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The COVID backlog for appointments is “sadly going to get a lot worse before it gets better” said Sajid Javid, the Health and Social Care Secretary, on Twitter. It is being reported that NHS waiting lists are at an all time high, the longest since records began, and could reach 14 million next year.
With long waiting lists and health concerns high on the national agenda, more people are considering paying for private treatment or private health cover for the first time.
Even long before COVID employers offered private medical insurance as a perk for top employees, helping with recruitment and to keep key members of the team well and working which supports productivity.
However traditionally private health insurance was just offered by larger companies, with established providers requiring pages and pages of personal medical information and opaque pricing structures that could see premiums rise substantially after the first year. It is hard to find an average premium as none of the big providers publicly explain their pricing, but premiums can reach £1,000 a year, or more.
But the field is opening up and more businesses have access to more affordable options, so a larger pool of the workforce can be covered. This is even more relevant for the industries that are facing a skills shortage and competition to fill vacancies.
This is where Equipsme comes into play.
“Everyone should be able to access private healthcare and take charge of their health – not only big businesses and top executives. We wanted to help people take care of themselves, and businesses of all sorts of shapes and sizes take care of their people.” Matthew Reed, Founder and Director, Equipsme
Equipsme is on a mission to democratise healthcare insurance by making it affordable for businesses of all sizes, even equipping the self-employed with cover.
Since the pandemic, Matthew Reed, the company’s founder and managing director, has observed a shift in people’s attitudes on health and healthcare. In comparison to some prominent suppliers their website features affordable price plans ranging from £17 to £37 pppm. Their most popular plan is £29 pppm, which includes 24/7 virtual GP appointments, physiotherapy, private diagnosis and private hospital treatment.
For just £1.50 extra pppm, you can opt in for stress support or dental and optical care for £7.50 extra pppm, as well as add your family onto the plan.
Members get access to 24/7 support, physio sessions, regular health checks and can be referred to a consultant for diagnosis and treatment, all managed through a simple app.
According to Equipsme, membership increased by 50% this year, with a renewal rate of 111% – which reflects companies renewing their plans and adding more staff to cover. In the last financial year (2020-2021), they tripled their income.
Most recently, they formed a distribution partnership with AXA Health, which not only strengthens Equipsme’s brand and market, but also demonstrates to established companies how they can provide a better solution to their healthcare employee benefits by reserving traditional care as an executive benefit – a more cost-effective solution. Other partners include Starling Bank, Enterprise Nation, Simply Business and more.
With the UK healthcare and insurance market predicted to reach around £10 billion by 2025, Equipsme are placed in the right position to reach this growing demand. After having already successfully crowdfunded on Seedrs in November 2020, overfunded by 229% and raising £286,1119 from 249 investors, they are now raising £500,000 to continue the growth of Equipsme.
To be a part of a revolutionary product democratising the healthcare space, find out how you can invest here.
