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Latest NewsSickness absence managementPay & benefitsHealth insurance

Employers paying more for healthcare schemes

by Laura Chamberlain 4 Jul 2011
by Laura Chamberlain 4 Jul 2011

Personnel Today Smart Buyer
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WHY SHOULD YOU OFFER PMI?

An introduction to private medical Insurance
The most important issues in PMI
Ten reasons for an employer to offer PMI
   
ASSESSING PMI SCHEMES
What is the cost of private medical insurance?
What types of medical cover can I buy?
How do I buy private healthcare – direct or through a broker?
   
MAKING PMI COST-EFFECTIVE
Ten ways to cut your PMI costs
Tax implications of PMI for employers
   
PMI – THE NEXT STAGE
Corporate PMI providers
Switching PMI providers without a hitch
Corporate healthcare trusts
Case Study: Corporate Healthcare Trusts
   

Personnel Today Smart Buyer: all private medical insurance content

Employer healthcare costs, such as private medical insurance, have increased by more than 50% in the last five years, according to HR consultancy Aon Hewitt.

Aon Hewitt’s Benefits & Trends Survey of 480 UK employers found that 67% of them have experienced rising healthcare premiums, with the average UK employer typically spending more than Â£500 per employee every year on health insurance.

However, as costs rise, employers are actually looking to reduce health budgets, with 69% of respondents wanting to reduce the cost of their healthcare benefits.

And with Aon Hewitt predicting that cost increases will beat inflation this year, many employers could struggle to make savings in this area.

Colin Bullen, UK head of health consulting at Aon Hewitt, said: “Employers are in a quandary. Ill health represents a major issue, costing on average between £2,000 and £3,000 per employee in total, which includes the direct and indirect costs of sickness absence, healthcare benefits and health management.

“Providing a comprehensive and integrated health and wellbeing programme, which includes benefits such as health insurance, is vital if companies wish to limit this burden on their business and productivity. However, the inflation in costs – particularly insurance – is a real concern.

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“Aiming to achieve a sustainable long-term reduction in healthcare expenditure should be employers’ main objective. Short-term cost cutting may seem attractive, but short-term imperatives do not always match with long-term savings in healthcare.”

If you are looking to introduce or change a private medical insurance scheme, read our free buyers’ guide.

Laura Chamberlain

previous post
SMEs keen to reduce staff holidays
next post
Exempt new businesses from pension reforms, says BCC

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