Company Private Medical Insurance (PMI)
- the added employee benefit of Private Medical Insurance
- a means to help employees gain medical treatment at a time of long NHS waiting lists
- a cover that demonstrates concern for employee health, wellbeing and mental health
- a strategy for shortening employee absence
- a route to better workforce health, happiness and fitness
Private Medical Insurance is a popular employee benefit, particularly as longer NHS waiting times see many opting for private care and privately funded operations. Those employees who might not be able to afford this, may well welcome the opportunity to access care through a company scheme.
The cover contributes to employer duty of care and assists with staff retention and recruitment. However, it can also help an employer keep their workforce fit and healthy, educate them on the benefits of good diet and exercise and reduce employee absences.
Cover typically offers access to medical treatment and consultations, with a choice of hospital available. It will also pick up the tab for the majority of the costs involved in private medical care and consultants’ fees, as well as possibly covering X-rays, blood tests and other diagnostic testing and the costs of dental, psychiatric and optical services.
It goes beyond the cover offered by Cash Plans and Critical Illness Plans and can often provide directors with a cheaper way to provide their own private medical protection, than through privately held plans.