Here at The Health Insurance Specialists (THIS) we often get asked…“Should I offer my employees private health insurance?”
We believe the answer is yes – and to explain why we’ve put together the below list showing all the benefits of providing your staff with private medical insurance.
A recent study by recruitment website Glassdoor found that more than a third of workers admit perks and benefits are amongst their top considerations before accepting a new job.
Providing employees with private health insurance can be seen as a ‘caring’ act by new starters; it shows you’re interested and committed to your employees and their health. In today’s job market, competition is fierce - especially if you require candidates with specific qualifications or skills.
If you provide private medical insurance and a member of staff suddenly falls ill – they’ll have access to faster diagnostic services and treatments. Public GP surgeries are under immense pressure; research by medical magazine ‘Pulse’ found that 4 in 10 patients had to wait more than two weeks to get an appointment with their GP.
Longer waiting times and the inability to get appointments can often lead to employees taking extended periods of time away from work – with private medical insurance you could avoid long waiting times and low resource due to staff absences.
Many insurance providers now offer services which are designed to prevent long waiting times and result in a quicker diagnosis. For example, Vitality Health Insurance has a ‘Vitality GP App’ – this app lets policyholders book a video consultation with a private GP, within 48 hours.
A healthy workforce translates into a happy workforce, which in turn, translates into a healthy business. Unwell workers can cost companies a lot of money –if workers can’t seek proper medical treatment they could unintentionally spread something like the flu, or just not perform at their best.
Knowing your employer supports you enough to outlay the cost of PMI is a great benefit we often don’t talk about. A recent survey found that companies find delays in access to publicly-provided health treatment as a barrier to getting sick employees back to work.
If employees use the public services available with the NHS, they will be limited by the individual opening and closing times. One of the biggest benefits of private health insurance is the ability to seek treatments or medical advice to suit your own schedule.
Often employees have to take time away from work to attend appointments as most NHS services take place within working hours (9 am – 5 pm). Many private insurers offer an out of hour’s service to help reduce the amount of time spent away from the workplace.
Another issue many employers face is the location of treatment options for employees. This presents a unique problem for businesses – what do you do if you’re employee has a midday appointment in a surgery close to their home? It often means they have to take at least a half day or even a full day to attend.
Research from the Office for National Statistics showed that in 2013 15.2 million days were lost as a result of mental health illness like stress, depression or anxiety. It’s now more important than ever that employers look after and support the minds of their workforce.
Modern treatments don’t just result in medication – the way mental health illness is treated has dramatically changed! The range of treatments available is now extensive – but unfortunately waiting times can be very long for public services. Quick access to diagnoses and treatment is a benefit of PMI which will be invaluable to employees with mental health issues.
Here at The Health Insurance Specialists (THIS), we have the knowledge and experience to help you find the right solution for any business – whatever its size!
Our expert team will search the all major insurers in the UK marketplace to get you the best plan – whatever your budget. Our service is completely free, and all the quotes we provide are no obligation. Call 0808 10 18 999 or fill in our company insurance online form.
