Group Private Medical Insurance
Group private medical schemes have evolved over the years. For many years they tended to be available to the most senior of staff and only provided for an employee to have inpatient treatment or outpatient treatment at a hospital and time convenient to them.
Two major companies in the market provided the majority of schemes with a handful of other companies catering for the remainder. Since then many more companies have launched innovative plans, allowing them to provide more flexible, cost efficient and attractive propositions.
There has been an increasing trend towards encouraging members to engage with looking after their own health with a number of schemes incorporating various forms of loyalty reward programmes. These can include discounted holidays, advice on food and nutrition, medical counselling and even subsidised gym membership.
With legislation increasingly requiring employers to demonstrate a duty of care to their employees, looking after the health and wellbeing of staff has never been more important. Modern private medical schemes can certainly assist as well as encouraging a healthy and happy workforce where absence can be kept to a minimum.
Benefits for Employers:
- Improved health and wellbeing of staff.
- Reduce sickness absence.
- Being seen as a caring employer.
- Improved staff retention.
- Medical treatment at a time to suit a business’s needs.
Benefits for Employees:
- Early access to medical specialists.
- Treatment at a convenient location.
- A feeling of being valued.
- Easy access to medical advice.
The above information regarding taxation is based upon our understanding of current legislation which, of course, is liable to change in the future and would depend upon an individual’s financial circumstances.
Contact us today for more details on how we can tailor a Group Private Medical Insurance scheme to your business.