Law firm Shoosmiths is looking to cut the cost of providing private medical insurance (PMI) for its 1,500 employees.
The firm, which offers the benefit to 60% of its workforce, wants to renegotiate its deal with current PMI provider Bupa, as well as look at restructuring its provision of the benefit.
Shoosmiths staff are eligible for PMI if they earn more than £25,000 a year or have worked for the firm for more than five years. All PMI recipients currently receive the same level of cover, but the firm is considering varying cover levels for different groups in order to cut costs. It is also looking into the possibility of underwriting the risk.
Louise Hadland, HR and facilities management director, said: “At the moment, we have the same cover for all categories of staff and it may be that we wish to restructure that going forward and have different levels.
“It also means we can be more inclusive with employees at the lower-paid end, who are currently excluded from PMI, so that we get more cover for our money.”