The Benefits of Private Medical Insurance
The NHS waiting list is currently at a record high of over 6 million people, with 5% of this number being on hold for more than 12 months.
To put this into context, this is 190 times the number that were waiting over a year before the pandemic hit.
The strain and knock-on effect of COVID-19 on our NHS has and will continue to be astronomical for some time, affecting each of us as individuals, our families, and the working world.
Supporting the NHS is vitally important; easing up the pressure on its waiting lists can help. Private Medical Insurance (PMI) is something which more and more people are turning to, predominantly to avoid long waiting times for treatment, but also as, following the impact of the last two years, more of us start to think longer-term about our future health and wellbeing.
Who is Private Medical Insurance Available to?
PMI can be offered for individuals and families, but more often than not, employees are the focus with huge advantages of setting up a company scheme.
So, why is PMI a good investment? Below we’ve broken down a few benefits:
Benefits for Employers:
- Reduces lengthy sickness absences. In the long run, this will also save money. Staff will require less time off and ensure a faster return to work after treatment, making the organisation more productive in its daily running.
- Presents you as an employer who cares for the wellbeing of staff. This will attract the best staff talent, and boost retention levels (PMI still ranks in the top end of employee’s favourite benefits).
- Premiums are treated as an allowable business expense – employers therefore benefit from tax relief against premiums.
- Employees feel safe and protected – in turn boosting staff engagement and productivity.
- Much more cost effective than purchasing an individual/consumer policy, with more steady premium increases.
Benefits for Employees:
- Rapid access to Private healthcare – convenience of time/scheduling, high quality facilities, private rooms etc.
- Can be tailored to meet to individual’s specific needs e.g., a 20-year-old might want a higher level of physiotherapy cover, whereas a 50-year-old might want cancer screening included.
- Get access to earlier diagnosis of health problems. This means faster treatment, improved chances of a positive outcome, and prompter access to treatment.
- Access to 100s of hospitals and their specialists.
- Improved awareness/knowledge of individual’s own health.
PMI offers a broad degree of flexibility meaning customers can tailor cover to fit with their specific needs. This cover can include out-patient treatments (specialist consultations & diagnostic tests), in-patient treatments (operations & procedures), and extra benefits such as prescriptions, health screenings, or dental cover.
Quality Care Group works with a trusted provider of Private Medical Insurance. If you’re considering PMI for you, your family or employees, please get in touch with us: businessssolutions@qcaregroup.co.uk or call 01273 424904.
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