What is driving demand for private healthcare options?
Demand for corporate healthcare options, including cash plans and dental plans, has increased since the pandemic, which raised awareness of different health needs, including mental health. Covid also impacted the delivery of NHS services, and longer waiting lists remain an isssue. We are now also seeing record levels of long-term sickness and as a result more people across all income bands say they’re willing to pay for healthcare. This trend is also reflected in the corporate market, with employers looking for innovative ways to reduce absenteeism and address recruitment and retention issues.
Is cost an issue for the corporate market?
Consultants working across the corporate sector are aware of the cost challenges clients face when it comes to employee benefits. These have been exacerbated by higher National Insurance bills and increased salary costs in recent years. Medical inflation has also pushed up the cost of traditional PMI policies. However, health plans and dental plans can provide cost-effective options for the entire workforce, delivering a return on investment for corporate clients of all sizes..
How has Simplyhealth evolved its health plan proposition in light of these issue?
We know more corporates are looking to offer healthcare benefits that deliver value across their workforce rather than just providing expensive insurance options for management-level staff. With health plans the complexity of category benefits often means employees don’t utilise the benefits. Affordable access alone isn’t enough. With this in mind we’ve launched Simply Essentials, a solution which offers a lower-cost entry point of £2.99 per month per employee. This health plan focuses on the main causes of workplace absenteeism, offering access to a virtual GP, and targeted support for musculoskeletal problems and mental health issues. This ensures concerns are dealt with promptly, helping prevent conditions worsening. Digital triage options are offered, with people signposted to further treatment, where relevant, some of which are offered at a discount.
For each of these areas Simplyhealth has created dedicated support and treatment pathways through a network of specialist partners, all of whom are selected on the basis of the clinical outcomes delivered.
This plan is also underpinned by further ‘on-demand services’ covering a range of wellbeing issues, from menopause support and neurodiversity assessments to advice on nutrition, specialist skin treatment options and parental coaching. These are accessed on a pay-as-you-go basis (again with discounts available through out network). We will also shortly be introducing a co-pay option for employers. Again, Simplyhealth has conducted due diligence on all recommended providers, giving customers the confidence they are accessing services that will deliver the right clinical outcomes.
How does this work with traditional cash plan offerings?
By offering a suite of products we can meet the needs and budgets of different corporate clients. Cash plans have always offered a cost effective way for companies to offer healthcare benefits across their workforce, offering payments towards dental, optical, and physiotherapy treatment, alongside additional wellbeing benefits. While cash plans remain popular, only around 7m out of the 35m people working in the UK have healthcare cover, beyond what is available through the NHS, according to Laing & Buisson. The new Simply Essentials plan is a way to bridge this gap, by offering another lower-cost option.
We are also looking to extend this further, by offering the ‘on-demand’ element as a stand-alone product, later this year.
Are people’s healthcare needs changing?
More people now access healthcare support services via digital channels. Following feedback from consultants and clients, we have ensured these are all accessible through one app, making options easier to navigate.
The healthcare services people access is also changing, with increasing awareness and demand for support for mental health issues. Likewise awareness of neurodiversity has expanded, drawing attention to the challenges posed by lengthy NHS waiting lists for assessment and treatment. Additionally there is a heightened focus on women’s health with greater recognistion of issues such as fertility, parenting and menopause, driving the call for more accessible and specialist care.
For corporates, providing healthcare solutions that include these specific services can ensure they offer inclusive benefit packages that serve their wider workforce.
As a business, Simplyhealth exists to improve access to healthcare for all in the UK. Offering a range of health plans with various benefits supports this purpose, ensuring that more corporates can provide these benefits for their employees, even when challenged on budget.
