A quick summary:
If you've been keeping an eye on healthcare costs lately, you'll know that private medical insurance (PMI) is getting more and more expensive for businesses. Historically, PMI has cost businesses anywhere between £200 and £1,500 per employee annually, depending on things like age and location. And while that might have been manageable in the past, premiums are now increasing by 20% every year- some businesses are even seeing hikes of up to 70%.
But why are costs rising?
A combination of market pressures, the NHS being stretched thin, and the lingering effects of the pandemic have created a perfect storm that’s pushing up costs for PMI providers. For businesses that already offer PMI, removing the benefit isn’t easy, especially when it’s been a long-standing support tool for employees. But, as is the case with all types of insurance, the more employees claim, the faster those premiums rise. It puts businesses in a tricky spot- they need to offer health support without breaking the bank. So, what's the solution?
Proactive Wellbeing Support to the Rescue
Instead of simply covering health issues after they arise, proactive wellbeing support is all about preventing problems before they happen - or catching them early. Whether you’re already offering PMI and want to reduce claims to minimise premium hikes, or you’re looking for a more cost-effective alternative, investing in proactive wellbeing is a smart move.
Proactive wellbeing can include things like:
- At-home cancer screening kits
- Physiotherapy
- Mental health support
- Flu jabs
- Dental and optical care
- Mindfulness sessions
- Nutrition support
- Vitamins and supplements
- Wellbeing activities such as pottery, gardening and more
Here’s the thing: a lot of the most common PMI claims - virtual GP services, mental health therapy, physiotherapy, and eye and dental care - could be covered by proactive wellbeing services, for a lot less money. The result? Businesses can reduce spiraling premiums while still offering valuable benefits.
A huge question remains around whether employees really need those specific services through PMI, or are they just using them because there’s no other option, and they feel they should make the most of their benefits.
The Rising Trend of Proactive Wellbeing
Proactive wellbeing is about supporting your employees through all the challenges they face. Take women's health, for example. Issues like period symptoms, endometriosis, menopause, and postpartum depression are common challenges women face in the workplace. And yet, most businesses don't offer enough support. According to Bupa, 1 in 10 women in the UK have left their job due to menopause symptoms, and 13% consider leaving, yet, 90% of workplaces don't have any formal support in place.
But proactive support can be a game-changer for women struggling to stay in the workplace, with simple, effective menopause-friendly policies like:
- Menopause-specific benefits, from counselling to hormone tests and care packages
- Training for HR teams and managers to better understand and offer support
- Peer support networks to create a sense of community among midlife employees
A Holistic Approach to Wellbeing
Employee wellbeing is complex. It’s not just about physical health - financial struggles, mental health issues, and physical health concerns often go hand in hand, creating a cycle that can affect overall productivity and wellbeing. That's why it's essential to take a holistic approach. By offering proactive wellbeing support, businesses can help employees stay healthy, tackle challenges early, and avoid bigger problems down the road.
Proactive Wellbeing Is the Future
Proactive wellbeing should be at the top of your agenda in 2025. Not only will it help you avoid skyrocketing healthcare premiums, but it will also show your employees that you care about their health. Whether it's helping them stay healthy with things like physiotherapy, providing mental health support, or offering menopause-friendly benefits, taking a proactive approach to wellbeing can make a huge difference. And let’s be honest: a healthy team is a more productive team, so you’ll see the benefit in your output too.
2025 is the year to move beyond reactive healthcare and focus on prevention. Your employees and your bottom line will thank you.
Make proactive wellbeing a priority in 2025 with Heka- we have everything you need to support your team, no matter their needs. Get in touch to find out more! Book a demo.
