Demand for private medical insurance soars

A Shropshire financial services company says demand for private medical insurance is soaring as hospital waiting lists hit record highs and the country faces a growing staffing crisis.

Experts at Q Financial Services Group – which has offices in Shrewsbury and Wellington – say increasing numbers of businesses are seeking private health cover for their staff in the wake of the pandemic.

Alex Morton, of Q Financial Planning, said demand was being driven by the record hospital waiting lists which had built up over the course of the pandemic and the need to offer staff the best possible packages in the midst of a national recruitment crisis.

“The latest figures from NHS England show that there were 5.6 million people waiting to start treatment at the end of July – the highest since records began in 2007,” said Alex.

“A significant number of those will be people within the workforce who may now be unable to work or who cannot work at full capacity as a result of not being able to get treatment. That can have a huge impact on the businesses involved.

“Alongside this the latest figures from the Recruitment and Employment Confederation show there were 1.66 million vacancies at the end of last month, with the figure set to grow still further.

“With vacancies at such high levels it is vital companies offer the best possible packages to their staff to ensure they do not look elsewhere, and private health cover is right at the top of that list.”

Private medical insurance can help people avoid waiting lists, access treatment not available on the NHS, get faster diagnosis from leading specialists and consultants, choose where and when they get treated and stay in private rooms.

Alex said Q had been working with a number of businesses – including those in the hospitality sector where the recruitment crisis was being particularly keenly felt – to arrange private health cover for their staff.

“These are forward-thinking employers who want to help ensure their staff get the medical treatment they need when they need it and have peace of mind in the meantime, but who also realise that offering the best packages possible is a vital part of staff retention.

“Part of our strength as independent advisers is that we can assess the whole of the market to ensure the right solution is provided for each client.”

Pictured: Alex Morton