« Older Entries

Why Large Family Floater Health Plans are always Better than Individual Top-Up Plans

Some buyers prefer to go with an individual top-up plan, whereas others stick with a family-floater health plan. However, the latter has an edge over the former in many ways.

Want to know how? Read on to learn more about it in detail.

Why does investing in a family floater health plan constitute a better investment option than an individual top-up plan?

An individual top-up plan only covers the health and hospitalization needs of a specific individual. On the other hand, a large family floater health plan meets the requirements of an entire family.

No doubt, an individual top-up plan seems good on paper as it is less expensive. However, it may not be a feasible option if you have a large family. In such a case, you would need to invest in a separate plan for each member, which may put your finances under strain.

You would be better off investing in a single plan that covers the needs of all the members of your family. A family floater health plan packs this benefit in a single package.

A single individual may not use up the entire sum insured. However, this situation may not arise if it is shared among the members of a large family. This will become clear if you consider the example below.

If you buy an individual top-up plan worth 10 Lakhs, then you will need to use up the whole benefit on your own. If the sum insured is for four members of a family, then there can be two possibilities. Either one of the family members can use the whole sum insured or share it among the family members.

But that’s not all; it also benefits you in several other ways compared to an individual health top-up plan.

A family floater health plan comes with a higher sum insured in comparison to an individual health plan. This is because the former is meant for more beneficiaries than the latter.

A health insurance plan revolves around the needs of many members of a family. As such, it comes at a lower premium than the sum total of several individual top-up plans.

Final thoughts

Both individual top-up health insurance and family floater health insurance plans are beneficial in different ways. The latter turns out to be more favorable if you have a large family with several members. Any member of a family can either use the entire sum insured or share it with other beneficiaries. As such, it serves the needs of everyone in a family without making it necessary to subscribe to individual plans for all members.

Health insurance companies in India are aware of this requirement. So, they roll out family floater plans for the benefit of their clients.

Tags:

Best Employee Training Opportunities to Enhance Organizational Revenue

Lean healthcare workshops can singlehandedly change an organization’s bottom line. The idea of running a lean organization is nothing new in and out of healthcare – but healthcare organizations across the country are increasingly taking advantage of lean healthcare workshops to implement new techniques, philosophies, and management systems.
Some of the topics covered in a lean healthcare workshop include:
• An overview of lean healthcare practices, philosophies, and systems and how they work
• How all elements of a healthcare organization work together to create a lean organization
• Specific examples of healthcare organizations successfully implementing lean practices to rejuvenate operations
• How to identify core problems at a healthcare organization, including specific trouble spots that can benefit from a lean healthcare philosophy
By scheduling a lean healthcare workshop, organizations can discover the best practices modern organizations are using to maximize revenue while minimizing losses.

Positive Work Environment Workshops
Many healthcare organizations recognize the importance of employee revenue training and employee certifications.
However, many organizations overlook another crucial aspect of patient care: a quality work environment, good employee relationships, and a good work-life balance.
Employee turnover is a significant expense for healthcare organizations. According to Employee Benefits News, employee turnover costs a company approximately $15,000 per employee who makes an average salary of $45,000. For employees who make a higher salary, the cost of employee turnover is much higher.
The top reasons employees leave a healthcare organization are:
• Career development, and an inability to grow or expand their skills at their current employee
• Work-life balance, particularly among younger adults or parents
• Management behavior, including the way managers treat employees and the things employees expect from managers
By addressing these areas, healthcare organizations are better able to attract and retain talent.
One of the best ways to address these areas is with employee training and workshops. Available training programs include:
Stress Management Workshops: Some employers invest in stress management workshops. These workshops explain how to reduce emotional exhaustion, manage stress, manage anger, and encourage positive thinking. By clarifying goals and team roles, these workshops can prevent employees from suffering negative consequences related to their work.
Employee Training Investments: Employees like to feel valued. They like to feel an employer has invested into their careers and development. It makes an employee less likely to leave. A growing number of healthcare organizations fund employee training, specialization, and certification programs. By investing in a healthcare employee, you get a better employee who is less likely to leave.
Work-Life Balance Initiatives: Work-life balance initiatives promote employee loyalty, making it less likely for skilled talent to leave for competing organizations.

Computer-based Training Modules
Healthcare is more computerized than it’s ever been before – yet many hospitals continue to use aging infrastructure.
Hospitals with aging infrastructure risk being left behind. As competitors invest in employee training initiatives and big technology, some organizations risk dropping behind their competitors.
Offer computer-based training modules to employees. Make sure employees understand how to use – and maximize the benefits of – healthcare technology. Take advantage of big data. Give tablets to patients.
There’s more healthcare technology available today than ever before, and it’s impossible for an organization to utilize all of it – but the sooner your organization invests in healthcare technology training initiatives, the more successful the organization will be in the long run.

Final Word
The health system offers thousands of training courses each year. Some of these courses are mandatory to maintain certification. Others are optional.
By emphasizing the right healthcare training programs, organizations can succeed, grow revenue, and retain talent.

Tags:

Salary Packaging Services Explained – Salary Sacrifice Australia

Who is Eziway Salary Packaging?

For over a decade we’ve been at the forefront of developing systems and providing service offerings to the not-for-profit sector including charities, public health, community and disability service providers.

We developed an industry leading software and dedicated service model, which is designed to manage this complex tax arrangement.

Our cloud-based administration system, developed in-house, provides faultless salary packaging services. Organisations can tap into its power via our equally sophisticated online portal and app, which provides transparent, real-time data and interactive account functionalities.

What is Salary Packaging?

Salary Packaging, also known as Salary Sacrificing, is an ATO approved workplace benefits program, which serves as a value proposition for both employers and employees. As an Employer, Salary Packaging goes a long way to retaining your most valuable asset, your staff. As an Employee, Salary Packaging lets you minimize tax and maximize your income.

What can I Salary Package?

Salary Packaging is an ATO-approved method of restructuring your gross salary in order to pay less tax. As an employer, the ATO gives you generous tax benefits that you can then pass on to your employees.

The benefits available depend on your Employer’s Salary Packaging Policy and may include:

Mortgage repayments
Rent payments
Personal loans
Credit Card repayments
Portable devices
Novated Car Leases
Remote living costs
Entertainment expenses
Venue hire
What are the benefits of Salary Packaging?

Some of the benefits include being able to salary package certain lifestyle benefits or other various expenses such as your mortgage, rent, car or personal loan or credit card repayments.

With Eziway, our consultants can tailor a salary packaging arrangement based on each employee’s personal circumstances that aims to reduce their taxable income and increase their take home pay based on your organisation’s policy and industry.

Tags: