Mental Health Insurance For Business

Many businesses loose hundreds of hours of productive time each year because their staff are off due to stress or other mental health issues, in particular depression. It is a serious problem in the workforce. Not only does it create a difficult ambiance in the workplace but it also seriously effects productivity too, in particular if you have a small business and one of your key workers is off with a mental health problem. Stress is a growing cause of absence. According to the Health and Safety Executive, work-related stress accounts for over one third of all new incidences of ill health. Each case of work-related stress, depression or anxiety related ill health leads to an average of 30.2 working days lost. But what cover for mental health do business medical insurance companies provide?

PruHealth (winners of the Best Group PMI provider at the 2008 Health Insurance Awards) provide 45 days of outpatient psychiatric care in any one year and inpatient care. Their Vitality Scheme also provides incentives to improve your well being. They encourage you to exercise by offering reduced membership at health clubs and offer you half price accommodation at Champney's. Overall attention to well being and stress reduction is known to have a positive impact on mental health so this could be a valuable scheme for companies who have high work-related stress issues.

BUPA Healthcare who has a very flexible mix and match health care policy advises that you 'consider retaining psychiatric cover if, for example, stress levels in your business are high.'

Freedom work by paying you the cash to seek the treatment that you need. They cover up to a maximum of £10,000 per policy year for in-patient treatment and £1,500 per year on outpatient treatment.

Norwich union provide a 24 hour Stress Counselling Helpline for business health insurance clients which shows their understanding of the impact of stress on our well being. They also provide psychiatric treatment up to £1,000 within one year.

As the recession bites in 2009 and companies and employees are required to work harder stress will grow in the workplace and the question might be not can you afford private health care to protect your employees from the effects of mental health issues but can you afford not to?