The new scheme, which replaces the previous PMI scheme run by Aylesford, offers the company a shared risk approach and capped exposure as well as the ability to be quickly and easily set up. With a staff of 500, Aylesford needed a provider with the ability to control annual claims spend, essential in a difficult market and when times are tough.
Healthcare Trusts are a recognised alternative to traditional PMI schemes and operate in an almost identical manner. However, with a healthcare trust, a business can set the rules, providing a high level of control on costs as well as ensuring employees are appropriately covered. This level of control has made them increasingly popular amongst businesses looking for alternative ways of providing healthcare benefits for their employees.
"Changing from a conventional PMI scheme to the Healix Healthcare Trust enables us to tailor the benefits offered to our staff to meet our own needs" confirmed Martin Atkinson, Human Resources Manger, Aylesford Newsprint. "However, there is absolutely no compromise on medical care for our employees, with access to a nurse led claims platform as a central component of the service.
"This new service gives our employees bespoke benefits and access to the health care provisions that meet their needs. It will also improve the quality of delivery of the service, compared to the previous PMI provider, from case management to treatment provision. Plus, through 100% profit share, it gives our business the cost controls that are absolutely essential during the current difficult economic climate."
The advantages of a Healix Healthcare Trust include significant savings - typically 10% - over the cost of corporate PMI premiums, with the business keeping any monies if claims are lower than anticipated, rather than an insurer taking extra profit. The flexibility of a Healthcare Trust, allowing the employer to set the rules and decide when they want the fund to pay out, is also a key benefit for businesses, with bespoke administration services tailored to suit the organisation.
"Our ability to control costs and provide a reduced premium compared to Aylesford's previous provider was a key driver in their decision to appoint us" confirmed Steve Hook, Sales and Marketing Director, Healix. "We pride ourselves on being able to provide a specialised and expert service, whilst keeping a very tight control on costs and we are increasingly finding that this is appealing to businesses that had previously seen PMI as the only way to deliver benefits to their staff."