Corporate Medical Insurance is a highly-valued employee benefit that provides private healthcare treatment for your employees when they need it the most. In fact, it’s the insurance policy workers would most like to see their company introduce.
If an employee falls ill the corporate health insurance will provide them with access to private clinics, hospitals and consultants at a time convenient to them so they can receive the best possible treatment.
By utilising the company paid private healthcare your employees get to bypass potentially long NHS waiting lists and get the required treatment faster helping them to get back on their feet quicker.
Comprehensive Health Insurance, the option many larger corporations choose, includes both inpatient and outpatient cover. It therefore generally covers:
Most policies and private facilities will offer benefits such as:
Many of the top UK corporate health insurance providers now include some really valuable additional benefits that employees and employers alike are hugely grateful for.
Most Corporate Health Insurance policies offer a number of additional workplace wellbeing benefits which now include a digital GP service, usually via a smartphone app.
We have had some great feedback on how valuable this has been for many employees, it gives staff access to video and / or telephone GP appointments, usually 24 / 7, from the comfort of their own home.
Historically, you had to wait for an NHS GP referral to access private treatment. Now, however, remote GP services can make referrals for private treatment under the Health Insurance scheme if necessary.
Read here how our director utilised our Virtual GP service and how easy he found it to use.
In addition to the GP service some also provide a bolt-on prescription service as well as other everyday wellbeing benefits such as counselling helplines and high street discounts.
We helped gaming company Trailmix implement a AXA corporate scheme, click here to read how their staff are really benefiting from the Doctor@Hand service →
Providing a level of outpatient cover ensures your staff can get a consultation or scan for a quick diagnosis when they have a medical issue. It is one of biggest benefits of private healthcare.
Without access to outpatient cover, employees will still have to wait for the NHS to be diagnosed before receiving any private inpatient treatment.
Nadeem Farid
Head of Employee Benefits at Drewberry
Corporate Medical Insurance treats acute conditions. These are conditions that will improve with treatment (e.g. joint pain treated by having a hip replacement).
As good as private healthcare is it doesn’t cover chronic conditions (for example those that don’t get better with time and remain with you for life, such as diabetes). For chronic conditions, employees will continue to use the NHS.
There are a number of general exclusions you’ll find in most Private Health Insurance policies include:
The NHS does a fantastic job, but a funding squeeze has limited the amount of cash available even as demand for UK healthcare spikes. As a result, the NHS is under significant and sustained pressure.
For instance, at the end of June 2020, NHS statistics reveal 3.86 million people on NHS waiting lists in England awaiting treatment. Almost half of such patients had been waiting at least 18 weeks.
For employers, providing Corporate Health Insurance as part of an impressive employee benefits package can:
Happy, grateful and above all healthy employees tend to be more productive.
The cost of will vary between businesses because it’s partly based on employee demographics. Factors which impact the cost of cover include:
Below we’ve provided examples of the average cost of premiums per employee for different sized businesses. To provide these examples we’ve had to make a number of assumptions about the level of cover. For instance, we’ve assumed:
These premiums are a guideline only — the cost could be different depending on your needs and circumstances.
We are a regulated independent insurance broker with a team of expert advisers on hand to help you compare corporate health insurance quotes from all the leading UK providers.
If you need some help pop us a call on 02074425880 or email help@drewberry.co.uk
50 Employees |
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Average cost per employee per month: £35.36 | 100 Employees |
Average cost per employee per month: £28.79 | 150 Employees |
Average cost per employee per month: £21.88 |
Corporate Health Insurance is a highly valued benefit however it is not always an affordable option to provide to all staff.
A business with a tighter budget might want to consider a Corporate Health Cash Plan, which is significantly cheaper but still provides really valuable everyday healthcare support.
A corporate health cash plan provides a cash reimbursement for every day healthcare costs, for example dental check-ups, physiotherapy and eye tests.
You have a number of options when arranging Private Medical Insurance for your employees. Each will impact the overall cost of the cover.
Choose how much outpatient cover your staff receive. Your options are:
Naturally the less outpatient cover you provide the lower the cost of cover.
Excesses typically start at £100. The larger your excess, the more staff will have to pay towards their treatment but the cheaper premiums will be.
