Access to private healthcare is not just a nice thing for employers to do; it can actually be a fundamental part of your employer brand, demonstrating care and commitment to safeguarding the health of the whole team. Not only can Group Private Medical Insurance help businesses minimise the risk of employee absence, but it can also boost talent attraction, retention, and workforce motivation.

Below, we discuss everything you need to know about Group Private Medical Insurance, and explain why you should consider incorporating it into your employee benefits provision.

Group Private Medical Insurance (PMI) is a type of employee benefit that employers can offer as part of a comprehensive package of incentives. The polices are taken out to provide staff with access to private healthcare services as and when they need them, and can provide a crucial safety net in the event of illness, create a health-conscious work culture, and minimise absenteeism as a result.

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Policies vary, but typically they cover acute rather than chronic conditions. An acute condition is any disease, injury, or illness that will respond quickly to treatment and result in a full recovery. PMI generally provides critical illness cover in the form of a lump sum following diagnosis, health cash plans to spread the costs of everyday healthcare bills (e.g., dentist appointments, eye tests), and income protection if employees cannot work due to illness or injury.

Protects Most Valuable Asset

A team of committed and talented members of staff is the most valuable asset most organisations have. That’s why protecting the health and happiness of your employees is integral to the success and future growth of your business.

Expediates Return to Work

Providing access to private healthcare services can help protect the wellbeing of your team and expediate their recovery if they are injured or taken ill. This is because private healthcare allows employees to skip the waiting lists and receive treatment much quicker than they would through the NHS.

Cost-Effective

Despite the financial outlay involved, Group Private Medical Insurance can actually be highly cost-effective in the long run through mitigating the cost of absences. It is also typically seen as an allowable business expense which means employers receive corporation tax relief on premiums.

Employees Know You Care

As with any element of your employee benefits provision, one of the major advantages is that your employees feel valued and supported. This leads to greater talent retention and a sense of belonging in the workplace. And staff who are happy, healthy, and supported are more motivated to work hard.

Not sure how to spread the word about your employee benefits provision? We can help you engage and educate your employees.

Leverage In Recruitment

For prospective members of staff, knowing they can access private healthcare in the event of illness and injury is a real draw. A comprehensive range of employee benefits can be used as part of your recruitment strategy to boost your employer brand and attract top talent.

Find the Right Private Medical Insurance for Your Business

PMI policies can be complex and highly technical, and require regular reviews to ensure they meet the needs of your organisation now and in the future. HWWA Consulting specialises in taking the burden of employee benefits off your shoulders. We can negotiate PMI policies, arrange private medical plans on your behalf, and help you make an informed decision on the right product and cover for your organisation.

Want to get started? Contact a member of our friendly team today!