How health insurance is adapting to meet changing needs
Against the backdrop of a struggling economy, the UK is getting less healthy. Recent estimates suggest that more than nine million people in the UK will be living in poor health by 2040.
Declining productivity, driven by an ageing population and growing burden of disease caused by lifestyle risks, will place even greater demand on public health systems globally.
In the aftermath of the Covid-19 pandemic, the NHS is still under pressure and this is putting strain on healthcare services as a whole.
Growing demand for healthcare
As a result, consumer attitudes to private healthcare are shifting. Recent findings highlight that consumers feel more positive about private healthcare, indicating a significant generational shift, with younger people increasingly opting to use private healthcare, according to the LaingBuisson Health Cover report.
The UK is also seeing growing rates of lifestyle related ill-health and preventable diseases, as well as deteriorating mental wellbeing, particularly among younger people. With poor health affecting productivity, the economic consequences of these trends for society – and businesses – are adding up.
At the same time, consumer needs are also changing, with people turning to health insurance to access a broader range of healthcare services, beyond the traditional access to private hospital treatment for major conditions.
GP access issues fuel trend
Demand for the now-commonplace digital GP service, has continued to snowball. Difficulty accessing NHS GP appointments is seen as the second biggest concern for first-time PMI buyers, according to recent Vitality research.
For years, Vitality’s products have sought to incentivise better health and provide earlier intervention through everyday care to improve member health.
Almost 60% of our health claims are now made up by these everyday care benefits, which include Vitality GP, Talking Therapies, Physiotherapy and Optical, Dental and Hearing benefits.
In recent years, we have also developed new digital pathways to enable easier access to treatment, particularly with the introduction of our Care Hub in 2021.
By building a deep integration between the Vitality GP app and our onward care journey, we are now able to deliver a more seamless end-to-end digital care journey and provide faster access to care.
Responding to change
Through a focus on prevention and early intervention there has been a 29% lower risk of hospitalisation for members who are highly engaged in the Vitality Programme, which aims to initiate positive lifestyle choices through behavioural economics.
Access to talking therapies (such as CBT and counselling) is helping to reduce mental health strains on businesses through earlier intervention. Elsewhere, our data-driven approach to consultant recommendations and our Premier Consultant panel ensures members have 60% shorter hospital stays and 42% lower readmission rates.
Overall, this approach to health insurance is helping to deliver improved treatment outcomes and lower healthcare costs, which benefit businesses too.
This provides a unique opportunity to make a meaningful impact on the lives of employees. Though incentivising positive lifestyle choices and preventing illness from occurring in the first place, we’re also able to help ensure organisations stay healthier and more productive – as well as provide fast access to care – at a time when this is needed more so than ever.
Supplied by REBA Associate Member, Vitality
At Vitality, we take a unique approach to insurance. As well as providing high-quality comprehensive cover, we provide a complete wellness package that can help boost employee engagement and productivity.
