Inchora Health’s Stephen Russell, who is head of our Broker relations has kindly agreed to be a guest contributor on the blog, as we dive into the benefits of Private Diagnostics Insurance compared with Cash Plans and full Private Medical Insurance.
Private Diagnostic Insurance is a completely unique offering in the medical expenses arena, designed to cover the cost of diagnostic testing, undertaken via the private healthcare pathway, through a seamless quick and simple process, delivering peace of mind.
We are all aware of what a wonderful role the NHS plays in our everyday lives and that it is free at point of delivery. However, we also recognise the huge strain and burden it carries in relation to the pure volume of cases it oversees. The volume is the crucial factor here and while the NHS does a stellar job, where we tend to find the ‘bottleneck’ within the system, is at the referral and diagnostic stage, this is where we truly believe there is a space for PDI.
Employers understand that access to publicly funded diagnostics can mean that their staff can experience long waiting times, initially to see a specialist and secondly to be diagnosed, which can mean both absence from the workplace and presenteeism, each are issues, not to mention costly, both directly and indirectly. From an employee’s perspective, not knowing why you feel unwell is the most concerning part of any ailment. Long waits, with uncertainty surrounding a condition, can be extremely concerning to an individual, so can have an impact on their mental wellbeing. Once you know what the problem is, the experts can then get on with treating the condition.
PDI is a fraction of the cost of traditional PMI plans, which tend to be out of reach for ‘all staff’ for most companies. PMI, in the main, has been a considered purchase for companies and most tend to cover more senior employees, due to size of the investment. However, businesses have recognised that they need to invest in staff at all levels, to help with their health & wellbeing strategies, but moreover help reduce absenteeism and the associated costs, not to mention promoting the attraction and retention of employees, by offering a myriad of benefits.
In the last 10 years we have seen a huge uptake in the company paid Cash Plan market, and with good reason, given the above. While Cash Plans offer value for money benefits, for everyday healthcare costs, such as capped amounts for dentistry and optical care, with limited funding for private consultations and in the odd case, 1 MRI, CT or PET Scan, they have a limited impact in assisting getting people back to work quicker, due to the limited benefit values. PDI on the other hand, offers coverage for all diagnostic testing up to an annual limit of £5,000, way above the cover levels Cash Plans currently offer.
All new conditions are covered under the PDI proposition, including cancer, hearts, MSK, mental health, respiratory conditions and diabetes.
The UK has some of the worst cancer survival figures in the Western world, largely due to late diagnostics – British journal of General Practice 2017
Moreover, PDI should be purchased with our Cignpost Health/Personal Plus package, whereby PDI members will have access to online GP’s and our nurses, not only to just guide them through the diagnostic pathways, but continue to support our members once their condition has been diagnosed and the treatment they require to recover has been identified. Each member will obtain access to our Compass File, where we furnish our members with information relevant to their condition, allowing them to make informed choices regarding their healthcare.
We are aware that we are competing with Cash Plans, but we hope to convince intermediaries that PDI is an attractive viable option, which offers more value to companies, not just because a larger proportion of employees get access to quicker diagnostics, but also the wider tangible effect PDI can have on mental health across their workforce.
For more information about the PDI product that Cignpost have on offer, CLICK HERE.