Pandemic and Private Healthcare

Covid-19 has brought the state of our health to the forefront of everyone’s minds. The impending winter flu season is leaving some individuals worried about the ability of the NHS to cope. As a result interest in private healthcare has surged with research suggesting that the number of people willing to pay for private health access almost doubling from 15% in 2019, to 27% in 2020[1].

While the premiums for individuals might be out of reach, especially for those who’ve seen pressure on their income in the wake of lockdown, accessing private healthcare through a workplace scheme could be surprisingly affordable. There are obvious benefits to employees:

• Reduced waiting times 
• Access to virtual GPs 
• Faster track services
• Convenience and peace of mind 
• Greater choice 
• Control over treatment 
• Privacy and quality care 
• Specialist mental health services 

So it’s unsurprising that Private Medical Insurance (PMI) is believed to be the most valued employee benefit according to a 2019 survey[2]. But the benefits to employers are also worth noting:

• Attract and retain employees
• Reduction in absenteeism
• Improved physical and mental wellbeing
• Positive impact on productivity
• Return to work support

The pandemic has created unprecedented uncertainty for business and employees. One way for employers to give staff a clear signal that their future welfare is safe in your employment is to prioritise the provision of health and wellbeing benefits as part of your reward package. According to data published by Vitality, in 2019 sickness absence and presenteeism caused employees to lose an average of 38 days per year[3]. A company private medical scheme for 50 employees could cost £1,617 per month (which equates to just over £1 per day per employee)[4].

At Aspira we can review your existing provision to ensure that you are getting value for money and that communication with staff ensures that everyone is aware of their benefits. We’re also experienced in designing benefits packages across both health and financial wellbeing solutions and can we can work with you to find solutions that meet your needs.

So, whether you have existing benefits you wish to review or would like to explore the options available to provide additional employee support we are ready to help you.  For more information contact us at enquiries@lebc-group.com.

Heather Lewis
Marketing Manager

Please remember, no news or research item is a recommendation or advice to buy. Aspira is not responsible for accuracy and may not share the author’s views. The Financial Conduct Authority does not regulate legal services.

[1] Equipsme, Interest in private healthcare doubles after coronavirus, 6 July 2020

[2] Corporate Adviser, Workplace Protection & Wellbeing Report 2019, p8

[3] Financial Times, Health at work report, November 2019, p6

[1] BUPA example quote, 6 October 2020, based on cover for 50 ppl.

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