Why Private Medical Cover is Essential for Your Employees

Click to Like 0

Issue 5: Why Private Medical Cover is Essential for Your Employees

As we have seen in all our previous issues of A Thriving Workplace, offering attractive employee benefits can make a significant difference in recruiting and retaining top talent. One benefit that should not be overlooked is private medical cover. Private Medical cover, also known as Private Medical Insurance (PMI), is a valuable resource designed to cover the cost of private medical treatment for curable short-term illnesses or injuries.

Here are some compelling reasons why business owners should consider offering private medical cover to their employees:

1. Prompt Access to Healthcare: With private medical cover, your employees can avoid long waiting times for appointments, tests, and treatments. While the UK Government’s National Health Service (NHS) provides exceptional critical and emergency care, its ability to handle routine non-critical services is increasingly strained, resulting in long delays for many individuals seeking treatment. Research by Healthshield revealed that more than half of UK workers in need of healthcare have resorted to self-treating medical symptoms due to challenges accessing the NHS. Private Medical Insurance means employees can receive the medical attention they need quickly, allowing them to return to work sooner and reducing the impact of health issues on their productivity.

2. Reduced Absenteeism: Access to private medical care can help your employees address health issues proactively and prevent them from escalating into more serious problems. Private Medical Insurance grants quick access to specialists, surgical procedures, nursing care, and accommodation across a wide range of ailments including physical and psychiatric. It can also include elite private cancer treatment (Macmillan Cancer Support states that there are currently over 3 million people in the UK living with cancer and that this number is likely to increase). This can result in fewer sick days taken by employees, reducing absenteeism and its associated costs for your business.

3. Valuable benefits: Medical policies normally include a number of particularly noteworthy services in the current climate. These include remote private GP services, health related discounts and wellbeing information resources. With an ongoing mental health crisis in the UK, please note that private psychiatric cover is often included.

4. Tax benefits: Offering Private Medical cover is highly valued by employees who may not be able to afford individual coverage on their own. Instead of bearing the full insurance premium cost, employees only pay tax on the premium at their marginal rate (typically 20% or 40% of the premium). Employers can also opt to extend coverage to employees’ families (partners and/or children), providing additional reassurance to the employee. This added benefit can be funded by the employer or the employee through salary deductions.

5. Enhanced Employee Well-being: By providing private medical cover, you show your employees that their health is a priority for your company. This can boost morale, increase job satisfaction, and create a positive work environment that fosters loyalty and engagement.

6. Competitive Advantage in Recruitment: In a competitive job market, offering private medical cover can set your company apart from other employers. Prospective employees are more likely to choose a company that provides comprehensive benefits that address their health and well-being needs. Employees often consider the benefits package when evaluating a job offer. By including private medical cover, you can attract high-calibre candidates and retain valuable employees who are crucial to the success of your business.

According to research by the Independent Healthcare Providers Network, four in 10 UK businesses are considering providing private health insurance for employees. Why not take the first step towards providing comprehensive benefits to your employees by considering private medical cover today? There are various options available allowing you to tailor the plans to suit your budget. You can choose whether to exclude or include cover for pre-existing conditions, set an excess to be paid at the point of claim, and select specific elements of coverage to include or remove based on your needs.

By providing accessible and flexible Private Medical cover options to your employees, you demonstrate your commitment to their well-being and create a supportive work environment that helps attract and retain top talent while safeguarding the health and productivity of your workforce.

Consider incorporating Private Medical cover into your employee benefits package today to invest in a healthier, more motivated team that drives the success of your business.

For more information or an informal chat to one of our Employee Benefit advisers contact us today on 0207 709 5560.