Choosing Group International Private Medical Insurance (IPMI) can offer several benefits for businesses in the UK, and for those with employees in other countries. Here are 6 key reasons why you may want to consider providing this benefit:

Comprehensive Coverage:

IPMI plans typically offer extensive coverage that goes beyond what local health insurance plans provide. This can include:

  • Access to a global network of healthcare providers: Employees can receive medical care from top hospitals and specialists around the world.
  • Specialist treatments and advanced medical facilities: Coverage often includes treatments that may not be available locally, such as cutting-edge therapies and advanced surgical procedures.
  • Preventive care and wellness programs: Many IPMI plans offer comprehensive preventive care services, including regular health check-ups, vaccinations, and wellness programs to keep employees healthy.

Employee Satisfaction and Retention:

Providing high-quality health insurance can significantly enhance employee satisfaction. Employees who feel valued and secure are more likely to stay with the company. Benefits include:

  • Peace of mind: Knowing they have access to excellent medical care can reduce stress and improve overall well-being.
  • Increased loyalty: Employees are more likely to remain with a company that invests in their health and well-being.



Attracting Talent:

In a competitive job market, offering IPMI can be a key differentiator. It can help attract top talent, especially for roles that involve international travel or relocation. Benefits include:

  • Competitive advantage: Offering superior health benefits can make your company more attractive to potential employees.
  • Support for expatriates: For employees relocating abroad, IPMI ensures they have access to quality healthcare in their new location.

Consistency Across Borders:

For businesses with a global presence, IPMI ensures that all employees receive consistent healthcare benefits, regardless of their location. This can simplify administration and ensure fairness. Benefits include:

  • Uniform coverage: All employees receive the same level of care, which can be particularly important for multinational teams.
  • Simplified administration: Managing a single international plan can be easier than dealing with multiple local plans.



Peace of Mind:

Knowing that employees are covered for medical emergencies and routine care worldwide can provide peace of mind for both the employer and the employees. Benefits include:

  • Reduced stress: Employees can focus on their work without worrying about healthcare issues.
  • Business continuity: Minimising health-related disruptions can help maintain smooth business operations.
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Regulatory Compliance:

In some cases, international assignments may require specific health insurance coverage to comply with local regulations. IPMI can help businesses meet these requirements. Benefits include:

  • Legal compliance: Ensuring that your company meets local health insurance regulations can prevent legal issues.
  • Employee protection: Providing the required coverage ensures that employees are protected and compliant with local laws.

Group IPMI can be provided from as little as 5 lives, and for some specialist sectors this could be reduced to being from as low as 2 lives.  It could also be possible to obtain advantageous terms for those Employers who already have a Group Private Medical Insurance Scheme set up in the UK and want to expand to cover employees based overseas.

Would you like to know more about specific Group IPMI providers or how to implement such a plan in your business?  Contact our advisers now for more information on advice@mwmeb.co.uk.


Disclaimer:

The information provided is for general information only and is not intended to address the particular requirements of an individual or business.  It does not constitute any form of advice or recommendation by MWM Employee Benefits or Menzies Wealth Management Ltd and should not be relied upon by individuals in either making or refraining from making any financial decisions. Where necessary, you should seek appropriate professional advice before acting on any of the information provided.

MWM Employee Benefits is an appointed representative of Menzies Wealth Management who is regulated and authorised by the Financial Conduct Authority (FRN 486548).

Menzies Wealth Management Limited is registered in England and Wales under number 06597008. Our registered office is at 4th Floor, 95 Gresham Street, London, EC2V 7AB.

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Jackie Witcher

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