What is Group Private Medical Insurance (PMI)

Private Medical Insurance (PMI) usually means your employees receive medical attention faster than through the NHS. Helping them to get back on their feet earlier reduces days lost to sickness absence. But it also does more for the progress and prosperity of your business than simply jumping the medical queue. As part of a remuneration package it’s a compelling way to attract and retain the best talent in Northern Ireland.

Employer Benefits

  • Employees are probably the most important asset a company has, so looking after their health is crucial to your business.
  • Group PMI provides a high-value benefit and peace-of-mind to attract and retain experienced employees.
  • PMI is normally an allowable business expense for corporation tax purposes under current tax rules.
  • Above all, Group PMI can help to reduce the cost of sickness absence.

Employee Benefits

  • Peace of mind - they will not have to wait on the NHS for eligible treatment.
  • Employees can choose where and when they are treated to ensure their treatment fits in with home and business schedules.
  • Own private room in most cases.
  • Visiting times to suit them.
  • Cover can often be extended to their family as well (either company paid or on a voluntary basis).

Five Good Reasons to Have PMI

  • Can help manage the cost of short-term sickness absence and other impacts on business and provides treatment to employees so they can return to work as quickly as possible.
  • Can serve as an excellent recruitment, motivation and retention tool.
  • Provides a high-value benefit and peace-of-mind to attract and retain experienced employees.
  • You may be perceived as a caring employer.
  • Helps towards satisfying your responsibilities as an employer.

Some Common Misconceptions with Private Medical Insurance

“Private health cover is for larger companies – not smaller ones.”

Not at all. The market offers private health cover for companies of all sizes, from 2 employees up to larger corporate schemes. And remember, the smaller the company, potentially the greater the impact of sickness absence.

"We can’t change cover, as we’ve made a claim with our current insurers.”

This may not necessarily be so. It is often possible to transfer your health cover to an alternative provider and still have a similar level of cover. However, it’s best to ask your new provider if this is the case before you sign on the dotted line.

“We’ve already got a Cash Plan/Income Protection.”

Neither of these will cover you for private medical treatment.

“We’re covered for all critical illnesses – and that’s all the cover we need.”

Critical illness policies will only cover your employees for specific conditions and will then only make a one-off payment. Private health insurance covers a wide range of conditions and treatments. Furthermore, we don’t limit the number of claims you make per year.

“My company can’t afford private health cover.”

We research the private health insurance market to offer flexible private health cover to suit all budgets. And don’t forget, getting private health cover through the company could provide you with significant savings compared to rates for individual health cover.

“There’s loads of admin involved in making a claim.”

All claims are the responsibility of the individual staff member and most companies assess as many claims as possible over the phone. Valuable work time therefore is not wasted on unnecessary paperwork.

Trust the professionals at Willis Wealth Management in Belfast to assist you with your Private Medical Insurance.

If you would like further information on Group Private Medical insurance products available to you, please contact the Willis Wealth Management team on 028 9032 9042 or complete our quick enquiry form.

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