7 Reasons Why Your Business Should Offer Private Medical Insurance

In Employee Benefits, Healthcare, Insurance by Raina Dhillon

With more people than ever waiting for routine operations on the NHS, and many trusts finding it impossible to treat 92% of patients within 18 weeks, the role of private medical insurance (PMI) has never been more relevant.

As a business owner, you may already offer your employees private medical insurance, but if you’re an employer or business owner who is still undecided about providing this particular benefit, we’ve outlined 7 reasons below why you should…

1. Implementation is easier than you think

First and foremost, providing private medical insurance to your employees does not have to be difficult or time consuming. By partnering with a reputable intermediary or adviser, you can implement this excellent employee benefit quickly and efficiently.

We can help you select a plan that’s right for your business and your employees, and set everything up to save you the hassle.

2. Your employees want it

Private medical insurance consistently features high in research into what employees want when it comes to benefits and perks. In fact, a study earlier this year found that PMI was the most desired benefit for employees, ahead of discounted gym memberships, rewards linked to physical activity and physical health-based incentives.

In other words, your employees want private medical insurance and you’ll be looked at very favourably if you offer it to them.

3. It helps with retention and attraction

Following on closely from our previous point, private medical insurance helps you retain the great staff you already have, and attract the best new talent in the marketplace. This is due to the fact that PMI is highly sought after by employees and that’s why it could be the difference between a new hire joining you or one of your competitors.

4. It’s great for branding

Your brand is much more than just your logo, strapline or colour scheme. By offering private medical insurance, you can show that you are an employer who cares about the health and wellbeing of staff. It communicates a strong message both internally and externally, bossing your employer brand in the process.

5. It promotes a healthier workforce

Because your employees have faster access to medical care, private facilities and treatments that are sometimes not available on the NHS, there’s a greater chance that any health issues they may have can be detected earlier and treatment given faster. This inevitably leads to better outcomes and that keeps your workforce healthier overall. In turn, reducing the cost of absenteeism, presenteeism and staff turnover.

6. You’ll be less impacted by employee absence

By providing private medical insurance, your businesses should benefit from reduced and better managed sickness absence. Employees will stand a greater chance of returning to work faster following an illness or an injury, and that lessens the impact on everyone involved.

7. It helps boost productivity

Presenteeism has been shown to negatively impact productivity. With private medical cover, your employees will be less likely to come to work when they really shouldn’t, instead choosing to seek the medical care they require. This means that when they are at work, they are the most productive version of themselves, and that obviously benefits you as an employer.

Contact us today to find out how we can help you and your employees start benefitting from private medical insurance that’s right for you.

I have over 15 years client facing experience in the Employee Benefits industry having worked for Mercer HR Consulting and The Willis Group in London. Bringing my expertise to mid and large corporate clients, I joined Premier Choice Healthcare in December 2015, with the aim of advising and developing a varied Corporate client portfolio.