NHS England recently set out their plan to work through the COVID-19 backlog, which they have estimated will take up to 2 years to clear.
6 million people are on a waiting list for medical treatment on the NHS across the UK. That’s 1 in 9 people. The likelihood is, if you have a medical condition, you will likely be waiting for treatment for something, if you require it.
It couldn’t be easier to get the ball rolling than with Private Medical Insurance. As a business, providing group cover to your employees can have wide ranging benefits and can save you money in the long-term.
It’s definitely something to think about, so why not read about the benefits and savings you can make below?
What are the benefits of group PMI (Private Medical Insurance) for employers?
- Almost immediate access to diagnosis and treatment
This not only a benefit to individuals receiving the treatment but also you – the employer, who will benefit from shorter periods of staff absence. It also contributes to staff retention as well as being an attractive perk for new staff.
- Cheaper through business cover
From a premium perspective, setting up PMI as a business covering their employees, rather than on an individual basis saves a lot of money; the difference can be up to 40% in some cases.
- Access to treatment not necessarily available on the NHS for employees and their families
Insurers are keen to offer extra benefits to families added as dependants under PMI, such as private GPs, access to mental health therapies, optical, dental and guaranteed far reaching cancer drugs that aren’t always available to NHS patients.
- The larger the group size, the keener the premium
Premium for group cover can be offset against corporation tax, saving you money and providing you with an even keener premium.
- Frees up capacity for the NHS
Lots of people are loyal to the NHS, which is understandable. However, PMI can also be seen as a helping hand to free up capacity for the NHS, and in many cases Private and NHS treatment/facilities work hand in hand.
- Cash plans for basic cover
If costs are an issue, you can look into cash plans for your group, giving you instant access to consultations and diagnostic tests only.This can cost as little as £1 per employee per month – and while they won’t cover treatment – it’s a great start for any business and will get staff seen and diagnosed quickly, limiting time spent off work.
- Get ahead with preventative health insurance
For preventative health insurance (PMI and cash plans are both reactive steps towards cover), employers can also offer groups a ‘Well Person Health Screening Service’. This can be done at your place of work, or elsewhere to fit employee needs.
So, if you’re concerned about the affects NHS waiting times might have on your business, there are options to consider that can benefit your employee’s health as well as you, financially.
If you’d like a Private Medical Insurance quote, or if you would like more information on this type of product, we can put you in contact with our trusted experts who can help.
Drop us a call on 0121 270 5809 today and we can walk you through any questions you may have.