“All of these make healthcare more accessible and convenient and lowers the carbon cost of healthcare,” he adds.
Added value services, such as access to GPs, mental health support and physiotherapy, were highlighted here again as having a genuine impact and representing positive developments for the PMI sector – particularly as some of these enhancements extend to the policyholder’s family members at no extra cost, which has not traditionally represented the norm in the healthcare industry, as touched on earlier by Sawyer.
“This demonstrates an understanding of enhancing the overall wellbeing of the policyholder’s family,” adds Irvine.
The ability to more easily tailor cover according to age, lifestyle and budget was highlighted as another welcome move over the past year.
For instance, National Friendly launched MyPMI last year, which includes a range of options for ages 18 to 85, with flexible underwriting, premiums protected from claims for five years, and also switch terms.
It includes different levels of cover, catering for anything from those looking to cancel or downscale existing PMI due to current financial pressures, to young people who just want to fast-track primary care, or the elderly looking for full-service and the latest in cancer technology.
Where does PMI sit in relation to other health and protection products?
All our experts agreed that health and protection products and services should be considered together.
Middleton sums up this thinking neatly: “All the products have their own way of helping in a crisis. For instance, if you are diagnosed with a critical illness, the payment of a lump sum will help in the short term, the PMI will provide quick access to treatment, and income protection will ensure an income if the individual is off work.
“If the worst happens, life cover provides the family with an element of financial security. We shouldn’t treat these products in isolation, and a good employee benefits package will include elements of all of them.”
Of course, there are lots of other types of healthcare products to consider too, in addition to PMI. For example, health cash plans.
Health Shield Friendly Society commercial director Paul Shires says there is an opportunity for intermediaries to consider health cash plans as complementary to PMI.
“While PMI isn’t necessarily just a perk for senior execs these days, it’s debatable whether many organisations would extend access to their entire workforce,” he says.
“Considering some of the important crossovers between PMI and health cash plans, yet vastly different price points, there is a strong argument for health cash plans to be considered for those parts of the workforce without access to PMI.
“This would help organisations with diversity and inclusion goals levelling up access to vital everyday healthcare services, such as primary healthcare in the shape of virtual GPs, physio triage, diagnostics, mental health support, plus the additional benefits of cash plans such as dental and optical,” Shires continues.
