Private health insurance vital for businesses as wait lists soar
Experts from Q Financial Services Group – which has offices in Shrewsbury and Wellington – say a growing number of companies are seeking private health coverage for their staff in the wake of the pandemic.
Alex Morton, of Q Financial Planning, said the demand was driven by record hospital waiting lists that had built up during the pandemic and the need to provide staff with the best possible packages amid a national recruitment crisis.
“The latest figures from NHS England show there were 5.6 million people waiting to start treatment at the end of July – the highest since the records began in 2007,” Alex said.
“A significant number of them will be people in the workforce who may now not be able to work or who cannot work at full capacity due to the inability to seek treatment. This can have a huge impact on the businesses involved.
“At the same time, the latest figures from the Confederation for recruitment and employment show that there were 1.66 million vacancies at the end of last month, and this figure is expected to rise further.
“With vacancies at such high levels, it’s critical that companies offer the best possible packages to their staff to make sure they’re not looking elsewhere, and private health coverage is right at the top of that list. “
Private medical insurance can help people avoid waiting lists, access treatments not available on the NHS, get faster diagnosis from the best specialists and consultants, choose where and when they are treated, and stay in private rooms.
Alex said Q had worked with a number of companies – including those in the hotel industry where the recruitment crisis was particularly felt – to organize private health coverage for their staff.
“These are forward-thinking employers who want to help their staff get the medical treatment they need when they need it and have peace of mind while they wait, but who also realize that offering the best possible packages is an essential element of staff retention. .
“Part of our strength as independent advisors is that we can assess the entire market to ensure the right solution is provided for each client. “