Most employees are entitled to £89.35 a week (as at Feb 2018) after their first 4 days off sick. It's called Statutory Sick Pay, and covers them up to 28 weeks. Employers sometimes offer more sick pay than this (it's often called Occupational Sick Pay - OSP), or offer employees cover for a longer period. It's worth an employee finding out how much they'd be paid, and how long for, because it'll help them decide which other sorts of cover they might need.
A short-term income protection plan like Sick Pay Insurance can provide short-term financial support for sickness absence. It can start from as little as one week’s absence and generally pays out for up to one year's absence.
Income Protection pays a percentage of an employee's salary each month (typically 60-80%) as a regular income, if they can't work due to a long-term illness or injury. Getting Income Protection through an employer (called Group Income Protection or GIP) will often mean that most medical conditions an employee may have prior to the policy are covered. Joining an employer’s GIP scheme can also cost less than if the employee took out a similar policy themselves.
Group Income Protection policies can be set up in different ways by an employer. Usually, they're set up so that payments start once Statutory Sick Pay or Occupational Sick Pay end. Typically, GIP pays benefit after 6 months off work, though the employer can choose when they want the policy to kick in. The payments continue until either the employee goes back to work, or reaches the retirement age given in the policy or another timescale in the policy chosen by the employer when it was set up. For example, some policies have a 'limited term' which means they only pay out up to a set time – say 2, 3 or 5 years off work, rather than to retirement age.
Dental and Optical insurance:
Typically, corporate dental insurance reimburses the cost of routine NHS treatments like examinations, hygienists, fillings, crowns etc. as well as injuries and accidents - anywhere in the world and up to a set limit. It can also contribute towards the cost of more expensive treatments such as implants and child orthodontics. Dental insurance also pays towards the cost of private treatment – again up to a set limit.
Optical insurance helps pay for eye tests, glasses and contact lenses, and often pays out a lump sum in the event of accidental and permanent sight loss. Cover for both can normally be extended to cover family members.
Private Medical Insurance (PMI)
Private Medical Insurance pays towards the cost of private treatment for certain medical problems. It doesn't cover every medical condition, so it's important for employees to check the policy details to see what's covered.
Critical Illness Insurance
Critical Illness Insurance means an employee receives a tax-free lump sum if they're diagnosed with one of a number of specific medical conditions and survive for a minimum period of time once they're diagnosed (usually between 14 and 28 days). The policy will list exactly which medical conditions are eligible, but these typically include cancer, heart attacks, stroke, MS, dementia and Parkinson’s Disease, among others.
Health screening provides a regular health check. This usually involves a physical examination to identify any current conditions an employee might not be aware of, but will also involve questions to help work out which diseases they may be at risk of, and how they can improve their health by changing their lifestyle.