International group health insurance: why should I buy one for my company?
As a business grows, the number of employees needed to maintain operations also increases, which opens up the question of health benefits that employers need to consider. Health insurance is an attractive benefit that not only guarantees the medical needs of your employees, but also provides and supports them. But what exactly is international group health insurance? You can find more information on our targeted page here
In summary, international group health insurance will cover the medical needs of employees working or stationed abroad. Due to the rapid increase in globalization, more and more companies around the world are not only hiring multinational and multicultural talent, but also requiring their employees to travel to various locations and also work from various destinations. . Additionally, overseas travel for business purposes has also become increasingly common, requiring companies to provide medical insurance for them while on foreign soil. These needs usually boil down to hospitalization and medication. However, they can also be offered to cover dental, optical and maternity leave.
What factors determine the cost of international group health insurance?
The most important advantage of this type of insurance for the employer is the cost. By spreading the risk among a group of people instead of just one (as individual health insurance would), the insurance company is able to offer a cheaper premium to the customer based on the number of people in the band. For companies that have a French or European entity, it is possible to find a CFE + Complementary solution, which gives access to good value for money insurance, contact us for more details.
2. Talent acquisition and retention
One of the most motivating factors for employees who are going to be posted overseas is whether their medical needs (and often those of their families) will be covered. Medical coverage is an attractive addition to an employee’s package. This will allow them to be more productive with peace of mind knowing that their medical needs will be covered. Are you a US company that needs to offer your employees health insurance in the UK? You just found a solution!
3. Easier to manage
With individual health insurance, renewals are to be managed 1 by 1 as well as premiums which can increase independently of the others. However, in the case of an international group health insurance, it is much easier for employers to manage it because several employees are covered by a single insurance plan.
1. The type of employees insured
Especially when an employer is a family business with most employees being family members, block insurance can offer substantial savings compared to each family member purchasing an individual insurance plan.