PMI: 6 Good Reasons
PMI will suit a range of your clients, from individuals and families through to small and large companies, however the reasons why your client may be interested in PMI will vary. Below we have outlined a number of key reasons why we believe an individual or company may look to purchase PMI.
- 6 good reasons why your individual clients need PMI
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- Peace of mind - should illness strike, your clients have the peace of mind that they and their families can receive access to high quality care and advice.
- Speed of treatment - your clients will no longer have to wait months for a specialist appointment and even longer for a bed or treatment. In many cases they will be referred to a consultant within days and receive prompt treatment.
- Choice - your clients can select the hospital that suits them best from the available hospital list, and have a choice of specialist.
- Convenience - your clients can plan an operation to suit their particular timetable
- Excellent facilities - if your clients need an operation or treatment, they will have the peace of mind that they can access high-quality facilities.
- Private hospital room - in nearly all cases, patients will have the privacy of an en-suite room complete with television and other home comforts with no visiting restrictions.
- 6 good reasons why your corporate clients need PMI
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- The cost to their business - according to research by the CIPD* in 2007, employee absence is a significant cost to 90% of businesses. Their most recent employee absence survey reveals that on average sickness costs employers £659 per employee every year. This could mean the difference between profit and loss.
- Return to work - for small businesses in particular the impact of long-term illness can be significant. Ask your clients how losing one, two or even three employees, over a length of time, will impact on their business. Your client’s employees are likely to be able to return to work quicker if they receive medical treatment sooner.
- Attract employees - PMI is the second most desirable benefit (after company car) benefit cited by employees that they would like to receive but don’t. Having this benefit may assist your clients in attracting new recruits.
- Retain employees - more and more companies are providing their employees with PMI. Your clients may reduce the risk of losing them to a competitor, thus avoiding the cost and time of replacing that employee.
- Tax benefits - PMI is a tax-deductible business expense (under current tax rules, Feb 2008).
- Convenience - employees can plan to have treatment when it suits them which means that your client’s may be able to plan ahead with their employees who need treatment, and therefore lower the impact on their business.
Source: Chartered Institute of Personnel and Development. (2007) Absence management. Survey report. London: CIPD. http://www.cipd.co.uk/surveys