Covid-19 has brought the state of our health to the forefront of everyone’s minds. The impending winter flu season is leaving some individuals worried about the ability of the NHS to cope. As a result interest in private healthcare has surged with research suggesting that the number of people willing to pay for private health access almost doubling from 15% in 2019, to 27% in 2020.
While the premiums for individuals might be out of reach, especially for those who’ve seen pressure on their income in the wake of lockdown, accessing private healthcare through a workplace scheme could be surprisingly affordable. There are obvious benefits to employees:
So it’s unsurprising that Private Medical Insurance (PMI) is believed to be the most valued employee benefit according to a 2019 survey . But the benefits to employers are also worth noting:
The pandemic has created unprecedented uncertainty for business and employees. One way for employers to give staff a clear signal that their future welfare is safe in your employment is to prioritise the provision of health and wellbeing benefits as part of your reward package. According to data published by Vitality, in 2019 sickness absence and presenteeism caused employees to lose an average of 38 days per year . A company private medical scheme for 50 employees could cost £1,617 per month (which equates to just over £1 per day per employee) .
At LEBC we can review your existing provision to ensure that you are getting value for money and that communication with staff ensures that everyone is aware of their benefits. We’re also experienced in designing benefits packages across both health and financial wellbeing solutions and can we can work with you to find solutions that meet your needs.
So, whether you have existing benefits you wish to review or would like to explore the options available to provide additional employee support we are ready to help you. For more information contact us at firstname.lastname@example.org.
Please remember, no news or research item is a recommendation or advice to buy. LEBC Group Ltd is not responsible for accuracy and may not share the author’s views. If you are unsure of the suitability of any investment or product for your circumstances please contact an adviser. All investments can fall as well as rise in value so you could get back less than you invest. The Financial Conduct Authority does not regulate tax planning. Tax rates and allowances may change in future.
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