Private Medical Insurance highly valued Employee Benefit

Private Medical Insurance (PMI) is a highly valued benefit for employees of all age groups, located across the United Kingdom. Analysis from a recent 2018 study has revealed that a huge 42.7% of 1,984 UK employees surveyed, stated that PMI was the benefit they would most like to see within an employee benefits package.

A key benefit of being insured through a PMI scheme is that members can often access diagnosis and treatment in a timelier manor than they could via the National Health Service (NHS). This fact is more so true than ever, with most NHS facilities currently operating at maximum capacity whilst they try to aid the countries present COVID-19 pandemic.

With one in four people in the UK experiencing a mental health issue of some kind each year, a PMI scheme is a great way to ensure your employees have a resource to aid them with any struggles they may be experiencing. Not only are there extensive options available regarding mental health cover, but members can also access additional services such as an EAP, where they may be able to speak to a qualified psychiatrist without even needing to make a claim.

However, the obvious access to private health treatment is not the only reason an employee may value a company PMI scheme. Most UK domestic policies now include a range of additional benefits such as an EAP, Gym Discounts, retail discounts and many more.

Yet, a Private medical Insurance scheme can benefit an employer by aiding with staff retention and reducing absenteeism. The cost of absenteeism is rising year on year and employers are losing an average of £710 per sick day. A PMI scheme is a great way to nip a potential condition/illness in the early stages and prevent any time of work, thus creating a good return on investment. This along with 80% of workers stating they would keep a job with a generous employee benefits package rather than a higher paying role, is a great reason to consider offering your workforce Private Medical Insurance.

Although a PMI scheme is a great way to retain the current workforce you have in place, it can also be a great way of attracting further talent. A 2019 study found that 79% of employees cited a competitive benefits package as a key influencer when looking for a new job.

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