Adding an excess can help reduce unnecessary or trivial claims which end up increasing the overall cost of your cover.
Every year the UK loses £70 billion as a result of mental health issues, making access to quality mental healthcare vital.
Many firms are choosing to include mental health cover with their corporate health insurance given the focus on employee wellbeing. This additional option can be expensive though and one you may wish to scale back if your budget is limited.
Most plans cover surgical procedures such as cataract and wisdom tooth removal. However, a policy usually won’t cover routine optical and dental care, such as the cost of check-ups, fillings, new glasses etc.
This option expands your Health Insurance to cover such routine care.
If you wish to include a level of dental cover you may also want to consider a standalone policy which could be more cost effective.
It means staff can only claim if the NHS waiting list for the inpatient treatment they need exceeds 6 weeks. If not, they’ll use the NHS.
This option can significantly cut the cost of premiums.
You have the option to add employees’ families. The business can pay for this or you can ask the individual worker to pay.
Including family members may be beneficial as it could reduce the amount of time employees are absent while caring for ill family members.
You have three underwriting options, plus a fourth if you’re looking to move between providers. Each is different and will determine just what staff can claim for based on their pre-existing conditions.
Private healthcare benefits are usually an allowable business expense against your corporation tax bill.
For employees, corporate health insurance is a P11D / taxable benefit in kind.
As such, HMRC levies tax against premiums by reducing employees’ annual income tax allowance by the same amount of the premiums paid on their behalf, meaning staff can earn less before becoming subject to tax.
As an employer, you’ll need to fill out a P11D form to declare to HMRC that you’ve provided your employees with a benefit in kind and pay employer’s National Insurance on the premiums.
Yes, Corporate Health Insurance is a P11D / benefit in kind. This means there’s additional tax to pay on the employee’s part as a result of having the cover.
This is usually achieved through a HMRC adjustment to your tax code which reduces the amount you can earn before tax kicks in (this is known as your personal allowance) to the equivalent cost of the premiums each year.
Corporate Health Insurance is designed to pay for the treatment of acute medical conditions in a private hospital setting. You get to choose the facilities you’re seen in and the specialists you visit.
It’s there to pay for faster access to healthcare than the NHS can provide in many cases for problems that are treatable, such as joint pain requiring joint replacement, cancer care, a tonsillectomy, cataract removal or cardiac bypass surgery. This is opposed to chronic conditions that are only manageable, such as arthritis, asthma and diabetes, which aren’t covered.
A Corporate Health Cash Plan, on the other hand, is there to reimburse you for the cost of everyday health expenses, such as optician and dentist visits.
To use dental treatment as an example, you visit the dentist, have your treatment and pay for it. You then keep the receipt and send this off to the insurer with your completed claims form. The insurer will then reimburse you up to the limit per policy year for that type of treatment.
Most corporate health insurance schemes have the option to cover a level of overseas travel.
Some providers offer a set number of days per policy year while others have bolt on travel option which works in much the same way as a separate group travel insurance policy.
If you have a number of employees stationed overseas then it might be worth considering a group international health insurance policy.
As independent insurance experts we work with all the top UK providers. When it comes to corporate healthcare there are four main providers with a number of other smaller niche insurers:
Each insurer is different and which one is right for your company and your staff depends on your circumstances.
Our job is to make sure you get the most appropriate cover for your business and your employees at the most competitive price.
We are often able to negotiate better terms than you dealing direct with an insurer and we do a full market review each year to make sure you always have the best terms.
It takes time and expertise to set-up the most suitable corporate scheme for a large group of people. Many firms simply don’t have the resources in house to manage this and choose to work with an expert.
Out team of experts work with every UK leading insurers and compare quotes from all of them. We also understand all the terms and conditions and have processes in place to make reviewing the market as hassle-free as possible.
We started Drewberry™ because we were tired of being treated like a number.
We all deserve a first class service when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If you need help setting up corporate medical insurance please don’t hesitate to call us on 02074425880 or email help@drewberry.co.uk.
Very good service from Rauri – he has been very helpful and thorough.
Or call us on 0208 432 7333
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