However, it can also be of benefit to the business, by helping reduce any time off that an employee needs to take whilst awaiting treatment and to give peace of mind to their employees.
If you’ve been thinking of investing in health or medical insurance for your team or you are coming up to a renewal of an existing policy, then you may well have been put off by the thought of expensive premiums.
If this is the case why are private medical insurance premiums on the rise?
In the UK, spending on health care has increased by around 4.2% a year since the NHS was founded 65 years ago. According to healthcare market intelligence provider, Laing & Buisson, has said the average increase of medical insurance subscription costs per subscriber has increased at 5.25% a year over the last 10 years. As a result, it is more critical than ever that you search for the best deals around.
How can you reduce the cost?
There are several ways that you can cut the cost of your health insurance renewal:
1. Get specialist advice, Claire our Healthcare Policy Advisor is here for you to give advice on WPA’s products and services. Claire is dedicated to recommending the sort of healthcare that we invest in ourselves, and is here to help Starfish People’s clients, and has customer service as her number one focus. Claire also adopts an open jargon-free approach, which our clients love.
2. Increase the excess: As with car insurance, if you increase the excess that you pay when you make a claim, you can bring down the premium significantly.
3. Adjust the levels of cover: Most schemes give you options for the amount of out-patient cover (e.g. consultations) that you require. You can select to have no out-patient cover or a level of outpatient treatment with a set limit a scheme which covers out-patient treatment in full. The more you get, the more you pay!
Private medical insurance can really make your employees feel valued and our staff-centric approach makes perfect business sense.