Answered by Andrew Jenkinson
This is a very common question and one that unfortunately does not have a straight forward answer.
Many companies look to business health insurance to provide employees with a means of receiving prompt high quality treatment for acute medical conditions thus ensuring their employees can receive the care they require when the need it most and get back on their feet and back to work as quickly as possible.
Business Health Insurance schemes are very similar to Private Medical Insurance paid for by individuals, with the main difference being that it’s paid for by the company instead of individually.
We’ve provided a guide on how much PMI costs for individuals that might be useful for you to look at, although nothing beats talking with one of our expert employee benefits consults.
What influences the cost of PMI?
A very basic plan may only cover treatment for more serious illness where a stay in hospital is required, a mid range plan in addition may provide a limited amount of outpatient treatment where a truly comprehensive plan will cover both inpatient and outpatient treatment in full.
Other factors include setting an excess, including a 6 week NHS wait option or choosing whether or not you want additional cover, such as psychiatric cover. These can all influence the cost of a policy.
Fortunately, the experts here at Drewberry are trained to take all of this into account and can provide you with advice to help you find Corporate Medical Insurance with a level of cover and a cost per employee you’re happy with.
Frequently Asked Employee Benefits Questions
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