Why and how you can afford medical benefits for your staff
Content provided by a guest contributor.
As a business owner looking to hire staff you’ve probably found yourself trying to find the right type of package you can put together for your new employees. This is not easy. Sometimes the employees you most want are either out of your price range (expecting far more than you’re willing to offer) or they expect more from your company. As a small business it can be difficult to pull together attractive packages for employees. One way of attracting quality staff is by creating a package that offers benefits.
Benefits mean value
By including benefits in the salary package you offer potential employees, you’re indicating to them that you value them. They’re not simply another expense you must incur because you ran out of choices and time. Something as small as setting up a medical cover, with the best hospital plan in South Africa that you can find and which you subsidise, can make your offer extremely attractive.
Many medical aids account for business packages
While this might sound overwhelming or like an administrative nightmare, modern medical aid plans cater for small businesses who’d like to include healthcare in their staff benefits package. Most times these schemes are fairly flexible and offer comprehensive hospital cover and a savings fund for any other medical expenses. If you like, working through a broker can help you quickly and easily find the very best deal. But brokers are an additional expense. If you’d like to forego this expense then make sure to chat directly with medical insurers who have a solid reputation and who you know have corporate clients on their books already.
As a small business you could make use of the cost-to-company package offering which means that a portion of the medical is paid by a monetary provision set aside from their salary. Also, they choose the medical scheme they’d like to sign up for.
Either way you’re making your employees (and potential new staff) aware of your concern about their health and wellbeing. Also, this type of benefit is considered to be something the company “gives” its employees and this sets your business in a good light. As a small business, if you want to acquire quality talent then having a reputation as a caring company will stand you in good stead with prospective employees.
Unfortunately, only one in five South Africans can afford some type of medical cover. Those who don’t have health insurance are turning to the state’s medical care facilities for all their healthcare needs. And, this is dire for those who suffer chronic illness or who find themselves facing what could be fatal illnesses. By offering medical cover to your employees or creating cost-to-company packages that includes a healthcare plan you’re helping those who have no cover. The knock-on effects prevail too in that you’re helping to prevent the enormous debt that many people find themselves in when sickness ensues in their family.
This article is provided by Essential Med which offers the best hospital plan in South Africa.