June 2023, by Megan Anderson.
Intermediaries have stated that more and more businesses are prioritising low-cost health cover for its employees, according to new research from not-for-profit healthcare provider Benenden Health.
The research shows that most intermediaries (85%) have seen an increase in interest of low-cost health cover, while an additional 41% have seen a “significant increase”.
The research is part of wider efforts to highlight the changing healthcare requirements of businesses in the UK, with low-cost cover ranking more favourably than digital GP services (82%), employee assisted programmes (79%) and cash plans (77%).
Benenden Health also found that 64% of healthcare intermediaries are seeing greater interest in hybrid health cover products. This includes cover that applies to an equal mix of all, and some specific employees. For businesses enquiring about full workforce cover, 42% of intermediaries have seen preferences for different cover levels. This is compared to only 28% of intermediaries stating that same cover levels are in-demand.
Chief Commercial Officer at Benenden Health, Andy Wiggans comments, “The UK population is currently managing a harsh economic climate, the mental and physical health repercussions of the COVID-19 pandemic and rising NHS waiting times both in primary and secondary care. So overall, I’m not surprised that more businesses are opting for low-cost healthcare products. It’s a positive choice for businesses’ health, and the health of their employees.
“Benenden Health is focused on supporting businesses and their employees’ wellbeing as well as helping them stay healthy through a range of initiatives such as webinars and other resources.”
Head of HR at Benenden Health, Rebecca Mian, comments on this new trend further: “Personalisation in workplace healthcare is a welcomed movement, in my opinion, and I’m hopeful to see this shift recognised so widely with healthcare intermediaries, too.
“Employees want personalised healthcare at work so they can make their own informed decisions on their ongoing conditions, or be assured that should a specific concern arise, they are equipped to manage it with confidence.
“A one-size fits-all solution is no longer good enough. The workplace is built on diverse people whether it’s differences in age, gender, race, geography, family and lifestyle constructs and of course, health conditions. Hybrid healthcare products are a good step in the right direction for employee equality.”
Health and medical insurance broker, Lesson Moore commented in the research: “Employers want lower-cost premiums to enable them to sustain cover for their employees. They are also considering offering cover to more of their employees, than before.
“Employees, on the other hand, now expect health products to have a 360-degree approach, with services such as emotional support and digital GP access included.”
87% of brokers surveyed also stated that the low cost of Benenden Health’s product does not influence the integrity of the product, and a further 78% would therefore recommend it as a healthcare provider to businesses.
For more information about Benenden Health.