Broadstone

Why companies are now looking twice at health insurance

For a long time, private medical insurance has looked the same. It’s traditionally been for large corporations and high-level executives only, or a cash plan that requires people to pay out up front.

But thanks to industry disruptors, it’s starting to look a bit different… And, as a result, organisations of all sizes and shapes are looking at it twice – and signing up.

Taking care of business

At a time when many businesses are facing hardships, investing in health insurance might seem like an unnecessary expense, but more and more organisations are making the link between taking care of their people, and taking care of their business.

COVID-19 has also meant that employees are more worried about their health – and the health of their families – than ever.

In a recent survey, the number of people who would consider paying for health insurance – despite financial worries – had nearly doubled post-coronavirus, to one in four. More than three quarters of people are worried about NHS waiting times, and 67% are worried about the NHS’s ability to cope with non-urgent and non-COVID related issues.

Health has therefore moved up the wish-list of employee benefits, coming in at number four after a pension, flexible working, and income protection.

Insurance you’re supposed to use

The figures come from Equipsme, an organisation that was set up specifically to do PMI differently. Their aim was to make health insurance work for small and medium sized businesses – and the self-employed too.

After talking to lots of businesses, Equipsme created products that fit into smaller budgets, are simple to understand, buy and administrate without a massive HR team, that could work for everyone from CEOs to the shop floor and actually be day-to-day useful.

Founder and Managing Director Matthew Reed explains: “At Equipsme we think healthcare plans should work for any size of business, and any employee, without the upfront payments, the jargon, or the complications. It’s our aim to make it both practical and affordable, which is why our basic plans include things like 24/7 GP access, physiotherapy appointments and a nurse advice line, and start at just £7 per person per month.”

Simple, practical, affordable

With Equipsme plans, employees can choose to upgrade their own cover, and to add their family, by setting up their own direct debit. They can access all of the information about their plan and their benefits online, or via an App. There are no medical questions to navigate, just a blanket age range and three year existing conditions exclusion.

Employers can choose what level of cover to go for, adding on diagnosis or diagnosis and treatment provided by AXA PPP, plus options for stress support and dental and optical cover. Prices have been the same for two years, so there’s no nasty price hike surprise down the line once you sign up.

Healthy people, healthy businesses

Robin Watkins a Principal at Broadstone explains: “It’s clear that there’s an increasing demand for health insurance in the wake of COVID-19. Now more than ever, we know how important it is to protect your workforce. Equipsme plans now put that within reach for many businesses for the first time.  This is health insurance with a twist. For a start people are actually encouraged to use their benefits to stay well, and stay working”.

Emily Jones Principal at Broadstone added “we are delighted to be able to offer Equipsme plans as part of our solution for clients who have a wide array of health and wellbeing needs (and budgets). If you haven’t looked into health insurance recently, or are in a position where finances don’t allow the full PMI offering you may have traditionally provided to your colleagues, maybe now’s the time to take that second look, and see if this alternative approach could work for you, your business, and your people”.

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