UK - Cut-Price offers from private healthcare providers are giving employers a new alternative entry level to the market, Mellon Human Resources & Investment Solutions claims.
Last year Mellon warned businesses to expect a 70% rise in private medical benefit costs over the next five years.
But Mellon believes the new “no-frills” options will make private healthcare affordable for many more companies.
Mellon describes the new products as a halfway house between NHS provision and a full – but expensive – private healthcare package.
Mellon HR&IS health and welfare managing director Adrian Norris said: “With the cost of private healthcare continuing to increase it is encouraging to see the market adapting.
“Particularly the way in which some private hospitals and other treatment centres are finding ways of lowering charges to remain competitive.”
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...