In 2022, businesses in the UK were faced with rising costs across the board: supply chain issues, hikes in energy prices and fuel costs, the list has been endless. No wonder many business owners are looking to cut costs in other areas. Staff wellbeing is key to keeping your business running smoothly. How can you reduce the cost of your company private medical insurance without jeopardising the health of your staff?
Looking at the options available for you is an important factor when considering cost containment. Enabling your employees to access private medical treatment is especially important with the lengthening waiting lists faced by the NHS. Helping your staff to face their own cost of living crisis can help you to retain employees who ensure your business runs like clockwork.
Comparing the health insurance market
When your company private medical insurance is due for renewal, don’t just automatically renew it. Speak to a specialist health insurance broker who will help you get quotes from alternative insurers. It is true that in some cases you may need to remain with your current insurer, but sometimes they can source a better policy for you that is far cheaper: a win/ win situation. Periodically, insurers have “new business” incentives – why don’t you make the most of what is available?
If you can get dental and optical cover included for free – why not? As more and more people have difficulty finding an NHS dentist, being able to claim cashback for dental treatment can lessen the blow of high private dental treatment costs.
Increase the excess on your company private medical insurance
This may sound like an obvious solution to some, however, the discount for increasing your excess can make a real difference. Furthermore, you can introduce an excess and shortfall plan where employees can claim this excess back. No-one is out of pocket, and you have not changed any of your benefits. A cash plan could also be introduced, with PMI excess cover another alternative available for you.
Remove cover for benefits you are unlikely to use
As company private medical insurance is often a modular product, why not review the benefits you provide for your staff? Do you currently pay for an all singing, all dancing policy? Why not think about the policy itself in more detail?
Do you need cover for pregnancy and infertility treatment if all of your members are no longer in a childbearing age range?
Why pay for private GP appointments if you know your members will be happy to speak to a private GP via the specialist app?
Do you need cover for London hospitals if you live in Glasgow?
Speak to a specialist broker today to help you understand the cover you have in place. Small changes can make a big difference to the cost of your policy.
Save money on your company private medical insurance by changing to a guided hospital option
A guided hospital option can make a big difference to the price of your company health insurance policy. Overall, the feedback from clients who have a guided hospital option is positive. It is important to realise that, in many cases, it makes the claiming process easier. You will not have to find your own consultant or hospital. Just get an open referral from the GP (private/NHS or via your app) and then call your chosen insurer. They will then give you options of which consultant you can see. Insurers will always aim to provide you with choices close to your home.
If you know, however, that you would prefer to choose your own hospital and consultant, then this may not be a suitable choice for your company private medical insurance, regardless of the cost saving you can make.
Not all insurers offer a guided hospital option for company private medical insurance. Ask your broker for more information and if this is available for your policy.
Introduce categories of cover for your staff
Insurance companies will let you have different categories of cover in your company private medical insurance policy. Therefore, if you want comprehensive cover for your directors, a mid-range cover for your managers and a core cover level for the rest of your employees, this can easily be done. You can also have a probationary period applicable before employees are eligible to join the employee benefits scheme.
There is no such thing as a one size fits all. Working with a specialist health insurance broker can make a big difference to the cost of your company private medical insurance cover for now and the future.
If you would like to discuss your policy with one of our team, we will be happy to help you find ways to control the cost of looking after your employees today.