Group private medical schemes have evolved dramatically in the most recent past. For many years they were only available to the most senior of staff and basically provided for an employee to have inpatient treatment or outpatient treatment at a hospital and time convenient to themselves.
The 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 plans, with many of these now having built a substantial underwriting experience 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 such that a number of providers’ plans incorporate 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 well being of staff has never been more important and modern schemes can certainly assist in this regard as well as encouraging a healthy and happy workforce where absence can be kept to a minimum.
There are a wide variety of schemes available with costings and benefits being relevant to businesses with a handful of employees through to many hundreds.
Product Features
These would normally include both inpatient and outpatient treatment with many of the costs such as accommodation, surgeons and anaesthetists’ fees as well as radiotherapy and scans being fully reimbursed.
There is often a cash benefit payable to members who, perhaps through emergency or other needs, have immediate treatment in an NHS hospital.
Group private medical schemes can also be extended to provide staff with both dental cover and travel insurance.
As can be seen the plans are very flexible giving the ability to provide schemes to suit all budgets whilst at the same time encouraging and supporting a business’s staff as well as their appreciation of the employer.
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.
If you would like further information on group private medical insurance schemes then please email nhemmings@rhg.co.uk or call us on 01438 350222.