Recent figures released by the British Medical Association (BMA) show that since 2019, England’s NHS waiting list has grown by a staggering 63% surpassing 7 million by the end of 2022.
Worryingly for employers, research shows that the health of workers is also deteriorating, with nearly a third of working adults (30%) having at least one medical condition, and the number of inactive workers due to long term sickness increasing by 25% since 2019.
Given the worsening outlook for employee health and the growing difficulties in accessing treatment through the public health service, many employers are recognising that the business case for investing in employee healthcare is stronger than ever. In fact, Broadstone data shows that their Bupa company PMI customers increased the number of employees covered on their scheme by 6% on average in 2022.
With employers trying to manage rising salary expectations whilst staying competitive in the ‘war for talent’, survey data consistently shows that PMI is by far the most popular company funded employee benefit after pensions.
As the NHS crisis continues to make headlines, employee interest in private healthcare is increasing to the extent that levels of self-funded private hospital treatment have shot up by 33% since 2019 (PHIN survey), indicating a growing necessity for employers to offer PMI to maintain a competitive edge in a tight labour market.
Businesses cannot afford to be losing staff from the workforce or suffering from lower productivity because of ill-health and injury and the industry is innovating to improve access to PMI.
Traditionally seen as an expensive benefit, improvements by insurers have made PMI far more affordable for employers, most notably through the development of directional care pathways.
These plans can significantly reduce premium costs compared to traditional PMI and can be an inexpensive way of putting a PMI scheme in place or extending coverage to those employees not covered by an existing PMI scheme.
If you are keen to retain, and attract talent in an increasingly competitive labour market, and protect your employees from the NHS crisis through PMI, then please get in touch with a Broadstone consultant who will proactively help your company to remain competitive in the current market conditions.