Private Medical Insurance (PMI)
The provision of private medical insurance is another major factor in improving the business of recruitment and staff retention, as well as ensuring that employees who fall ill are able to receive treatment and return to work as quickly as possible. The benefits cut both ways.
As with any other type of insurance provision, there are many options available to you in setting up a group medical insurance scheme for your staff. Bear in mind, however, that if you intend to pay the whole premium, the value of the payments you make on behalf of your staff constitute a Benefit In Kind and are thus taxable.
Amongst the issues you will need to consider in setting up a scheme are the level of cover you wish to offer, the general health of your employees (a health or fitness club will probably employ lower risk staff than a bar or restaurant), the provider's record of premium increases, and whether or not you wish to extend cover to your employees' families or to allow cover to continue after an employee's retirement.
There are currently over a hundred different PHI schemes on the market, each one offering different levels of cover and a variety of inclusions and exclusions. We at Focus have extensive experience in the field of setting up group PHI schemes (not least our own) and will be happy to discuss your needs with you.