MORE BANG FOR YOUR BANGS
Following on from the height of the financial crisis, it may seem to employees that benefits and perks are few and far between with some companies. Now that the Irish market is beginning to find its feet again more and more Irish companies are beginning to once again have the finances to show their employees how valued they are by offering benefits and perks. Some perks come with benefits for the employer as well as the employee such as the cycle to work scheme and the Leap card tax saver ticket plan which doesn’t have an extra cost for the employer to pay. With changes being made in the health sector, health insurance is something which is highly sought after currently with over 2.12 million people now availing of this insurance, and even with some providers offering a low cost family plan, it can often still be a cost that is out of the reach of the normal employee as the cost of living remains high.
Recent reports from health insurance experts and researchers suggest that as many as four out of five health insurance customers may be on the wrong plan, and thus paying more than necessary for their health insurance. Dermot Goode of TotalHealthCover.ie has recently spoken out about this issue stating that over 80% of customers are on a plan that is too expensive and which does not truly give them the insurance cover they require despite the additional cost. Some of this can be put down to the digitalisation of consuming as a whole as generally people are going to their computers to input a light amount of data to compile a generic plan which is taken as the best option despite a hefty fee which might not entirely cover your necessities.
Goode has stated that “as consumers we need to be more proactive in terms of reviewing our cover properly to bag healthcare savings wherever possible.” This issue is a core one for employers who currently offer health insurance as part of their employment package as larger employers could be spending upwards of six figures to ensure cover for their employees, without knowing if these plans are appropriate or offer the necessary cover. There are a variety of schemes on offer to both families and employers and it would be wise to stay abreast of all changes in this sector to ensure that you as an employer or customer are truly getting the best value for money from your plan. This does require a bit of extra leg work in researching plans and deals but could potentially save your company thousands whilst still providing for your employees.
It has been reported that employer plans could potentially save up to 20%. Should you require any help or advice on your own or your company’s business and financial matters please don’t hesitate to get in touch with us here at DCA Accountants.
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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY
