Benefex have teamed up with AXA PPP Healthcare and PHC to pioneer a new private healthcare proposition, available to more than just the top earners – Voluntary Private Medical Insurance.
According to research by the Open University, the struggle to recruit talented workers is costing employers £2.2 billion/year. So, organisations need to go the extra mile to stand out as an employer of choice. But what are candidates looking for in a potential employer? Healthcare, it turns out, is top of the list.
Ranked in Cover Magazine as the number one most valued benefit by employees, traditional PMI can be expensive for employers, therefore, it’s typically only made available to the top tiers of the workforce. That leaves the majority of employees open to a higher risk of absenteeism, lower productivity due to poor health and potentially long waits to see a consultant and access hospital treatment.
To tackle this problem, the team at Benefex have built an innovative new benefit, underwritten by AXA PPP healthcare Limited and administered by PHC (a member of the global AXA Group), to alleviate the expense on the employer, allowing them to roll out Voluntary PMI. The benefit is fully self-funded by employees, but employers do still have the option to contribute if they wish. Either way, employees can take advantage of NI savings and easy administration, as the benefit operates via salary sacrifice. Cover can be extended to include family members, too.
Peter Smith, Corporate Benefit Director, Benefex, said:
“With guaranteed availability and client-wide standard rates, this benefit will be an impressive and meaningful addition to a holistic wellbeing scheme, making sure that employees have an exceptional experience, every day. “
“Whether employers have a corporate paid scheme or simply wish to make available this valued benefit, this solution now makes that possible with rates immediately available and no new scheme underwriting”
“Benefex are thrilled to be introducing such a ground-breaking new benefit to market. It is our hope that this makes a huge impact to the complexion of workplace wellbeing, and ensures that every single employee can receive the healthcare they need and deserve.”