What Group Private Medical Insurance Can Do for Your Company
For many businesses, private medical insurance is a great move. It may seem like a large expense for an uncertain return, but the rewards are both tangible and significant.
Here, we show you what group private medical insurance is, explaining its benefits for your employees and for you as a company.
What Is Group Private Medical Insurance?
Group private medical insurance is a type of employee benefit. Those enrolled in the plan gain access to the many benefits of private healthcare services, facilities and professionals. In 2013, 5.1m people in the UK were covered by private health insurance.
Employees are usually added to the group scheme when they join the company. Being included is seen as a benefit in kind by the taxman, meaning that employees pay tax on premiums. Group insurance is also an allowable business expense so your company will receive tax relief on premiums.
Benefits to Your Company
Private healthcare suits the needs of a business much better than the NHS, whose service revolves around the healthcare needs of the general public, not your workforce. For example, private schemes often allow employees to see healthcare professionals after working hours, meaning they can often be diagnosed and treated without taking days off work, boosting your company productivity. Private schemes also bypass lengthy waiting lists for treatment so your workforce can receive treatment sooner and be able to return to work quicker.
Having one healthcare provider work with your whole company allows a long-term relationship to develop between the providers and your staff, resulting in more holistic, personal care. This also allows your healthcare provider to get to know the particular stresses and strains of your industry, and become experts in treating and preventing recurring problems. All of this will benefit productivity and your bottom line.
As the future of the NHS grows increasingly uncertain, offering comprehensive group private medical insurance to staff will set you apart as an employer who cares for their employees. This will help you attract and recruit the best staff in your field, putting you ahead of your competitors.
Benefits to Your Employees
Employees receive a higher standard of healthcare, with more accessible hours and shorter waiting times for treatment. Private hospitals often have private rooms, better food and more sophisticated equipment, ensuring better care versus the NHS. Those covered can use their cover to have extra diagnostic tests like scans and often have better access to post-treatment support such as physiotherapy.
All of this gives your team real peace of mind and a feeling that they are being looked after holistically rather than just financially. Further, many providers cover employees’ families too which is a fantastic boost to morale and will make workers think long and hard before jumping ship.
To see how easy it can be to implement group private medical insurance at your company, talk to gpfm today. We can advise you on the whole process, from costs to benefits, working out just how much your company will benefit.
Call us today on 01992 500 261 or email firstname.lastname@example.org.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.