Group risk products: key inclusivity factors to look for when reviewing policies
When it comes to your group risk products, you should look to review your schemes regularly, so you continue to receive the best service for your employees and best value for the company. It is important to consider key inclusivity factors when completing this exercise. Inclusivity is a very important part of today’s society and many forward-thinking companies will look to ensure they make employee benefits, including group risk products, inclusive to all.
Here are 10 key inclusivity factors to look out for when reviewing your group risk products:
1. Cover for pre-existing medical conditions
Boost inclusivity for your employees by looking for policies that cover certain pre-existing medical conditions that other policies typically do not cover.
2. Allow employees to self-refer
Many people admit to feeling embarrassed to ask HR for a referral for their medical condition or mental health support. If you can find a policy which allows your employees to self-refer this would help them feel much more relaxed about getting the help they need.
3. Digital GP
Most private medical insurance (PMI) plans now offer a digital GP. This service enables employees to speak to a GP from the office or home, meaning less time out and better access and inclusivity for your employees. These GPs can then refer to hospitals and write prescriptions while on the call.
4. Avoid high excess policies
It is always worth reviewing the excess on your group risk policy as a high excess could really discourage employees from utilising the service. You may have a mixture of high and low earners within your company and if the excesses are too high, this will exclude the lower paid workers in your company. Ensuring low excesses makes the service more inclusive to all.
5. Ensuring full anonymity
As individuals, we all have different levels of what we deem is acceptable to share with others. Most of us wouldn’t want our medical records to be viewed by our employer, so it is very important for inclusivity to ensure full anonymity for your employees, meaning no sensitive information at all is passed on to employers.
6. Value added services
Some providers allow you to add certain services such as; increased mental health cover, dental and optical cover and travel insurance. With group income protection schemes, to help lower employers’ costs, you could consider reducing the escalation rate or increasing the deferred period in order to free up some money. This money could be used to implement additional value-added services for your employees.
7. Consider geographic coverage
Some PMI providers offer different levels of hospital coverage, which could be of particular benefit for companies that are not London-based. If you are unlikely to utilise some of the main (most expensive) London hospitals, you can opt for coverage that doesn’t include these to help reduce the annual premium.
8. Don’t exclude employees past typical retirement age
With more employees working beyond the typical retirement age, you should consider increasing your scheme’s ceasing age from age 65 years to State Pension Age. Although this might increase the cost for group income protection schemes by approximately 3%, for the vast majority of life providers, implementing this change to an existing group life scheme shouldn’t affect the cost.
9. Ask your employees what they want
Before reviewing your policies you could consider asking your employees what benefits they would actually use or value the most. You might be surprised at what they choose over the services you already offer, which you can then take into account within the review process. With this data you can ensure that your offering covers the wants and needs of your workforce. It may also be helpful to list the variety of issues that can be discussed through your employee assistance programme.
10. Support for gender dysphoria
Historically, corporate private healthcare has excluded treatment for gender dysphoria. However, some progressive organisations have restructured their benefits to provide cover for such treatment. Moves like this really support the emerging culture of inclusion and diversity.
To create a truly progressive and inclusive workplace it is important to ensure benefits go hand in hand with cultural change. Supportive working environments can really motivate employees to bring their whole-selves to work, which will benefit individuals, colleagues and your business.
Promoting inclusivity isn’t just about your group risk policy. It is something that needs to be embedded into the culture of your organisation. However, to ensure inclusivity seeps through the entirety of your organisation, it should be ever present in your employee benefits.
In conclusion, an inclusive workplace will contribute positively to employee engagement, motivation and mental wellbeing, which will in turn improve performance and retention of your staff. All of this will give your organisation a commercial advantage as your internal diversity reflects that of your customers.
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.
