PMI provider Health Care Navigator is taking its first steps into the corporate market with a pay-as-you-go scheme for employees.
The scheme, launched last week, involves employers giving staff a cash payment instead of offering regular PMI cover. Employees can then use the cash to take control of their private healthcare needs.
Health Care Navigator says the fundamental principle of the plan is that employers and employees evaluate self-insurance and self-pay options alongside or instead of conventional PMI coverage.
The service aims to match patients with an appropriate private hospital for medical or surgical procedures.
A Navigator spokesman says that while providing company cars used to be the norm, it is now increasingly common for employers to make a cash payment instead.
Navigator says the cost of PMI is often disproportionate to employees' claims, which are often for relatively small amounts and, given that PMI costs will likely continue to rise, self-paying options are often a more rational option.