Business Health Insurance in Spain

Did you know that the healthier your employees are, the more productive they are? Studies have shown that health directly affects productivity in the workplace. Although good health is vital for the well-being of any individual, studies have found that lost productivity and absenteeism due to sick days can cost employers more than 4 billion euros. As these health costs can ultimately affect a company's bottom line, 90% of employers have found a correlation between wellness promotion and employee performance.

In Spain the rate of absenteeism is 7% and rising every year. The sector with the highest rate of absenteeism is Industry (7.8%). In contrast, construction was the sector least affected by absenteeism, with a rate of 5.6%. So it's better to be covered, isn't it?

Work-related stress is becoming increasingly common, to the extent that according to the European Survey on Occupational Health and Safety, more than half (51%) of workers in Europe have experienced stress and anxiety related to their work environment. This can cause problems emotionally (apathy, fatigue, irritability, tension, inability to make decisions, etc.), physically (lack of appetite, impulsiveness, accident proneness, etc.) and at work (absenteeism, inability to organise and poor productivity, among others).

It's a good thing to offer medical coverage for your employees and their relatives because they are the motor of your company! What better than to offer them the best medical coverage under your company's Business Health Insurance. Caser Expat Insurance offers private health insurance for both entrepreneurs and small to large companies. But why should a company offer this coverage to their employees? Find out below.

What are the benefits in offering business health insurance at a company?

1. Talent acquisition: attracts and keeps talent in your company.

Sometimes it is difficult to find good workers and to keep them. Losing an experienced skilled worker can be a problem. That's why providing benefits beyond salary is often a good idea.

Good employees make the difference for your company. It’s hard these days to know what is important for an employee to choose for one company or the other. Studies have shown that good benefits are important to them and a private health insurance is one highly appreciated.

2. Increases employee productivity and it decreases absence from work

What happens when one of your employees or their family members get ill? Absence, sick leave, lower productivity. In other word, they will not be working as many hours as you would need them, and time is money. The faster that someone can visit a doctor, the earlier the treatment and recovery. With a private health insurance bureaucracy and waiting lists are minimized.

In short, investing in the health of your employees is also investing in your own company. 

3. Offers a tax benefit over salary increase

How can a company increase the purchasing power of their employees? To contract a private health insurance for your employees doesn’t only increase their purchasing power but it also offers them a tax benefit over salary increase. In Spain the first 500 euro per person per year for a health insurance plan, doesn’t have to be mentioned to the tax authorities and therefore doesn’t affect income taxes.

The company can deduct 100% of the expenses for Corporation Tax and only pays 30% for Social Security (only for employees with a salary up till 43.272 euro/year. If they earn more, the company does not pay for Social Security. Interesting, isn't it?

4. Better quotes and coverages than when contracted individually

Because for the insurance company, it’s less work to contact a policy for several people at the same time, it can reduce costs and give this back by offering lower quotes and other benefits. Caser Seguros takes away all the waiting periods for coverage, except for pregnancy and delivery. Another important advantage is that with the Integral, Médica and Prestigio plans, the client has no co-payment at all.

5. Improves employee morale and job satisfaction

Offering business health insurance as a benefit can significantly boost employee morale and job satisfaction. Knowing that their health and well-being are taken care of, employees are more likely to feel valued and appreciated. This sense of security and well-being can translate into a more positive work environment, higher levels of engagement, and increased loyalty to the company.

6. Enhances company reputation

Companies that offer comprehensive health insurance benefits are often viewed more favorably by potential employees, clients, and partners. This can enhance the company’s reputation as a caring and responsible employer, making it more attractive to top talent and improving its standing in the industry. A positive reputation can also lead to better business opportunities and relationships.

7. Increases employee retention.

Providing business health insurance can significantly increase employee retention. When employees have access to quality health insurance, they are less likely to leave the company for another job that offers better benefits. This stability reduces turnover costs and helps maintain a skilled and experienced workforce, which is crucial for long-term business success.

And now… Get a quote!

If all these reasons have convinced you and you want to know more details, here is the next step: click and discover Caser's online insurance quote calculator.

This is an online tool that allows you to get a quote for your medical insurance without leaving your home. Just some very simple, fast and automated steps. Depending on the preferences you choose, you will be given a quote online in less than 1 minute for each type of health insurance Caser offers, so you can compare and choose the best for you. And of course, once you finish you will have total discretion when it comes to making your decision about taking out insurance, which you can do online. And remember, calculating your quote does not mean you are committing to anything.

In short, employee health is directly related to productivity levels. And productivity is directly related to profits. As an employer, it is important to ensure that your employees have access to resources that improve their overall health and wellbeing. Caser offers you options to take care of your team in a personalised way and at a very competitive price. There are many things that can affect productivity, such as mental, physical and social health. Whatever they are, with Caser you and your workers are covered.