"One size does not fit all" when it comes to purchasing products for employee cancer cover, according to Jelf Employee Benefits.
Jelf said that while private medical insurance (PMI) was often the traditional way to cover cancer care, there were many other options that were often more cost-effective and gave staff more choice in how they were treated.
Options could include medical expense plans to specifically cover cancer providing a lump-sum directly to the employee, granting them more freedom in how they choose to be treated; or utilising critical illness cover to finance care.
The cost of cancer could also significantly affect future PMI premiums, with one big cancer claim possibly having a vast impact on this.
Recently released figures showed that due to early death, cancer was costing EU employers productivity losses amassing €42.6bn, with lost working days totalling €9.43bn.
The consultancy has also published a white paper on cancer cover which aims to educate employers on options available to help them manage their costs and care better for their staff.
Jelf Employee Benefits director of UK healthcare Iain Laws said: "One size does not fit all, the age of buying off-the-shelf PMI to cover all your staff's healthcare needs is long gone. There are many more ways to insure the eventuality of cancer and we're encouraging employers to look specifically at how to manage this. If employers do choose a traditional PMI scheme we want them to have made an informed decision to have done so."
