private medical insurance
What is private medical insurance?
Private medical insurance (PMI) plans are designed to support wellbeing and provide immediate access to private consultations, diagnosis and if required, treatment for acute medical conditions. It can complement or replace the NHS, depending on the level of cover you choose.
There are various ways in which you can provide private medical insurance to your staff, depending on your budget. This includes:
- Company paid schemes: as the name suggests, this type of scheme is paid for entirely by you, the employer. However, many providers understand the need for budgeting so will offer flexibility over the level of cover that you offer.
- Healthcare trusts: a healthcare trust provides self-funded medical cover to staff. Premiums, which can be funded by employers and employees, are paid into the trust and based on the estimated value of a scheme’s annual claims. They are run independently and are managed by a third-party administrator. This may be a cost-effective alternative to a company paid scheme, particularly if you have more than 500 employees and a medical benefit spend exceeding £250,000 a year.
- Corporate voluntary paid schemes: voluntary healthcare cover for your employees and their families at no cost to your business. This can be paid for as a salary deduction via your payroll system.
What are the benefits of private medical insurance?
Key benefits of private medical insurance can include:
- Reduced employee absence as employees will be diagnosed, treated and back to work sooner
- Reduced presenteeism as employees will have immediate access to private care
- Peace of mind that you are helping to provide duty of care, including family members where cover extends to dependants
- Flexibility over the level of cover you provide, so you only pay for the level of cover your employees need
- Improved employee engagement, health and productivity
- Helps with recruitment and retention – saving you money
- Improved health and wellbeing, with quicker consultations, diagnosis and treatment
- Peace of mind that they will be treated in a private hospital, with access to a modern private room, with a television, phone, en-suite facilities and extended visiting hours
- In some cases, access to treatments and drugs that may not be available on the NHS
- Feel valued by their employer
- In some cases, access to medical information and support including private/virtual GPs
- Reassurance that they will receive cover for acute medical conditions
Got staff based overseas?
Speak to our specialist international healthcare team. They have in depth knowledge of the different healthcare systems and regulatory requirements of each country, to help you understand, source and manage the best international private medical insurance solution for your needs.
Get in touch with an employee healthcare expert