Why is Group Private Medical Insurance important for your business?

Healthcare is one of the most important work benefits for employees¹. For businesses aiming to recruit and retain talent, having a comprehensive healthcare package in place is essential.

Offering Private Medical Insurance to employees can help them return to work faster and provide them with support around their physical and mental wellbeing. In turn, this can help increase engagement and productivity, boost morale, and potentially reduce absenteeism.

Do you have to own a large business to offer Group Private Medical Insurance?

Providing Private Medical Insurance to employees is often associated with larger employers, but small companies (including those consisting of just one person) can benefit from offering healthcare to employees, which can be more cost effective than Individual Private Medical Insurance.

Whether you are an SME or a large corporation, we can advise and source a policy and plan that is specifically tailored to your requirements.

Why offer employees healthcare?

Group Private Medical Insurance can provide the following benefits:

• It can boost morale within the workplace, potentially increasing engagement and productivity.
• It can be an excellent incentive for potential employees, attracting high-quality candidates throughout your recruitment process.
• Employees may be more likely to stay in their role if you can provide competitive healthcare benefits.
• It could save stress and time. We manage the administrative and management aspects of healthcare packages and renewals.

What does Group Private Medical Insurance include?

You can tailor your group healthcare packages according to the needs of your business. Policies can offer a wide range of benefits including:

• Shorter waiting times (compared to the NHS), which can help employees return to work quicker.
• High quality treatment for various conditions, including mental health and musculoskeletal issues.
• Potential 24-hour access to a GP or nurse outside of work hours.
• Policies that can cover family members.

How much does Group Private medical Insurance cost?

Not as much as you might think. We will provide you with a full market review and provide options based on your needs as a company. Fees vary depending upon:

• Number of people insured (the fees tend to be lower if there is a higher number of employees covered).
• Area that your business is located within the UK.
• Type of business i.e. if your employees are at a higher risk of becoming injured or getting ill, the cost of the premium could increase.
• Age of your employees; usually, the younger the employee, the cheaper the cover, although in a group policy the insurer will base the cost on the average age of those covered.
• Level of cover which can be basic, or include dental treatment, physiotherapy, mental health, outpatient cover and second opinions from other consultants.

In the current economic climate, attracting and retaining great employees is an integral aspect of running a successful business.

1. https://www.peoplekeep.com/blog/how-to-start-offering-employee-health-benefits

Authorised and regulated by the Financial Conduct Authority. Lloyd & Whyte Ltd is registered in England No. 03686765. Lloyd & Whyte (Financial Services) Ltd is registered in England No. 02092560. Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA.