be a low cost entry to life insurance for micro businesses and individuals or families working together, when compared to a personal policy.
Many insurers include bereavement services, to help an employee’s dependants when they need it most. Some proactively offer added value benefits to employees and immediate family such as Health Checks, Nutritional Consultation, Online Fitness Programmes, Virtual GP, Second Medical Opinion Services and Mental Health Support
Employees are now more likely to suffer from a serious illness than a terminal condition. Critical Illness cover helps ease the financial burden on employees if they suffer a major health issue.
Medical advances mean that people are living longer and many previously fatal illnesses are now containable. With continuing welfare reform, more emphasis is being placed on employers to provide financial support to their employees when they become ill.
Group Critical Illness cover provides a lump sum payment on the diagnosis of a major medical condition. This helps solve some of the financial problems that may occur such as lifestyle changes, adjustments to the home, paying off a mortgage or the cost of medical expenses.
Payments are tax free and are payable providing the employee survives for a defined period following diagnosis of core Critical Illnesses such as Cancer, Heart Attack, Kidney failure, Multiple Sclerosis or Stroke.
One in four people will suffer from a Critical Illness between the ages of 30 and 60
Financial provision in the event that staff are unable to work due to long-term illness or injury is important. Group Income Protection cover supports employees in the event of prolonged absence from work.
1 in 10 employees will be off work for 6 months or more with illness or injury
As a caring employer you will want to have cover in place to support employees financially in the unfortunate event that they are unable to work due to long-term illness or injury. A Group Income Protection policy will provide financial stability to your employees through what is likely to be a very challenging period in their lives.
Schemes are typically set up to pay a replacement income of between 50% and 75% of an employee's gross salary, as well as covering the cost of their pension and national insurance contributions.
Benefit payments normally start after an initial qualifying stage and continue to be paid until the employee returns to work, or for a fixed period or retires. A Group Income Protection policy can be set up with a minimum of 2 employees.
A good Income Protection provider will support your employees with their recovery and return to work, providing additional services, such as:
Emotional support for the employee and their family
Immediate access to specialist Rehabilitation Consultants
Employee Assistance Programmes
Second Medical Opinion Services
In addition Employers are often supported with 24/7 access to legal, health and safety, HR and tax advice helplines.