SMEs or small and medium enterprises are the backbone of any thriving economy. Data shows that 99.8% of all businesses in the EU are SMEs, illustrating that these organisations are adding value both nationally and regionally.
In Malta, small and medium enterprises demonstrate consistent and strong growth, with a 5.8% rise in employment during 2024. Not only is this evidence of the ability of SMEs in Malta to scale, it also shows that these businesses are providing valuable employment opportunities across the islands.
Investing in your teams with group health insurance is an important step as this kind of insurance policy offers a reliable and secure safety net for your employees. Once healthcare is in place, staff are able to focus on working together to achieve business priorities without the worry of health costs.
In this article, we explore how small business group health insurance can help your enterprise protect your teams and your long-term prosperity as a business.
Contents
- What is small business group health insurance?
- How does small business health insurance work for Maltese SMEs?
- How do Maltese SMEs benefit from small business group health insurance?
- Invest in employees with group health insurance from GasanMamo.
What is small business group health insurance?
A small business group health insurance policy can be purchased by a business to provide healthcare benefits for their employees. A typical standard group health insurance plan will provide cover around the costs of medical expenses for investigations or treatment of an acute medical condition.
An acute medical condition is a disease, illness or injury that is likely to quickly respond to treatment so that employees have the advantage of rapid medical attention which helps them return to work with an improved sense of wellbeing.
SMEs can offer their teams health insurance as part of a benefits package related to their employment, encouraging more enhanced levels of job satisfaction.
Many employees are keen to work in environments that offer additional benefits, such as a sought-after health insurance plan. This helps to attract top talent to your business, delivering value that can help expand your organisation’s reach and reputation.
How does small business health insurance work for Maltese SMEs?
A group health insurance policy provides employees with access to healthcare on a risk pooling basis. This type of employee health insurance can be offered at a lower premium rate as the risk levels of employees are spread across all members.
Small business group health insurance generally works along the following lines:
- The SME invests in a group health insurance policy from a trusted provider.
- The business pays the provider a premium that provides cover for approved employees within the enterprise.
- Employees can arrange approved healthcare appointments and treatments.
- The final step involves employees claiming back costs for eligible medical care or treatments.
Some insurance providers can arrange customised group health insurance options for your business.
One such example is the small business group health insurance options offered by GasanMamo. We provide businesses with the choice of three levels of group health insurance provision:
Vital Plan
This offers limited insurance cover for in-patient and day-patient medical treatment in hospitals/clinics worldwide, excluding the USA and Canada. Available with additional benefits for outpatients, such as GP charge or diagnostic test cover.
Key Plan
A comprehensive health insurance plan for treatment received in Malta, with limited cover applicable for treatment received outside of Malta excluding USA & Canada.
Direct settlement of in-patient & day-patient treatment is available with participating hospitals and clinics.
International Plan
Our most comprehensive plan offers full refund of fair and reasonable fees for in-patient and day-patient treatment in Malta and anywhere in the world except the USA and Canada. Direct settlement of your in-patient and day-patient bills is possible with participating hospitals and clinics.
The plan covers outpatient benefits which include cover for GP charges, prescribed drugs, specialist consultation fees, alternative therapy, diagnostic procedures, and medical emergency dental care.
How do Maltese SMEs benefit from small business group health insurance?
- Financial advantages
There are multiple financial advantages to providing your employees with small business group health insurance.
Not only is it proven to help reduce the costs from staff absence due to illness, companies can claim health insurance costs in the form of expenses, thereby decreasing taxable income and potentially lowering corporate tax obligations.
- Absence reduction
When your employees are able to seek more rapid healthcare attention and gain access to medical advice or treatment, then it’s more likely they will recover and return to work more quickly.
- Wellbeing enhancements
Many employees worry about being sick or having to take time off work. They also may be concerned about the speed by which they can book healthcare appointments. With group health insurance, this worry is minimised, supporting staff to feel more reassured and protected.
- Recruitment and retention
An increasingly sought-after benefit, employee health insurance is a highlight many candidates want to secure when they accept a new position. Helping to increase employee satisfaction with substantial benefits, such as health insurance, typically encourages employee loyalty and supports long-term job commitment.
Invest in employees with group health insurance from GasanMamo
Investing in your employees not only enables you to support the people who contribute to your organisation’s progress but it also helps your business to grow and evolve with experienced and dedicated team members.
At GasanMamo, we like to help you prioritise your teams. Our health insurance policies are truly adaptable and deliver exclusive medical and health benefits. We support you with everything from policy initiation all the way to claims processing.
Interested in learning more or talking through your health insurance options?
Visit our Group Health Insurance page or get in touch with our friendly team of insurance experts.
