Four areas you must consider when reviewing group insurance policies for your older employees
There are many areas to consider when reviewing your group risk policies and these are largely dictated by your corporate health and wellbeing goals, but particular attention must be given to the older generation.
Here are our top 4 areas to keep in mind for your older employees:
Annual Assessments
As part of a preventative approach, offering Annual Health Assessments can help to spot any issues before they become too serious. This could help reduce your claims and reduce your policy’s premiums. With the current situation surrounding COVID, these can also take place via a virtual health assessment.
Group Scheme ceasing ages
We are working longer and longer with an increasing life expectancy, so it is a good idea to consider increasing your group schemes’ ceasing ages to age 70 (or at least State Pension Age).
Promoting your added value services
Promoting the added value services which are free with most group risk schemes can once again help in early diagnosis or prevention of illness. Programmes such as Employee Assistance, Mental Health, Stress, Absence Management, Rehabilitation support and physical health.
Private Medical Add-ons
Private medical add-ons such as Dental & Optical cashback are most likely to benefit the older generation. Private medical can also provide quick access to physiotherapy without the need for seeing your GP and as musculoskeletal (MSK) is one of the top causes for employee absenteeism, we would recommend focussing on this benefit.
Are you too stretched to manage your group healthcare policies?
Group health cover is often expected within an employee benefits package but this can often be time consuming for HR departments to manage and organise.
The two major factors are the day to day running of the insurance scheme such as adding new joiners, removing leavers as well as handling any questions from staff. The other is the lengthy process of renewing your insurances and ensuring you get good terms and preferential rates from providers.
At Lemonade Reward, we can give you your time back. We are a one-stop solution for all of your group risk and healthcare needs including; life assurance, income protection, critical illness, travel, cash plans and private medical insurance.