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Private Medical Insurance (PMI)
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Within a small business, time off work due to sickness can be very costly. Not only are there the direct financial implications, team morale and performance may suffer due to increased work loads and demands on other members of the team. Clay Shaw Thomas are able to assist with all your Insurance needs. |
With Private Medical Insurance you can be assured that employees have prompt access to consultants and private medical care in a quality assessed hospital. Appointments are arranged at a mutually convenient time and place, therefore minimising absence and team disruption.
Providing medical insurance for key employees in a small business is essential. With just one employee absent, you lose a high percentage of your workforce and time off work due to illness can also greatly affect your profitability. The average number of days sickness absence is 5.8 days at an average cost to your business being as much as £524 per employee, per year*. For example a Company employing 40 people the costs could be in excess of £20,000 per annum. These costs can significantly increase within certain employment sectors.
*CBI Absence and Labour Turnover report 2008
Employee Perk
Providing private medical insurance to your employees offers them an excellent employee benefit but can also reduce the length of time that your employees are off work as they may be able to receive treatment much quicker than they would normally on the NHS.
By giving your employees access to prompt treatment and medical investigation, should they need it, you reduce the possibilities for the long, drawn-out ordeal that has become synonymous with NHS treatment today. Consequently, you protect your bottom line from falling productivity and low morale that can so often accompany delayed treatment of an illness.
Private medical insurance covers the costs of private medical treatment for acute conditions, ie short-term curable medical conditions, and most policies will cover the stabilisation of chronic (long-term) medical conditions. This includes the cost of surgery, specialists, nursing and accommodation at a private hospital or a private ward of an NHS hospital. There are also number of different options for group private medical insurance to suit your budget.
Recruitment & Retention
Medical insurance could also aid in your recruitment and retention. Providing an attractive benefits package will help to ensure that you hold on to the best people, evoking a sense of pride to be working within your team. Of the many ‘perks’ around, private medical insurance is thought to be at the top of most employees ‘wish lists’, especially when it can also be extended to family members too.
Private Medical insurance is also a sign that you care for the well-being of your people, and recognise the peace of mind that such a benefit can provide for a member of staff or their family if they become ill. Private Medical Insurance signals genuine acknowledgement of your employee's contribution to your company, even when they can not be there for you.
Stress Management
Psychiatric cover can become an essential part of your company policy on stress, providing your people with access to counselling and psychotherapy courses as well as advice on stress management and coping strategies should they require it.
Psychiatric cover is a sensible addition to your group PMI scheme as it can assist with early intervention and practical management of stress; two factors which have been proven to limit and reduce the effects of this condition.
It might also be worth considering if you have a group income protection policy, as carefully managing the condition of a stressed employee at the early stages may help to avoid a claim on the group income protection policy.
Clay Shaw Thomas are committed to a proactive and long-term approach to our client's needs, and delivering impartial advice about the complex health insurance market, we ensure you have all the information you require when it comes to purchasing PMI or renewing your existing group scheme.
Our capabilities enable us to:
- Navigate you through the vast number of policies available, the complex terms and conditions of benefits and restrictions, where they apply.
- Negotiate with insurers on your behalf ensuring your company's requirements are the priority at all times.
- Ensure the pricing of policies is realistic and sustainable.
- Monitor the performance of Private Medical schemes, and liasing with you at the mid-term point, so that you can be confident of your position and the choices available to you when it comes to the renewal of your group scheme.
- Assist with claims queries. Where borderline payments are required, use our influence to obtain a satisfactory conclusion.
- Give notification of changes in legislation that could affect your company scheme, new products or product improvements that could more specifically meet your needs.
To discuss Private Medical Insurance options please submit a request online by completing the form below. In return you will receive an initial quote for medical insurance and request for any other information with details of cover options and insurance levels.
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