No one denies we have a wonderful National Health Service but most people would accept that it is under strain and in some cases waiting lists can be very long and treatments limited. Private Medical Insurance enables you to skip the waiting lists, benefit from private hospital rooms and often receive drugs and treatments which are unavailable on the NHS.
Group PMI is an attractive employee benefit, keeping you, your staff, business and profits healthy; an affordable private health solution providing a valued benefit for employee and employer alike.
But why choose Group PMI?
There are so many variations to Private Medical Insurance that it can be very confusing.
With many PMI providers offering online solutions it may be tempting to buy online – but the risk is that you end up with too little, too much or the wrong thing entirely!
Getting advice is the best advice and at Alan Boswell Group we have experts on-hand to help with your Group Healthcare questions.
Polite, friendly and clear with helping me
At some point, as your business grows, you will inevitably make the decision to add in some employee benefits. You’ll do some competitor analysis and note that other companies are offering flexible-working or have an enhanced bonus scheme. You may review your pension contributions or offer some life insurance solutions.
One of the key benefits you may consider is Private Medical Insurance (PMI).
Offering PMI adds values that are attractive to both employees and employer. Not only do your staff benefit from reduced waiting times, private rooms, access to treatments unavailable on the NHS, faster diagnosis, choosing their surgeon or hospital and comprehensive access to therapies but your company benefits from staff returning to work quicker, improved welfare and you’re likely to be considered a better place to work!
There are many options when choosing the right PMI for you and your employees, including:
At Alan Boswell Group we have various solutions designed to fit your requirements and budget. By taking the time to get to know you and your business we we can help you decide if one of our packaged solutions meets your needs or whether a fully bespoke package is best.
Check out our guide to the ‘Top 10 things to know about Group PMI’
It is important to remember that group PMI is a benefit-in-kind and will usually be offset as a business expense.
We have a wide choice of Group PMI solutions starting at just £7 per month per employee:
£150 excess on diagnosis / treatment
Alternatively we can create a bespoke solution based on your exact needs, requirements and budgets. Putting together the right plan for you, your directors, family and staff.
Health Trusts are a flexible alternative suited to larger organisations paying more than £250,000 for annual PMI cover.
Why choose Health Trusts?
Health Cash Plans are one of the UK’s fastest growing Employee Benefits schemes, providing cash back for a range of everyday healthcare costs.
Why choose Health Cash Plans?
Dental Insurance is becoming an increasingly popular Employee Benefit.
Why choose Dental Plans?
Apart from the ones already mentioned (reduced waiting times, private rooms and treatments unavailable on the NHS) the key benefits are the ability to get specialist referrals, meaning you can ask your GP to refer you to an expert to get a second opinion or specialist help, getting the scans you want, when you want, choosing your surgeon or hospital and comprehensive access to therapies.
Private Medical Insurance providers are also embracing technology. As an example some schemes include remote access to a GP, meaning you can actually see a GP via a video link on your phone 24-7, choose your GP by gender and language and even order repeat prescriptions, without the usual three week wait to get an appointment at your GP surgery.
Of course the primary benefit is that having access to specialist treatment from an expert at a location of your choosing with a private room can help aid the recovery process.
Businesses have also found that it is an essential tool in the recruitment and retention of staff as well as helping employees return to work sooner following mental health, illness or injury.
It depends on the exact policy you take out. Usually PMI will exclude any pre-existing conditions and will also have general exclusions such as alcohol and/or drug abuse. There are some exceptions to this rule, however.
In some cases, for groups with a minimum of 10 members, you can have your medical history disregarded, although this is not common. More likely for inclusion is cases when there has been no reoccurrence of the condition for a few years. For example, if you’ve had problems with your back in the past – but had no issues for two years you may find this is covered by your insurer.
Therapies, including physiotherapy, chiropody and acupuncture to name a few, are usually core benefits of PMI. Dental and optical cover are generally not included as standard but policies can be tailored to include such benefits to best suit your needs.
Absolutely not! Long gone are the days when you need to have a 50-point check-up before you can get healthcare. There are a couple of ways in which the insurer will work with you to get you covered. Completing a detailed application form (known as ‘full medical underwriting’) will outline your exclusions at inception and will stand for the life of the policy or through a ‘moratorium’. A moratorium excludes all pre-existing conditions from the last five years for a set period, (usually two years) but can then include them after that.
That’s a difficult question to answer as there are many factors that are taken into account when preparing a quote such as age, address and the cover options you choose. But the average cost, in the UK, is less than £4 a day. Less than the price of a coffee and cake!
It’s important to get to know the claims process. You can’t just assume you’re covered. When you purchase PMI you will receive your policy certificate outlining your cover and of any limitation set out as well as a guide on how to make a claim – but the simplest thing to remember is to speak to a GP first and call the appropriate claims helpline for authorisation before you receive any treatment.
Head of Employee Benefits
Adam began his working life in financial services at Norwich Union (as it was back in 1997), where he worked as a Life & Pensions…
As the Coronavirus pandemic continues to dominate headlines, our Group Protection teams have been busy understanding the implications of the virus on the protection markets and what businesses need to consider for their scheme members.