Companies are consistently seeking innovative ways to attract and retain employees. One strategy yielding positive results is the implementation of Corporate Private Health Insurance Programs. These programs provide employees with access to healthcare services and offer significant benefits for employers. One misconception is that these programs come at a high cost.
Understanding Corporate Programs
With Navy Health, companies have the flexibility to select from three types of corporate programs: self-funded, partially funded, and fully funded. This allows organisations to tailor their coverage based on financial considerations and the well-being requirements of their workforce.
Navy Health's corporate programs offer solutions for businesses of all sizes. Employers can choose to provide either Hospital, Extras, or combined cover for the employee or their whole family. This initiative demonstrates a company's commitment to prioritising the health of its employees.
A fully funded program is when organisations contribute the full amount of premiums for the employee’s cover, relieving them of the financial burden. While this is the most common choice, Navy Health offers other options that make implementing a corporate program inexpensive. A partially funded solution offers a balanced approach enabling employers to share the cost of premiums with their employees, encouraging a collective responsibility while maintaining control over contribution levels. A self-funded option allows organisations to provide health cover to employees at discounted rates, so they can gain the health benefits of the program without any direct financial contributions and minimising their overhead.
The Value of Corporate Programs
The expectation on employers extends far beyond salary and workplace culture. There's a growing emphasis on prioritising the health and well-being of staff. Offering a Corporate program has become a strategy to elevate the Employee Value Proposition, attract and retain top employees.
The implementation of a program could serve as a powerful recruitment tool, positioning companies as employers of choice. This is because the organisation is more likely to appeal to prospective employees who prioritise healthy futures. It may also contribute significantly to retention, as employees are more likely to remain loyal to an employer that demonstrates a genuine commitment to their well-being.
By providing access to preventive care, early intervention, and comprehensive treatment options, it could help employees maintain their health, leading to a reduction in absenteeism and improving overall productivity.
The value of implementing a program goes beyond the financial contributions made. Strategic investment in the health, happiness, and productivity of employees drives organisational success and gives a competitive advantage by building a positive, health-focused culture influencing sustained growth and long term success.
Partnering with Navy Health
By partnering with Navy Health, companies could take a unique and collaborative approach. With every employer-funded program, companies receive on-site or virtual support, seamless administration, and marketing support to empower employees to make the most of their coverage.
If you are interested in speaking to Navy Health about getting started with your own Corporate private health insurance program or finding out if you’re eligible, contact our Corporate Relationship Partner at corporate@navyhealth.com.au.
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