Do I need private medical insurance? Let us answer this question by exploring the benefits of offering this coverage to your employees.
Private medical insurance is a form of business income protection that employers offer as a way to attract and retain the best talent. While there are other health insurance options you could offer your employees, private medical insurance has several benefits not found elsewhere. This article answers the question, ‘do I need private medical insurance?’ and reveals why it’s the best choice for your business.
What is private medical insurance?
Private medical insurance is a health insurance policy that covers the cost of private medical care, from diagnosis to treatment. The policy covers individuals once they begin making monthly payments, and caters to their medical bills for several conditions they may suffer as long as the policy remains active.
The particulars of the cover depend on the policy you choose, and your provider. Providers cover most in-patient tests and treatments, with most extending to cover out-patient tests and treatments too. To keep the policy affordable, businesses or individuals combine them with what the NHS offers.
There are exceptions to what this policy covers, including pre-existing medical conditions, cosmetic surgeries and associated treatments, chronic illnesses, organ transplants, and treatment of injuries from participating in extreme sports. Some providers will charge extra to cover those conditions or suggest other solutions.
What are the benefits of private medical insurance?
Fast access to medical care
Opting for NHS treatment subjects you to long waiting times. In contrast, private medical insurance affords you faster access to medical care. In addition, you can book a medical appointment that suits your schedule, adding a much-needed degree of convenience. Addressing your medical condition as soon as possible takes away so much pain and suffering, and the dread that comes with waiting for long.
Family covers
Private medical insurance has family plans that extend such private care for your loved ones. This saves you costs in treating them, and peace of mind knowing there is a cover in case any of them falls ill.
Treatment at private hospitals
Private hospitals and private rooms in NHS hospitals offer a peaceful environment for recovery, the decency that comes with privacy, and easier access for family visitations.
Availability of specialised drugs and treatments
Private healthcare facilities offer specialist drugs and treatments you won’t find through the NHS. The NHS restricts such access or cannot offer such treatment because of their expense. If you were to pay for such treatment out of pocket, the costs could be astronomical. Therefore, you’re better off accessing them through private medical insurance.
Tax relief
For businesses, private medical insurance payments for employees are treated as business expenses, thus exempt from tax deductions.
Customised covers
The NHS offers standard healthcare, which may not suit your company’s specific needs. You can pick packages that address your industry’s specific medical requirements through private medical insurance. The freedom to choose among healthcare providers, level of cover, and the associated costs give you the chance to make such a cover more efficient.
Do I need private medical insurance?
As an employer, the answer is yes. Despite the NHS’s best efforts to reduce its long waiting times, there is still a significant backlog. Your employees may not have that much time to wait for treatment. In some cases, fast access to medical care through private medical insurance is necessary to preserve their quality of life and to resume their duties in time to prevent your business from experiencing losses.
Besides the long wait time, there’s the matter of public wards that lack privacy. Offering employees, a chance to recover in private rooms helps maintain their dignity and sense of privacy. Congestion in public wards is also not healthy, which could prolong hospital stay, thus affecting your business.
By offering private medical insurance, you’ll minimise company and employee expenses, offer employees peace of mind through medical covers with family plans, ensure faster recovery, and ultimately boost employee morale. In the end, you’ll retain the best employees, reduce sick days, and keep them motivated to work harder.
Conclusion
Private medical insurance is an important consideration for any employer. Offering your employees excellent medical care helps retain their services, boosts their morale at work, minimises staff sick days, and lowers overall company costs. You only need to find the relevant covers for your company’s needs. Talk to us today and let us help you find the right business income protection insurance, and other covers, such as shareholder protection, key person insurance, and executive income protection.
