Why Private Health Cover?
Private health cover (also known as private medical insurance (PMI)) is designed to cover the costs of private medical treatment for curable, short-term illnesses or injuries (known as acute conditions). Having key staff absent from work can have a huge impact on small businesses. So small companies may consider buying private health cover to avoid lengthy absences and high business costs caused by staff having to wait for treatment on the NHS. Your staff may also benefit from choosing when to have treatment and at which hospital. Usually there’s also the privacy of an en-suite room with TV and other home comforts. It’s also a staff benefit that will show you’re a caring employer so your staff will really feel valued. Most insurers offer products that provide cover for in-patient (where stays in hospital are overnight or longer) and day-patient (where some time is spent recovering, but not overnight) treatment. Some will also provide cover for out-patient treatment (including pre and post-treatment appointments relating to the condition)
Why is it good for business?
Company cars and expense accounts are benefits you can use to attract (and keep) staff. However, private health cover is one benefit that can help give your employees peace of mind, whilst also enabling you to help them return to work as soon as possible. In fact, its perceived worth can be far greater than the amount you actually pay for it. There’s also the added benefit that, when you take out company private health cover for your employees, they’ll feel more valued and as such, could help you improve your staff retention.
Then there’s the commercial side to private health cover. The Office of National Statistics estimated that 137.3 million working days were lost due to sickness or injury in the UK in 2016. This is the equivalent to 4.3 days per worker. This means, on average, if you had a workforce of 54 full time employees, at least one would be absent, due to sickness or injury, every working day. Although private health cover can’t eradicate sickness absence, it can help get employees back to work more quickly, because they won’t have to join NHS waiting lists. There are other benefits too. Private health cover is a tax-deductible business expense (under current tax rules). Also, if you and any of your employees already have individual private health cover, you could cut the cost significantly by taking out a company paid policy. After all, why shouldn’t you benefit as well as your employees?
Self Employed? No Problem
If you’re self-employed and cannot afford to be off work while you wait for NHS treatment, private medical insurance may be the answer. Depending on your level of cover, you will have access to private healthcare treatment, a choice of specialists to look after you, as well as when and where treatment takes place.
You may be surprised at how affordable it can be to provide you with that extra peace of mind from private medical insurance. Whether you’re looking for completely comprehensive cover or there are just concerns that you would like to address, we have everything from budget and mid-range to extensive plans that can be arranged to suit your needs and requirements. At Flexible Health we work with you to find the best health insurance for you. With many years of experience providing insurance solutions to customers across the UK, we can help you find the right policy.
Please email or call for further information. We will be happy to answer all your questions and provide any non-obligatory quotations.
9th July 2019 – FLEXIBLE HEALTH INSURANCE