Private medical insurance, often referred to as PMI, is an option you can offer your employees to cover them for private medical care outside of the NHS. Private medical insurance may be for specific private clinics or hospitals, or it may cover a set number of different locations and services depending on the insurance you choose.

Private healthcare is often considered something only used by large-scale businesses. But many small companies can benefit from offering private medical insurance and covering anything from critical illnesses to medicals and general day-to-day health concerns. When used correctly, PMI can help support your employees and can even be extended to protect their families.

While the NHS offers an excellent service, access to private medical services offers your employees prompt care, high standards of medical treatment and availability that suits their schedules. With private medical insurance, you can give your employees the benefit of access to excellent, private healthcare as and when they need it.

Why go private? One of the biggest issues with relying entirely on the NHS is the growing waiting list for treatment. This has only been exacerbated by the ongoing pandemic. Having access to private care has allowed patients to speak to consultants virtually, whereas the difficulty in getting an initial appointment with the GP is one of the first roadblocks faced by patients without a health insurance plan.

Medical insurance can be obtained for the business as long as your business has more than two employees, you’ll be eligible for business healthcare plan. A policy can also be obtained privately, i.e., paid from your pocket.

Depending on the number of employees receiving private medical insurance, you may need to opt for small business insurance instead of a standard business private health insurance service. But that will be based on the individual requirements of your choice of insurer, amongst other factors.

One of the concerns that many businesses have with private health insurance is covering employees with existing health concerns. While the process may vary from insurer to insurer, most plans won’t cover medical care for pre-existing conditions. If you’re keen to get private medical insurance that covers everyone, speaking to our experts at WIS Business Protection is a good place to start.

There are numerous benefits to private health insurance. One of the foremost benefits is to your individual employees. Being able to seek fast and effective treatment is a fantastic benefit when fitting in medical appointments around their working hours. Depending on the choice of insurance, family members may be covered too, providing even more benefits. It also plays an important role in helping fund the cost of early diagnosis and treatment of acute conditions. This could be anything from a few sessions of physiotherapy to more complex procedures.

On the other hand, businesses also benefit from private health insurance. Thanks to prompt treatment, shorter time out of the office can mean less sickness coverage and ensure your employees are in top shape to do their jobs. For the hiring process, private health insurance is a significant benefit that potential employees may be looking for. If you want to retain star employees, private health insurance is also a benefit that can help keep your top people in place for longer.

Want to learn more about Health insurance? If you’re considering bringing this benefit to your workplace, our team at WIS Business Protection can make it happen. Our highly skilled and specialised team understands the ins and outs of private medical insurance, and we can advise on the best possible deals for your goals and requirements.

Give us a call today to get started, or drop us a message, and one of our friendly team will be back in touch with you soon. Whether you have questions about private medical insurance or you’re ready to get cover, we’re here to help you make the best choice for your business needs.