How Could Group Private Medical Insurance Benefit Your Business?04/05/2022
As a business owner, it’s of the utmost importance that you care for the holistic wellbeing of your workforce. By doing so, you can position your company as a desirable place to work, whilst maintaining a high retention rate and a minimal overturn of staff. Group Private Medical Insurance is one of the most desirable employee benefits that you can offer, bringing advantages to both your business and your employees.
Group Private Medical Insurance (Group PMI) is just one of many different types of employee benefits that businesses may offer their staff. By employee benefits, we refer to those products or services that an employer pays for on behalf of their workforce. Employee benefits make employment with your company far more desirable to those looking for work.
Employees hired by your company will automatically be enrolled in your Group Private Medical Insurance plan, thus gaining access to the extensive and varied benefits of private healthcare services, facilities and professionals.
Group insurance is also an allowable business expense, so your company will receive tax relief on Group PMI as a premium.
If you’re a business owner considering Group PMI, it may be worth speaking to a financial adviser in order to create a clearer picture of whether this benefit could work for your business and your budget.
Why makes Group Private Medical Insurance so attractive to your employees?
We’ve all been in an employment situation where the only support we receive in the case of illness is Statutory Sick Pay (SSP). In situations such as this, we spend our time with the company praying that we don’t become seriously ill. If we do, we’re pretty scuppered.
A benefit such as Group PMI, however, provides a wonderful safety net for employees who become unwell during the course of their employment. A great portion of the stress that ill health brings is thus alleviated, leading employees to feel more holistically supported by their employer.
A major benefit is the access Group PMI provides to the latest and most advanced procedures and medications, many of which the NHS may not fund as of yet due to the costs entailed. Additionally, the insurance plan opens up the possibility of shorter waiting times and more accessible appointment times in comparison to the NHS. Access to post-treatment support, such as physiotherapy, is also made more accessible for employees on Group PMI schemes.
All of this can mean that the time an employee spends off work is reduced, which is better for both the employee and the business owner. Thus, the entire rigmarole of falling ill becomes far less stressful for all involved.
Another incredibly attractive benefit is the fact that Group PMI cover can be extended to employees’ family members.
But what about the benefits for business owners?
If you’re a business owner, you may be left wondering what Group PMI can offer for you and your business.
It’s key to remember that the services provided by the NHS are centred around the healthcare needs of the general public. Group PMI, on the other hand, is designed to suit the specific needs of your business and your employees.
Working with a single healthcare provider enables a long-term relationship to develop between the provider and your employees, and also allows for the provider to become familiar with the nature of your business and any specific issues which may affect your industry sector in particular, enabling them to gain experience with recurring problems.
As the future of our NHS grows evermore uncertain in the current climate of economic instability, comprehensive private medical insurance will set you apart as an employer, and make your company a more desirable place to work.
With an attractive benefits package, your business will be better positioned to recruit the best individuals that your field has to offer, thus putting your company ahead of the competition.
The prime benefit, of course, is the reduced disruption to your business that Group PMI makes possible. Greater flexibility and speedier appointment times enables your employees to see healthcare professionals outside of their working hours, so diagnosis is possible without the need to be absent from work. Private healthcare also makes it possible to bypass the lengthy waiting lists that burden the NHS. This means your employees can receive their treatment faster, opening up the potential for a quicker return to work.
Are you a business owner looking to increase the employee benefits your company offers? Get in touch today and one of our excellent advisers can help you get the ball rolling.