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Private Medical Insurance
Private Medical Insurance (PMI) supports business productivity and profitability by ensuring employees can access fast diagnostic and treatment services for medical conditions that might otherwise keep them off work while waiting for NHS treatment.
PMI is consistently rated as one of the most popular and highly valued company paid employee benefits, second only to pensions. For many employers PMI is an increasingly important part of a broader recruitment and retention strategy in a competitive labour market.
PMI plans are increasingly flexible and modular in their design, with many plans offering the option to extend some clinical support services to all employees (not just those insured on the actual medical insurance policy).
There are a variety of policy excess and directional care options available to help employers manage premium costs, as well as different underwriting options which will determine the cover available to employees for previous medical conditions.
For companies providing cover to 50+ employees there are several pricing options available from different insurers. These determine the extent to which a company’s claims costs directly impact their future premiums. For larger employers there is also the option of operating a healthcare trust arrangement rather than a medical insurance scheme, which provides additional flexibility around benefit design and tax efficiencies.
When was the last time you reviewed your scheme design? Are you seeing the premiums rise to unexpected levels? Or perhaps you are considering offering healthcare benefits to your employees for the first time? We can help!
Broadstone provides independent advice on all aspects of scheme design, from benefit design and underwriting terms through to hospital access, scheme pricing and whole of workforce cover extension options. When designing your scheme, we focus not just on what matters today but on what will matter in the future, with a focus on delivering sustainability, flexibility and employee engagement for our customers.
Whatever your circumstances, get in touch to speak to our experts.
