Benefits are often seen by small businesses as being an expense they can’t afford and Private Medical Insurance is certainly in that bucket.
But, it is a benefit which is of huge value to both the employer and their employees and really shows your staff that you care and that you value them.
The waiting time to get seen for routine treatment on the NHS has always been long. However, as a result of Covid, this waiting time is even longer with some people waiting over 12 months for procedures such as knee and hip surgery. If this is one of your employees, the chances are they are now on long term sickness absence as they are unable to work. With 4.4 million people on the waiting list in November 2020, being able to ‘go private’ is a game changer for many people.
There are lots of ways employers can make private medical insurance available and / or affordable for their employees and the exact approach you use may depend on the number of employees, their age profiles, the costs and your company culture.
Making sure you work with a good broker is the first step to understanding what is available and then what is affordable.
Communicating with your staff and understanding what they would value is essential. There is no point in giving someone a taxable benefit if they don’t need it – they may already have cover and won’t want to pay twice.
Private Medical Insurance is a benefit which staff will value at the point in time that they need to use it. It will also enable them to get treated and back to work quicker should they have a medical concern. Like any insurance policy, it is peace of mind. It is one less thing for your employees to worry about.
This Valentine’s Day, it is one way you can show your staff that you care – start the conversation with your broker and find out what the costs really are for you, your staff and your business.
Want to know what your staff really think? How about asking them! This free anonymous survey enables you to do just that. Click the button below for more information.
Want to understand more about Employee Engagement and why it is so important right now? Employee Engagement, company culture and retention of staff are going to be thebiggest issues for business owners in the next 12 months. Find out why by reading our report.