Growing Demand for Health Insurance as an Employee Benefit

25/11/20 General

As a result of the Covid-19 pandemic, many people are considering private healthcare with numbers of health insurance almost doubling. 

This has prompted many professionals to look out for health insurance as an employee benefit when joining a company.

A nationwide survey of 1,049 UK adults, conducted by Equipsme, has found that 15% were open to paying for it before the Covid-19, however, since the pandemic the figure has risen to 27%.

It also showed 30% of people between 18-34 were most likely to consider paying privately for healthcare, compared to 22% of those aged 55 and over.

Of the reasons given in the survey, the waiting times for specialist treatment was the most common. 

Results also showed people’s worry about the NHS’s ability to deal with non-urgent and non-Covid related conditions, as well as a concern over NHS waiting lists.

One of the advantages of private medical insurance (PMI) is gaining access to a virtual GP, allowing you to get to consultations and treatments a lot quicker than waiting for the NHS.

It also helps the NHS by giving them more time to treat patients who cannot afford PMI. If you need to go into the hospital for elective surgery, you can pick the time and place to suit yourself.

The survey also highlighted that health insurance as an employee benefit was more sort after than a gym membership, childcare vouchers or a company phone.

According to the research, the top ten most valuable benefits are: 

1. Pension
2. Flexible working
3. Income protection
4. Health insurance
5. Critical illness protection
6. Life insurance
7. Car parking
8. Mobile phone
9. Gym membership
10. Childcare vouchers

Here at L Wood, we can help assess your current employee benefits and provide effective solutions and advice on how to increase the value of joining your business. 

We can design, implement and even manage several employee benefit programs. 

Get in touch with a member of our team today by calling 01274 515747 or email us mail@lwood.co.uk.