Four in 10 UK businesses are considering private health insurance for their workforce.
New research from Independent Healthcare Providers Network finds that more and more UK businesses are worried about rising illness absence rates, long wait times at the NHS, and how some executives are responding by thinking about getting private health insurance for their employees.
Independent Healthcare Providers Network, which represents most private health businesses, also found that just over half of 1,000 businesses were “fairly or very concerned” that waiting times may increase internal sickness absence rates.
Buck senior benefits consultant Amanda Cran says: “UK businesses are increasingly looking to ways they can attract and retain talent, but many are not always in a position to offer inflation-busting salary increases.
“With employees growing more and more concerned about challenges facing public healthcare, including extended waiting times, one area companies are looking to boost their employee offering is by improving the health and wellbeing platforms they provide, and even setting up private medical insurance (PMI) or cash plan policies for staff.
“Almost 40 per cent of firms are exploring PMI as part of their employee benefits package, while research from Buck shows that nearly half the UK’s employers (47 per cent) plan to increase investment in financial wellbeing and employee health benefits technology platforms.
“Just some of the ways employers are taking action include offering access to quality, unlimited digital tools like CBT plans, mental and physical assessments, mindfulness, personalised content, and 24/7 GPs – all of which demonstrate their commitment to the wellbeing of their teams.”
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