Corporate Healthcare trust is an alternative available to the employers for corporate healthcare provision other than the conventional private medical insurance. Funds held by the trust are managed by the trustees where claims are managed by a company specialized in healthcare benefits administration. The trust provides many benefits to the employer compared to the traditional PMI scheme and in that case employer has to go through the trust deed minutely. So the five reasons to consider a Corporate Healthcare Trust are:
It is considered as the employer’s scheme and the benefits can be tailor made as per the employer’s requirement. In this trust, if required, different levels of cover for different groups of employees can be accommodated.
Employer funds are only for the benefits used
Here insurer doesn’t take away the extra profit if the claims are lower than the projected but employer can retain the excess fund. Any types of risk can be mitigated by using stop-loss insurance where the employer can elect to be on safe side in case claims are more than the budget.
Superior service with nurse care managers
Some Corporate Healthcare Trust provides nurse care managers rather than only claim administrator. They ensure proper care and correct medical cost management of the employer. The medical expertise and empathy of the nurse care managers towards the “claimant” reassure employees and the effect, in turn, reflects on the employer.
Fully integrated healthcare provision
It ensures the most effective use of the healthcare budget of the employers. Here trusts can also add other benefits along with the private medical benefits such as cash scheme, dental benefits, and can guide employers with many other overlapping benefits like income protection and that is most appropriate for the employer.
Future proofing of healthcare spending
It gives better long-term planning and protects the amount in future that is spent on healthcare.
The plans are also made cost-effective and tax-saving in these trusts. Employers need to choose the one with best advantages.