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International Supplemental Health Insurance for Employers

By September 15, 2016 January 8th, 2018 No Comments
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When employees in the US find an employer that provides supplemental health insurance, it’s an incredibly valuable asset. Extra benefits like low premiums, vision, and dental coverage are not the norm. The added costs sometimes outweigh the benefits for many mid-sized businesses. Despite the added expense, extra coverage may be the best way for your business when entering international markets.

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Employers that go above and beyond attract top-quality talent. Industries are becoming increasingly competitive both locally and globally. When taking your business overseas, consider the value of providing employees with supplemental health insurance.

Defining Supplemental Health Insurance

When entering an international market, it’s typical to encounter universal health insurance. For example, the UK has socialized healthcare through the NHS. While this system provides taxpayers with a single-payer system, it’s not void of issues. According to personal accounts from multiple sources, hospitals are not always clean, doctors and nurses are overworked, and patients do not always receive the best care.

The long wait times and limits on choice make supplemental health insurance incredibly appealing to international employees. It’s almost guaranteed that your new market will provide your employees with essential medical benefits, but you should consider offering supplemental insurance to combat some of those common complaints.

Going back to the UK example, extra coverage allows employees to choose their specialists and receive higher quality care. It also takes the stress off health coverage concerns and allows employees to focus on their work.

Types of Supplemental Health Insurance

Local nationals and expats appreciate the benefits associated with supplemental health insurance. It’s a valuable addition to your recruitment strategy when you’re trying to onboard high-quality talent to your international team. The primary reason is the direct impact on an employee’s quality of life.

Typical supplemental health insurance includes coverage for:

  • Additional health benefits, such as specialists options and access to private hospitals.
  • Long-term nursing care.
  • Disability insurance.
  • Accident insurance.

For example, German employers have the option to provide extra coverage that grants employees access to private rooms during hospital stays. Coverage can also provide options for lower deductibles and decreased prescription drug prices.

In Canada, supplemental health benefits come in the form of private insurance options that focus on services outside the government mandated program. Extended health and dental plans are the most common kinds of supplemental health insurance plans for employers in Canada. Other benefits include:

  • Vision care
  • Prescription drug coverage
  • Durable medical equipment such as wheelchairs

Overall, employees in every market will appreciate the extra coverage. It’s a valuable asset that makes employers increasingly desirable.

If you’re on the path to international expansion, give us a call to perfect your strategy. Our team of experts is ready and willing to help!