Health and Wellbeing

What is Private Medical Insurance?

Private Medical Insurance (PMI) is also known as ‘health insurance’. It covers the cost of medical bills at all stages – from diagnoses to treatment. Depending on the type of cover , you can take out insurance at any age and for various types of illness or accidents.

Group Private Medical Insurance

Businesses which retain and recruit talent, usually have a comprehensive healthcare package in place. Four out of five employees surveyed confirmed they would rather have better work benefits over a pay rise¹. It’s interesting to note that healthcare is one of the most important work benefits for employees².

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

What are the advantages of offering healthcare benefits to your employees?

Providing your employees with healthcare benefits can help with the following:

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

Individual Private Medical Insurance

Millions of people are waiting for treatment from the NHS³. Brexit resulted in the loss of a lot of NHS workforce and Covid-19 placed an unprecedented strain on our healthcare service. The result is an ever-increasing backlog of patients:

• Cancelled referrals and delayed procedures.
• Patients on treatment waiting lists.
• Refused referrals due to lack of staff.
• Patients who have not seen a GP due to Covid infection fears or concern they may be a burden on the NHS.

What does Private Medical Insurance provide?

Private Medical Insurance provides you with access to high levels of healthcare, often in a shorter timeframe than the NHS. Just as importantly, comprehensive health insurance offers one of the most valuable gifts you can enjoy: peace of mind.

Private Medical Insurance can provide you with:

• Quicker referrals, consultations and treatment.
• Access to pharmaceutical drugs and medications which might not be available through the NHS: for example, cancer treatment.
• Many insurers offer access to digital GP appointments which can provide quicker referrals and support.
• Many providers give you the option to choose your surgeon.
• Some providers offer direct access to physiotherapy and mental health professionals

Speak to one of our advisers

Improve your employee benefits package with:

1. www.glassdoor.com/blog/ecs-q3-2015/
2. peoplekeep.com/blog/how-to-start-offering-employee-health-benefits
3. www.bma.org.uk/advice-and-support/nhs-delivery-and-workforce/pressures/nhs-backlog-data-analysis

Lloyd & Whyte Health & Wellbeing is a trading name of Lloyd & Whyte Community Broking Ltd who are authorised and regulated by the Financial Conduct Authority. Lloyd & Whyte® Community Broking Ltd is Registered in England No. 04640518. Registered Office Affinity House, Bindon Road, Taunton, Somerset TA2 6AA. Calls may be recorded for use in quality management, training and customer support.