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23 Nov 2017

Private medical insurance: three key questions

Looking after your workforce isn't simply about providing individual benefits, it's about supporting them through unforeseen circumstances such as disease, illness or injury. Events occur that may stop them being fully effective at work and thereby impacting productivity.

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What is private medical insurance (PMI)?

Private Medical Insurance is offered by employers to cover the costs of private medical treatment. This can help to improve quality of treatment and waiting times, and covers diagnostic tests, consultations and procedures, both inpatient and outpatient.

What are the benefits of PMI?

Implementing private medical insurance can bring a wide variety of benefits to both employee and employer. These include:

  • Quicker return to work after treatment
  • Prompt treatment and appointments
  • Reduced sickness absence
  • Flexibility for employees regarding treatment times
  • Can help to increase recruitment and retention

Why do employers need to implement PMI as an employee benefit?

Employees are having to retire later than previous generations. As a result of this, people have health conditions that need managing and some are struggling to get the support and help from an overstretched NHS. However, private sector health support can often be provided by employers at very low costs.

Individuals need access to simple affordable health and wellbeing insurances that address their everyday health needs and that complement and work alongside the NHS. The easiest way to deliver this is through the workplace.

We recently conducted research to gain a better understanding of both employer and employee perceptions related to health insurance.

We found that 65% of employees were concerned that the level of support that they can expect from the state is declining.

A big worry for many employees is the speed of gaining access to the right medical care if they become sick, with 49% of employees saying that they are worried about getting to see someone quickly.

In summary

Private Medical Insurance can ensure that employees and potentially their family have quick access to treatment and attention. This can, in turn, help to reduce costs to the employer surrounding sickness absence, recruitment, engagement and retention.

Employees who feel valued, important and looked after by Private Medical Insurance will be far less likely to go elsewhere. Who would want to leave a caring workforce?

This article was provided by Busy Bees Benefits. 

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