At SMP Healthcare we know that every company scheme must deliver on many levels. Healthcare benefits are offered to valued staff and key team members, often assisting employers to retain these staff members. Quality of customer service, benefit levels and cost re all factors in making a decision about where to place your healthcare business.Group private medical insurance is available for companies with three or more employees, although some providers will take company schemes of two members. SME Company schemes are generally age rated premiums where as corporate schemes are experienced or flat rated policies.
As within your business you will have different levels of staff, many of the company private medical insurance policies will allow you to have different levels of cover for different categories of staff. Maybe you would like your Directors and Managers to have full refund policies but your Team leaders and general staff to have a reduced level of out-patients cover? There are many options available to company schemes and as a specialist health insurance broker, SMP Healthcare would be happy to help you navigate the options available in an ever changing market.
All members on a company paid/ group scheme should be employed by the business and the insurer could at any time request proof of employment either verbally, a copy of a wage slip or P60. As a general requirement, most insurers will insist on the premiums being paid from the company bank account whether by cheque, BACS or Direct Debit. Alongside the private medical insurance, many companies also consider a Cash Plan as a valuable tool to provide their staff will help towards everyday health care costs. Cash plans do not rely on GP referral and therefore treatment is often dealt with quickly, ensuring employees are feeling well enough to return to work sooner. This rapid turnaround is in the interest of both the employer and employee.
Dental insurance, Health Assessments, Employee Assistance Programmes and Occupational health solutions are all available as business health insurance options and should be considered when you contemplate exactly how to spend your business healthcare budget.
Company private medical insurance policies are annual contracts and as such cannot be cancelled mid-term unless there are circumstances such as the company going into liquidation or relocated abroad. If you are unhappy with your current insurer for any reason, please speak to one of the team at SMP Healthcare Ltd as they may be able to help you resolve any issues that you have.
Company Private Medical Insurance schemes are generally very flexible and offer business owners a great option for Health Insurance as generally they are rated on in a different way to individual policy. The more members you have covered the better the rates you pay. As a common example a company scheme with 20 members (employees) would pay a better rate per person than that of a scheme with 2 members.
Benefit levels vary greatly and many providers offer a modular product enabling you to choose from a list of options, tailoring your cover to your own specific requirements. Some require only cover for In-Patients and Day-patient treatment however others like to have the peace of mind that everything is covered including cover for psychiatric/ mental health benefits, Out-patients consultations, therapies such as physiotherapy, osteopathy and acupuncture.
With some of the UK Health Insurance providers you could also choose to add benefits such as travel insurance, dental and optical benefits and Employee Assistance programmes to your private medical insurance policy saving you time by having it all covered on the one policy. The travel insurance element tends to remain for the life of a policy rather than on an age basis so providing you are still employed by the company and eligible for the Private Medical Insurance benefit, the travel cover should remain in place.