How much will a business health insurance scheme cost per employee?

I’m in the HR department of my company and we’re considering introducing a company medical insurance plan. Before I started looking, I wanted to get an idea of how much corporate health insurance costs per employee? We’d ideally like to cover everyone within the company, but it would be a good idea to know the cost of providing Group PMI before I start.

Question asked by Eleanor Laurie
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Answered by Andrew Jenkinson

This is a very common question and one that unfortunately does not have a straight forward answer.

How much does company private medical insurance cost per employee?

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?

It’s important to realise that Company Health Insurance schemes can vary wildly in the level of cover they provide.

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.

What does group medical insurance cost?

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.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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