5 Misconceptions about Private Medical Insurance

Would your business suffer if one of your key staff fell seriously ill? Could your business afford to wait whilst your employee waits for treatment on the NHS?

Your employees are single-handedly the most important asset your business has, so looking after their health is crucial to the health of your business. Offering private medical insurance (PMI) through your company means that your employees will receive medical attention quicker than if they were seen by the NHS. Employees can also choose where they are treated to ensure their treatment fits in with their existing schedules, and the cover can also be extended to cover their family.

By supporting your workforce and helping them get back on their feet sooner, you reduce the amount of days lost to sickness. Not only does this support your company, it also shows your employees that you appreciate them and want to support their general health. As part of an employee benefits package, private medical insurance acts as a tool to attract and retain top talent. Below, we outline 3 common misconceptions about private medical insurance and why it is a great benefit to offer your employees:

 

Misconception 1: Private medical insurance only works for larger companies and not smaller ones.

Not at all. Regardless of the size of your business, utilising private medical insurance for your employees can be implemented in businesses with two employees up to international large corporate companies. After all, the smaller your company, the bigger the impact that a sick employee will have on your bottom line.

 

Misconception 2: We already have group critical illness and that’s all the cover we need.

Although critical illness provides your employees with financial security, it will often only cover your employees for specific conditions such as cancer, heart attacks, strokes and major organ transplants. As well as this, the cover is limited to a maximum of £500,000 per employee. Private health insurance for employees provides your workforce with cover for a wide range of conditions and treatments, and there is no limit to the number of claims you make per year.

 

Misconception 3: There is a lot of admin work involved for my business when making a claim.

Incorrect – there’s none! All claims are the responsibility of the employee and most companies will assess many claims over the phone. This means that your business can focus on the running of your company and not have to worry about unnecessary paperwork and fuss.

At Busy Bees Benefits, we provide a wide variety of benefits that can be used to help employers engage, protect and reward their employees. Today, more businesses are investing in private medical insurance to show their workforce that they understand the importance of health. This is where we can help. Talk to a member of our team today on 0330 333 9100 or email us on information@busybeesbenefits.com.