Private Medical Insurance Myth Busting: Is It Really Too Expensive?
“Private medical insurance? That’s way too expensive for a small business.”
Sound familiar? You’re not alone.
When more than 7.4 million people are waiting for NHS treatment, the urgency and value of fast-access private medical insurance (PMI) couldn’t be clearer, yet myths still prevent many businesses from tapping into this high-impact benefit.
The reality? PMI is far more accessible than many employers think. Let’s bust the biggest myths.
Myth #1: PMI Is Too Expensive
The truth: Group PMI is far more accessible than expected and delivers tangible business value.
Employers often assume PMI is an unaffordable luxury. Yet group arrangements work differently than individual plans - they spread risk across employees, lowering premiums, and make quality care more affordable for businesses of all sizes.
The true cost lies in not tackling workplace absence.
UK businesses lost a staggering 148.9 million working days last year due to sickness, equating to around £100 billion in lost economic output. Add in extended NHS waiting lists, and employees are often off work for weeks or months unnecessarily.
Providing PMI can fast-track treatment, leading to quicker recovery and fewer lengthy absences.
The demand is clear. A third of UK employees place PMI at the top of their benefits wish list, yet only 15% of employers offer it. This isn’t just a perk, it’s a high-value, under-delivered benefit that can enhance retention and morale.
The truth: Voluntary PMI is a valid option for SMEs.
Another option gaining traction amongst businesses where cost might be a barrier is Voluntary PMI.
Voluntary PMI removes the cost burden entirely for employers - employees opt in and pay for their own cover via preferential group rates.
It’s a no-cost, high-impact way to support employee wellbeing, attract talent, and differentiate your package, without stretching your budget.
Myth #2: Medical Histories Can’t Be Transferred
The truth: Medical histories can usually be transferred, and pre-existing conditions don’t automatically mean higher costs.
A common fear among employers is that switching providers – or setting up PMI for the first time – will mean staff lose cover for existing conditions. In reality, many providers in the industry have well-established processes for medical history disregards and continuation of cover.
When employees move between group schemes, their medical histories and ongoing treatments can usually be carried over without disruption. This ensures that staff receiving ongoing care aren’t penalised with exclusions or delays.
For businesses, this matters not only for peace of mind but also for demonstrating commitment to employee wellbeing. No one wants to feel they’ll lose access to treatment just because their employer switched policies.
The result? A smooth transfer process that removes risk and ensures employees remain supported – which, in turn, strengthens trust and engagement across your workforce.
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Myth #3: PMI Is Just for Senior Management
The truth: Modern PMI is for everyone - and employees expect it!
PMI has moved from an executive perk to a workplace expectation. Research shows that 62% of employees believe private healthcare should be offered as part of standard benefits, and 70% say they’d be more likely to apply for a job that includes it.
This shift reflects changing priorities: employees no longer see PMI as optional.
It’s something they value and expect, and they’re making career decisions based on it.
Offering PMI across your workforce, not just to senior staff, is now a clear competitive advantage in today’s tight labour market.
Myth #4: The NHS Is Enough
The truth: Lingering NHS pressures make PMI not just attractive - but essential.
Polling shows that one-third of working-age adults consider PMI ‘essential’, yet uptake remains low - just 8% hold individual policies and another 8% are covered through work. That leaves a significant gap between demand and provision.
With NHS waiting lists at record highs, delays for routine treatment are directly impacting workplaces.
PMI bridges that gap, offering rapid access to consultants, diagnostics, and treatment. Faster care reduces stress for employees, supports better outcomes, and minimises disruption at work.
Myth #5: PMI Administration Is Too Complex
The truth: With the right partner, PMI is straightforward to implement and effortless to manage.
Employers often assume PMI means extra admin and ongoing complexity. In reality, when you work with specialists, all the heavy lifting is taken care of - so you can focus on running your business while your employees get the healthcare support they need.
At Bravo Benefits, our benefit consultants and Client Success Managers guide you through every stage:
- Tailored consultation – we take the time to understand your business, budget, and employee needs before recommending the right plan.
- Plan design & provider search – we source and negotiate with insurers to secure the best fit for your workforce.
- Smooth implementation – from setup to employee communications, we handle the process start to finish.
- Ongoing expert support – we manage renewals, claims queries, and insurer negotiations so you don’t have to.
- Smart Hive app – employees can access their scheme details and wider benefits in one place, reducing admin for HR and empowering staff.
With Bravo Benefits, PMI is a seamless, supported process led by experts who make sure you and your employees get the maximum value from your plan.
The Bottom Line: Can You Afford Not to Offer PMI?
Offering private medical insurance has become one of the clearest signals that a business truly values its people - and it pays back in productivity, retention, and reputation.
The myths that have held businesses back are exactly that – myths. Whether you choose traditional group PMI or our zero-cost Voluntary PMI solution, you're investing in your team's health and your business's future.
The real question isn’t whether you can afford PMI – it’s whether you can afford not to.
