Business private medical insurance

There are a whole host of options when you are looking at your business private medical insurance. You have a number of elements to consider, and these are crucial to helping you make the right decision about the cover you need for your employees.

As the retention of key employees can help you run a great business, why not look after them in the best possible way? You may wonder what the difference is between company health insurance and business private medical insurance, but essentially they are the same thing.

Which insurance companies offer business private medical insurance in the UK?

There are many insurers you can buy company health insurance from, including:

  • Aviva
  • AXA Health
  • Bupa
  • The Exeter
  • The PHC
  • Freedom Health Insurance
  • General and Medical
  • Vitality Health
  • WPA

You can buy a policy directly from the insurer or ask a specialist broker to provide you with a review of the market. By comparing different insurers, you will get a good idea of what is available. As business private medical insurance cover is modular, this means you can tailor your cover to suit your own needs.

Why pay for benefits that your staff will be unlikely to use, or that you cannot afford to include? Using an independent broker will give you access to unbiased advice.

What type of business insurance policies relating to health are available?

Consider the type of benefits you want for your staff. Thinking about health issues and cover you want to provide can help you to avoid paying for benefits you are unlikely to use. If you want to help your staff fund everyday healthcare costs such as dental, optical and physiotherapy then a cash plan will work. If, however, you want to ensure that high-cost treatments for cancer and heart problems are taken care of then you need to look at traditional business private medical insurance.

There is also the option to combine policies to work alongside each other, too. Speak to your specialist health insurance broker for more information before you buy a policy.

Health insurance policies for companies in the UK market include:

  • Business private medical insurance
  • Company cash plans
  • Company dental insurance
  • Employee assistance programmes
  • Excess and shortfall insurance
  • Benenden Health for Business
  • Non-urgent surgery policies

As a business, you can also invest in Wellbeing programmes and health screening assessments to help your team proactively manage their health.

Why is it important for you to help your staff manage their health?

Having a healthy staff is good for your business because it reduces absenteeism and presenteeism. When your staff are physically and mentally healthy, they will undoubtedly become more productive for your business. Looking after mental health issues are key in our modern world especially since the COVID pandemic. Studies show that employee’ mental health has suffered extensively since the appearance of COVID 19 across the globe. Even a low-cost employee assistance programme would help and is available to businesses of all sizes.

As a business owner, you have a duty of care to your employees. Making sure you have the right solution for your company private medical insurance needs can be key to keeping your team in the workplace, both now and in the future.

It may be worth asking one of your team to volunteer to become a mental health first aider. Wouldn’t it be fantastic for your employees to have a specialist within your organisation who can help them before things get worse?

How can you control the cost of your business private medical insurance?

Most health insurance policies are an annual contract. The renewal offer from your insurer will take into consideration their base rate, medical inflation, the size of the group, the age profile and the claims experience.

An average increase of 12% for your renewal would indicate that there have been minimal or no claims. It is essential that you review your options at renewal. Don’t fall into the trap of thinking that you cannot change provider because of historic claims. When you compare company health insurance each year, make sure you are paying the current market rate for your cover. A market review can also introduce you to new products available in the UK marketplace.

Working with a specialist health insurance broker can make the process easy for you. A full cost and product analysis will be provided based on your own specific requirements. As your business grows and develops then your need for different health insurance may also evolve.

If other insurers offer you a reduction in premium, then it is likely your current insurer will offer you a discount. You do not always have to change provider to achieve a premium reduction.

Is Business Health Insurance expensive?

Actually, you might be surprised at the price of a comprehensive policy in 2023. Especially if you employ more than 3 people. The rates that apply to your company private medical insurance will improve the more people you have covered. Your company postcode and the age profile of your employees will also be a factor considered by the underwriters.

As an example, when you set up your policy:

  • A company who has 10 employees on their policy would pay more per person than a company who has 50 employees on their policy.
  • A company located in Scotland would pay less per person than a company trading in central London.
  • If you have 10 employees aged 55-65, their premiums are going to be more expensive than 10 employees aged 25-35.

The type of company private medical insurance policy you buy will also make a big difference. Policies that offer cover for heart, cancer and mental health treatment will be more expensive than those that cover non-urgent surgery such as cataracts and hernias. This is because the risk to the insurer is much lower.

Where can you buy private medical insurance for your business?

As a business owner, you have a number of options available to you when you buy your company private medical insurance. If you want an all-round view of the market to alleviate the need for you to research the market directly, then working with a specialist broker may be your easiest option. A health insurance broker will not ordinarily charge any fees, as they are paid a commission from the insurer. The cost of your policy should be no different whether you buy directly from an insurer or through a specialist broker.

Different ways to buy your company private medical insurance include:

  • Online via a cost comparison website
  • Through your independent financial adviser
  • Via a trade association or governing body within your industry
  • Directly from the insurer
  • Working with a specialist health insurance broker or employee benefits adviser

Because the options available to you are varied and this is an ever-changing sector, the expert advice of a specialist broker could help you to buy the right policy, first time. A reputable broker will help you at the inception of your policy and assist with any issues throughout the policy year. Their advice can be invaluable for you and your employees when it comes to making a claim.