Tuesday 3 December 2013

Return on investment (ROI) on medical insurance

I've been thinking about the prospective returns on medical insurance for companies.

Given that (according to a survey by Price Waterhouse Cooper in July 2013) each UK employee takes off 9.1 sick days per annum having some kind of sickness absence policy backed up by a health/medical insurance employee benefit scheme must be a worthwhile investment for a business. Even a reduction of half or a single day created by medical insurance from that 9.1 total figure across the employee payroll will have a massive financial effect. 

Figures from the states (Harvard medical school I think) suggest that for every one dollar spent on health related insurance saves a business $ 2.73 per annum.

When one adds in the the positive effects of medical insurance as a recruitment and retention tool and as a valued staff perk it becomes difficult to see medical insurance as anything other than a definite "no brainer".

For assistance with either new PMI or a review of your existing group plan call me on : 07792 075748 or e-mail : philknight@pch.uk.com

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