Private Medical Insurance

Loss of productivity places a tremendous strain on your bottom line which is why you need make sure you have adequate cover in place to safeguard your business against employee absence.

Your employees are your company’s greatest asset, which means taking care of them is both responsible and crucial. This is a tangible issue, with 137 million working days lost through sickness in 2016 (that’s 4.3 days for every person in the workforce per year),

When employees become ill or get injured, it’s vital to get them accurately diagnosed, effectively treated and back into work as efficiently as possible. But with the NHS facing major barriers to efficiency, more and more companies are offering Private Medical Insurance to their employees.

The Benefits of Private Medical Insurance

The value of taking out PMI for your employees is immediate and obvious:

  • It can help manage the cost of short-term illness or injury, as well as business impacts such as productivity, morale and profitability.
  • It is an excellent recruitment tool that will attract, motivate and retain the highest quality staff.
  • It offers peace of mind to employees.
  • Cover can often include spouses or children, paid for either by the company or voluntarily by the employee.

Private Medical Insurance Essentials

  • Insurance usually covers the costs of private medical treatment (often at specified hospitals, clinics or medical centres) for curable, short-term conditions, illness or injury for all levels of employee.
  • At the higher end of the market, policies may include services such as dentistry and optical care.
  • Pre-existing conditions and ‘self-inflicted’ injuries or illness (e.g. issues that arise from dangerous hobbies or lifestyle choices) are likely to be excluded from the standard levels of cover.
  • Private Medical Insurance is classed as a benefit in kind. While the premiums are met by the company, the employee is liable to pay tax on them and any claims are the responsibility of the individual employee.

Treatment for chronic or long-term illness or injury will be covered by Critical Illness Cover. Click here for more information on Critical Illness Cover.