Top-Ranked Perk: The Rising Value of Group Private Medical Insurance

Why Group PMI is a game-changer in attracting and retaining top talent amid soaring NHS wait times…

Group Private Medical Insurance (PMI) is one of the most-valued perks a company can offer. One in three employees rank it as their number one employee benefit. 

It provides employees fast, stress-free access to treatment for a wide range of health conditions by private doctors and hospitals. This can range from musculoskeletal and mental health conditions to surgery and cancer treatment. At a time when we are seeing record-breaking waiting times for treatment on the NHS, it is easy to see why employees value this benefit so much.

As an employer, you can customise the features of your policy to meet the needs of your workforce and your budget. For example, the choice of private hospitals can be expanded or limited. In addition, you can add benefits such as optical and dental cover to provide a more comprehensive policy.

One of PMI’s most frequently used benefits is the virtual GP service. On average, there is a nine-day wait to see an NHS GP. Most PMI providers allow employees to select a specific GP who will see them at a time that suits them (including early mornings and evenings), generally within 48 hours. This means employees can access treatment quicker, preventing the issue from worsening and potentially requiring time off.

Research by the Association of British Insurers (ABI) reported that 86% of people absent from work due to illness or injury were successfully supported to stay in employment using services provided by their insurer. This shows how beneficial PMI is and its tangible value for employers in helping to retain staff in a highly competitive market. 

The employer generally meets the cost of a PMI scheme, which is classed as a deductible expense for Corporation Tax. However, it is a P11D employee benefit and will be liable to income tax and National Insurance contributions.

So, with 57% of employees considering health benefits when job hunting, can your company afford not to offer it?