The Press and Journal (Aberdeen and Aberdeenshire)
Private medical insurance should be a core benefit offering, not a luxury ‘perk’
Private Medical Insurance (PMI) has in the past been considered a “perk” benefit – nice to have for big ticket healthcare issues as treatment is prompt and efficient, and a great benefit to offer staff as a recruitment and retention tool. In a post-pandemic world, is that all that a PMI policy really does for your business?
Historically, at its core, PMI was in place to allow employees to access private healthcare treatments quickly.
It was often seen as a management-only perk, but the business case for PMI is very different now. PMI has become a core benefit rather than a luxury benefit offering.
According to Public Health Scotland as of February 14 2022, outpatient activity is 22% lower than in 2019 reflecting the difficulty for individuals to access treatment via the NHS. As of September 2021, more than 425,000 patients were waiting to be seen, an increase of 33% from 2020. From these government figures, it is clear it is going to be a long time before the NHS situation improves.
The lack of access to healthcare in Scotland and the growing waiting lists are all having a significant impact on businesses and their employees with increased absences from work, and reduced productivity. This all impacts on your bottom line.
PMI providers have transformed their policy offerings in the past two years and were quick to adapt to the impacts of the pandemic. Private healthcare is not only about getting treatment quickly, but it can also offer so much more and will support your employees and your business with wider wellbeing offerings. It is critical you review your plan to ensure you are maximising the value of these services to your staff.
Through a PMI policy, your employees should have a GP24 service providing access to a UK-based GP around the clock, with unlimited consultations, referrals for treatments, physio access or simply accessing a prescription. It is convenient, and simple to use. The Digital GP offerings effectively supplies employees a GP in their pocket via their phone app.
In many cases this GP24 service will be supplemented with a range of important options depending on the provider.
These could include mental health wellbeing support, a dedicated cancer nurse, an expert second opinion option in complex cases, skin cancer checks, acupuncture and osteopathy, “getting healthy” discounts such as gym memberships, fitness technology, and stopping smoking programmes – all to support your employees with their health and supporting them back to work sooner.
For businesses, the fast and flexible nature of PMI service treatments helps employers reduce long-term absences in the workplace and, importantly, employees do not have to worry about their sick pay running out while they wait for the treatments they need. PMI is a complex product with considerations for employers when comparing cover levels, benefit design and other options. Many employers have previously discounted PMI as they think it is expensive. With the right design and market analysis, there is an affordable plan for every business.
You will need an advisory firm with market knowledge of the PMI products available to guide you through the myriad of options. This is where Acumen Employee Benefits can help direct you on what suits your business best.
PMI is one of the most popular benefits that employees want to receive, and a great employee benefits package can help you recruit high-quality additions to your workforce as well as retaining them.
As the economy emerges out of the pandemic this is exactly the time to reconsider the introduction or redesign of this valuable employee benefit to future-proof your business.