Private medical insurance (PMI) ranks as one of the most in demand workplace benefits by employees, with only flexible working and home working more highly desired.
Encouragingly for the sector, risk benefits such as income protection and critical illness were also highly rated and desired on par with higher pension contributions.
Engage Health Group’s Work, Health and Wellbeing report, which surveyed 250 UK employees, found a third of all employees wanted PMI, more than for enhanced pension contributions (30%), income protection (28%), critical illness (28%) and life cover (22%).
In terms of benefits currently available to employees, PMI ranked fourth just above life cover in fifth and critical illness in eighth.
However, income protection was down in 17th place and offered to fewer than one in five employees.
The three most widely used health-related insurance benefits by employees were PMI (33%) followed by life insurance (30%) and employee assistance programmes (26%).
When asked about the most important benefits for mental wellbeing, PMI – again ranked third behind flexible and home working.
The survey found eight in 10 employees felt the employee benefits they received led them to feel more loyal towards that company.
However, one in three said they felt health and wellbeing was not a business priority where they worked and it was not promoted by management.
Nick Hale, founder and director at advice firm Engage Health Group, said: “If you extrapolate these findings to the thirty-two million people employed in the UK, then we could have more than 10 million people lacking any one of the three pillars of wellbeing.
“This is concerning given the rising demand for such support. But it may also reflect some of the challenges facing businesses in a turbulent economic environment.
“Employee benefits have been in greater focus over the past few years as employers hone their packages to make them as compelling as possible.”
Hale added that despite vast numbers of perks and benefits being available “the basics haven’t changed, and when everything is stripped back, the health of employees, and that of their families, remain the highest priority.”
“We’ve seen unprecedented enquires for health insurance over the past 12 months, and interestingly for all staff rather than purely those in senior positions. With over six million people current on NHS waiting lists, this is a trend we expect to continue,” he added.
Rachel King, UK general manager at Breathe, said: “It comes as no surprise that flexible working is a priority for many, given the significant contribution it can make to your physical, mental and financial wellbeing.
“This finding correlates with research we recently conducted among SME employees. It is vital that all employers recognise this and regularly review flexible working policies in line with this reality.”
