As a business, offering private medical insurance (PMI) is a great way to give your employees peace of mind that their finances will be one less thing to worry about if they become ill. Choosing the right provider is the first place to start. Finding the right one for you depends on a number of factors, from the level of cover you’d like to your budget per person. We’ve rounded up the best providers, as well as tips on choosing the right one, so you can make an informed decision.
What is private medical insurance (PMI)?
PMI, also known as private health insurance, helps to pay for some (or all) of your medical bills if you're treated privately. Businesses can offer this to employees as part of their overall benefits package.
With PMI, employees can choose the level of care they receive. For example, you might want to include hospital admission, surgery, diagnostic tests, physiotherapy or nursing care, to name a few. You can often access services and cancer drugs that aren’t always available on the NHS, and you can choose from a range of premiums to suit your needs. Some people choose to stipulate the amount of money they’d be willing to contribute towards the cost of treatment (known as the “excess”), which can bring down the cost of their premium.
From retaining loyal employees to attracting top talent, learn more about why the best businesses offer PMI as part of their employee benefits package.
What makes a good PMI provider?
Thankfully, finding a good PMI provider isn’t like finding a needle in the haystack. There are a number of reputable insurers out there, and the best way to get a feel for what the provider offers and whether it suits your business needs is to look at their review scores. Here are a few things to look out for:
- Ease of purchasing a policy
- Customer service
- The range of treatments and hospitals available
- Clarity of terms and conditions
- Value for money
- Claims score
A good PMI provider will ideally score highly in all of these areas, but some factors might be more or less important to you, so it’s a personal choice. Before you take out a policy, be sure to check the reviews for each insurance provider on sites like Trustpilot and Which?.
Who are the top providers in the UK?
If you want to offer your employees the best of the best, here are some of the top PMI providers in the UK:
Bupa
Bupa is proud to cover more mental health conditions than any other leading UK insurer, as well as providing access to breakthrough cancer drugs and nurses available 24/7.
Axa
Axa caters to both small business and corporate healthcare policies, from 24/7 online GP services to gym discounts and physio services.
Allianz
Allianz has over 130 years of experience helping businesses support the health of their employees. They work with a network of 1.3 million providers worldwide to make sure you find the right fit.
Freedom
Freedom, which is famous for its non-location based pricing plans, offers affordable and flexible health plans. You can get a no-obligation quote in minutes on their site.
Vitality
With Vitality, you not only stay in control of your health, but get rewarded for it too. Access private healthcare quickly and easily online and enjoy benefits and discounts on big brands by staying active.
Aviva
Aviva, which gives you free cover for your first month, offers extensive cancer cover and places just as much emphasis on mental wellbeing as physical health to keep your employees on top form.
WPA
WPA is a not-for-profit organisation that provides a range of award-winning health insurance with cover levels and lifestyle options, whatever the size of your business.
Saga
Saga offers four private healthcare plans for you to choose from, as well as the option to choose your preferred private hospital from the Saga Countrywide Hospital List.
Exeter
Exeter are known for being owned by their customers, so they reinvest their profits into what matters to their community. You can get remote GP appointments, dietitian consultants and more.
General & Medical
General & Medical provide high quality private healthcare policies at a low cost, partnering with more than 1,000 UK hospitals and medical facilities for you to choose from.
Not sure which provider is right for you? Help is at hand – we work with a wide range of brokers who can easily connect you to the insurance provider of your choice. Whatever you’re looking for, you’ll find it with Ben. Book a demo to see Ben in action and get your burning questions answered, putting you on the path to finding the right PMI provider.
How to choose the right provider
It’s a good idea to start with a bit of your own research into each provider, like we mentioned above. After all, you know what you’re looking for better than anyone else. Once you have an idea of which providers tick the right boxes, or if the thought of researching from scratch is overwhelming, you might want to get advice from someone experienced in the area.
This is where Ben comes in. We make the process of finding and getting set up with an insurance provider seamless from start to finish. First, we’ll connect you with a benefits consultant to help you find the right provider and plan from our extensive broker network. Then, our onboarding team will make sure your employees are set up properly and automated provider communications are enabled. We’ll take care of all the admin, including if you offer various levels of coverage or dependent enrolment.
It’s that simple. All that’s left for you to do is sit back and reap the rewards from having happy, healthy employees. Sound good? Get started with PMI on Ben now.
