We urge the Government to eliminate the 12% Insurance Premium Tax and income-related taxes on employer-provided health insurance. This move will encourage more employers to offer such insurance, reducing the strain on the NHS and leading to a healthier workforce.
Currently, both employers and employees bear the burden of taxes on private health insurance, discouraging its provision. OECD research suggests private health insurance improves health outcomes and reduces wait times. This policy could increase access to healthcare, reduce NHS burdens, and boost productivity. Care must be taken, such as implementing a cap on tax-free amounts, to avoid creating a two-tier health system. Let's foster a win-win situation for employers, employees, and the NHS.