Four areas employers must consider when reviewing group insurance policies for older employees
Here are our top four areas to keep in mind when reviewing group risk policies in relation to older employees:
1. 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-19, these can also take place via a virtual health assessment.
2. 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).
3. 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 can all help to support employees.
4. Private medical add-ons
Private medical add-ons such as dental and 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.
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. However, despite these challenges, it’s imperative you look after all your employees, especially your older workforce. A healthy, fit workforce is a happy, productive one.
This article is provided by Lemonade Reward.
In partnership with Lemonade Reward
At Lemonade Reward, we take a fresh approach pensions, benefits and employee wellbeing.
