Corporate health insurance: What it is and what it can do for your employees in Thailand
Successful businesses know that offering corporate health insurance can go a long way in attracting and retaining talented and highly skilled staff. The job market is a competitive place for employers, just as it is for employees. Those companies offering packages that go beyond a mere pay packet are what today’s jobseekers expect; just look at what office environment and extraneous benefits companies like Google offer their stars.
While indoor slides, zany office themes and free chef-prepared organic lunches are a dream offered by leading innovative companies, the majority of businesses can do wonders with a simple yet robust corporate health insurance plan. Employees know that healthcare costs are forever rising. Offering a health plan can help both your local and expat employees feel more secure, and can make your business an “employer of choice” for many.
Group insurance solutions
Corporate health insurance, or group insurance, is a type of solution in which a single contract can apply to a number of specified people or members. For employer provided health insurance, the company assumes the role of the policy owner, while the employees themselves make up the members of a group plan. As it is for buying anything in bulk, group plans are generally much cheaper than what it might cost employees to purchase individual plans.
When you purchase a corporate solution for your employees, they will have access to a number of health insurance benefits. These are dependent on what you, the company, chooses to pay for and can range from basic cover to fully comprehensive. Employers purchasing group plans are also great for insurers who can spread the risk over your group of members, and allows them to deliver reduced premium costs.
Your corporate health insurance policy can include any number of the following benefits, at any level you’re prepared to offer current and potential employees:
- Supplementary health: This benefit provides your employees with basic healthcare cover for inpatient and sometimes outpatient care when needed.
- Wellness: These benefits are a popular preventative option that aims to improve the day-to-day health of your staff and can reduce the need for expensive reactive care.
Dental: An added optional benefit can see group members provided with access to dental coverage that may not be available from other employers.
Life and long-term disability insurance: These benefits provide insurance assistance in the event an employee is seriously affected by illness or injury, or in the event a tragedy strikes. These benefits help not just your staff members but their families as well, and can help your business build or maintain a reputation of one that cares for its people.
In addition to considering the healthcare coverage of your staff, your company may also choose to extend the corporate health insurance benefits to their families as well. Determining what the right size and level of coverage you should be offering to staff depends on what your needs are, what your employees need, and what your budget is.
How can corporate health insurance help companies in Thailand?
While employer-provided health insurance is more common now than it was decades ago, there are still many companies out there who choose not to include such benefits in their employment package. This can be because they don’t see the value in providing health insurance to staff, the public health service is well subsidized by the government, or simply because they believe the costs are too high.
However, if you’re a company that’s looking to secure the interest of high flying local or international talent, here are five reasons to think about providing a group insurance plan:
- Be more attractive to prospective employees: As we’ve already said, it is well known that candidates these days evaluate a job offer on more than just the salary figure on offer. A good corporate health insurance plan gives them one less worry in their lives and can make your negotiating power higher than your competitors.
Reduce turnover of great staff: Hiring great people is one part of being an employer, keeping great staff is the other side of the coin. A low staff turnover rate reduces business interruptions and ensures your business can grow a team of senior leaders that can inspire, lead and train new staff to continue your business’ mission.
Keep morale high: Having a reduced turnover is also a great indicator that your employees truly do love your company. When an employer can help ease personal stresses, employees will value the jobs they have more over a job they might have elsewhere.
Have a healthier, more engaged workplace: Healthy staff are absent less, more productive and produce higher quality work than those that are drained and dogged by constant sickness. Insurance covering GP visits, coupled with an honest and open sick leave policy, can also mean that your staff will have illnesses seen to as soon as possible.
Promote your business as one that values its people: Reputation is a big thing in business. Your employees can often be your first and best testimonials, so showing them you value them with a corporate health insurance plan can lead to wider networks of people interested in your company.
Obviously, the costs of providing a group plan to staff is a monetary one, but the intangible benefits are ones that will be invaluable to any successful business. If you’re considering offering a corporate health insurance plan, or you want to check that your current plan is keeping up with your industry peers, it’s completely worth contacting an insurance broker to find out more.
Pacific Prime Thailand: Your expert in corporate insurance solutions
Sourcing a group plan can be a daunting and time consuming process, even if you have your own HR team. Pacific Prime Thailand has an expert corporate team that has more than 15 years’ experience in delivering robust insurance solutions. Their unique approach to policy brokering has served more than 3,000 clients worldwide with health and business insurance coverage, from smaller, locally focused businesses to large multinationals.
Whatever your business goals, coverage requirements and budgetary limits, our excellent team are well placed across six global offices. They can advise on a corporate health insurance plan that can meet the needs of both your company and your staff. Whether it’s your first group plan or you’re simply looking for a better deal than what you’re currently getting, we’re ready and willing to give you the Pacific Prime experience.
If you have any questions, contact our team today.