I Have Been Offered Health Insurance Through Work, Is It Worth It?

I have been at my work long enough now that I am eligible for their Group Health Insurance scheme. Is it worth joining? What are the benefits?

Question asked by Margaret Johnson
09/10/2019

This answer should only ever be considered on a case by case basis. It is important to recognise whether you or the company would be paying the premiums.

Voluntary health insurance scheme

Sometimes organisations offer their employees access to a voluntary health insurance scheme whereby given the employer’s size they have access to lower Health Insurance rates than you could get if you set up a personal Health Insurance plan.

In this scenario you would be paying the premiums for the plan, so it is then simply a case of you working out based on budget and how much you value Private Health Insurance whether you should join the scheme at the group rates provided.

Employer paid health insurance

The alternative is where an employer would be paying the premiums for you as part of your employee benefits package.

The company would have set up a policy for employees whether for the whole workforce or a specific group and would be paying the premiums for an eligible employee to be covered by the insurance to have any healthcare treatment they require privately.

PMI as a P11D Benefit

It is important to be aware that if you are eligible to join a group scheme and it is company paid, private medical insurance is classed as a ‘Benefit in Kind’ and thus you may well be liable to a P11D tax on the benefit.

Compare Top 10 UK Insurers

Takes approx. 60 seconds
Verified by Norton Symantec icon
 Or Call Us

Frequently Asked Questions

Contact Us

Head Office & Pensions and Investments
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Personal Insurance & Accounts Payable
Telecom House
125-135 Preston Road
Brighton
BN1 6AF
Drewberry London Office MapDrewberry Brighton Office Map

If you are unhappy with our service, we have a complaints procedure, details of which are available upon request. If you are unhappy with how your complaint has been dealt with, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The FOS website is www.financial-ombudsman.org.uk.

Drewberry Ltd is registered in England and Wales. Companies House No. 06675912

Drewberry Ltd registered office: Telecom House, Preston Road, Brighton, England, BN1 6AF. Telephone 0208 432 7333

Drewberry Ltd (Financial Conduct Authority No. 505473) is an Appointed Representative of Quilter Wealth Limited and Quilter Mortgage Planning

Limited, which are authorised and regulated by the Financial Conduct Authority.

Cookies

Drewberry™ uses cookies to offer you the best experience online. By continuing to use our website you agree to the use of cookies including for ad personalization.

If you would like to know more about cookies and how to manage them please view our privacy & cookie policy.

Deny
Approve