New data reveals tremendous growth in private medical insurance provided through the workplace, underlining its value as an essential employee benefit.
A record 4.4 million employees are now covered by health insurance offered by their employer. This represents an 8% jump from 2021, taking the total to its highest since 2008.
With claims also up 15% to over 1 million in 2022, these policies are being utilised more than ever. Private insurance enables speedier access to treatment, often preventing minor conditions worsening into major illnesses. Research shows 86% of absent employees with insurance returned to work, with over 40% back within just 4 weeks.
As the government puts workplace health in focus, private medical insurance must be part of the conversation. It provides services like virtual GPs, flexible appointments and surgical operations that the NHS may lack capacity for. This supports employees to recover and resume responsibilities quicker.
Ahead of the Autumn Budget, calls continue for reduced Insurance Premium Tax on health policies. This would increase affordability, allowing more employers and individuals to benefit. With claims payouts reaching a record £3 billion, and over 5.8 million people now holding policies, there is clear demand.
In summary, private medical insurance is seeing remarkable growth as a vital workplace benefit. Record numbers of employers now offer policies, enabling millions of employees swifter access to care. This is delivering better health outcomes and reducing absence.
With strong evidence of rising utilisation and value, the case for greater affordability through tax reductions looks compelling. Supporting wider access would aid government aims to boost workplace health nationwide.
The latest statistics paint a very positive picture of private healthcare delivering for British businesses and their employees. As the go-to option for swift, high-quality treatment and reduced absence, its rise looks set to continue.