There’s a significant shift in how businesses view offering private Health Insurance to their employees in 2024. A survey from Savanta on behalf of the Independent Healthcare Providers Network found that half of businesses in the UK are “fairly or very concerned” that long waiting times with the NHS are going to increase rates of absenteeism. The survey found that 28% of businesses recorded an increase in staff absences due to sickness in the past year, with this rate rising to 36% for firms with more than 1,000 employees.Of those polled, 1 in 5 companies said it was planning to offer Group Health Insurance to its team in the next year. This rate rises to 40% among businesses with 50 to 249 employees.This trend is yet another example of the growing importance for employers to understand and address the healthcare needs of their employees in the current economic and healthcare landscape.What’s driving these numbers?The Savanta poll indicates that more businesses are now considering business Health Insurance for their employees, which follows years of record growth for individually purchased Health Insurance policies in the consumer sector. In 2022, the total number of people covered by Health Insurance plans, including both employer-sponsored and individually-purchased policies, reached 5.8 million — the highest level since 2008.This shift toward private Health Insurance stems from several critical factors. One of the primary reasons is the prolonged wait times for NHS services, which have driven many employees to seek private healthcare options. According to separate Ipsos polling, some 44% of those using or contemplating private healthcare cited long NHS wait times as their main motivation. Other significant reasons include the perceived better quality of care (35%) and the difficulty of securing appointments at NHS facilities (34%).What’s more, the Ipsos data shows that while 80% of Britons do not currently have private Medical Insurance, nearly half (48%) would be influenced by the offer of such benefits when considering a new job. The value and influence of insurance as an employee benefit extends to Group Dental Insurance as well, with similar figures (48%) suggesting its importance in their job decisions. Mental health services and Vision Insurance also play a role, albeit to a slightly lesser extent, with around 39% indicating they would be swayed by these benefits.Importance for businessesUnderstanding these trends is important for businesses for several reasons. Firstly, offering Group Health Insurance can be a significant differentiator in attracting and retaining top talent. As the competition for skilled employees intensifies, comprehensive health benefits can greatly enhance your company's appeal. And these benefits contribute to overall employee satisfaction and wellbeing — ultimately leading to higher productivity and lower turnover rates.NHS wait times and access to care are causing great worry for a lot of people, but the cost of private healthcare is another major concern. Polls show that a majority of voters are worried about affording healthcare services and unexpected medical bills, which underscores the value employees place on employee health benefits. By addressing these concerns, your business can cultivate a more engaged and motivated workforce.YuLife's unique approach to Group Health InsuranceYuLife’s employee benefits model is vastly different from traditional insurance providers, and emphasises a holistic approach that encourages your team to live healthier lifestyles. Our approach combines Group Insurance with a gamified employee app that encourages healthier lifestyles through daily challenges and friendly competitions. Employees earn YuCoin, a virtual currency, by completing these challenges, which then can be redeemed for vouchers from leading retailers and charities.This innovative model not only provides financial security through comprehensive insurance coverage but also actively promotes physical and mental wellbeing that your employees will look forward to. In fact, the high engagement rates among YuLife users — 72% of employees download the YuLife app, 43% have used it at least once in the last month, and 17.4% log on up to 5 times a day — are a testament to the effectiveness of our approach. Employees are more motivated to participate in health-promoting activities, which leads to improved health outcomes and reduced healthcare costs in the long term. YuLife's model addresses the key issues identified in the polling data: The need for timely and quality healthcare, and the desire for benefits that genuinely enhance wellbeing. In conclusion...The increasing number of businesses considering Group Health Insurance as an employee benefit reflects a broader recognition of the importance of employee health and wellbeing. With long NHS wait times and rising healthcare costs, business Health Insurance is becoming a critical factor in people’s job decisions and overall employee satisfaction.For businesses, understanding these trends and adapting your benefits packages accordingly can lead to a more engaged and productive workforce. About YuLifeYuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.