Bupa launches new research on the economic impact of private medical insurance
Private medical insurance (PMI) provides an annual £2.5bn boost to the UK economy.
This comes through speeding up diagnosis and treatment, reducing sickness absence, and increasing workplace productivity. This comes from new research for Bupa by WPI Strategy.
The 'Healthy Workforce, Healthy Economy' paper launched in the UK parliament reveals both the direct economic impact of workplace private healthcare provision as well as the savings it makes for public services.
Of the total £2.5 billion economic boost, £1.2 billion is generated through reduced sickness absence. Meanwhile, £1.3 billion comes from tackling "presenteeism" where employees are at work but underperforming due to ill-health.
Powering SMEs
The research looks at the impact on SMEs in detail. It showed that PMI delivers an average of 22 fewer sickness absence days and 24 additional days’ worth of productivity. This results in £14,700 in additional Gross Value Added (GVA) per small business every year.
It also estimates that if sickness absence was reduced by just one day per employee through better health support, the SME sector alone could generate an additional £2 billion for the UK economy annually.
Download the research from the bupa.co.uk website >
“A healthy workforce is the foundation of a growing economy. In commissioning the Keep Britain Working review, the government has rightly recognised that tackling health-related economic inactivity is an essential priority. The good news is that private healthcare makes a measurable difference in keeping the UK well and in work, supporting businesses of all sizes to prosper, increasing access to healthcare and easing pressure across healthcare systems.”
- Chris Carroll, CEO for Bupa Global, India and UK