Most providers offer optional extras that you can add to a policy to increase coverage for an additional premium. For example:
- Psychiatric cover
With the UK losing £70 billion annually as a result of mental health issues, access to quality mental healthcare is vital. However, patients often struggle to get the treatment they need on the NHS in a timely manner. Adding this option to your Health Insurance gives employees access to private mental healthcare / therapy sessions.
- Dental and optical cover
While Health Insurance covers surgical procedures such as cataract and wisdom tooth removal as standard, policies don’t usually cover routine optical and dental care. This might include the cost of check-ups, fillings, new glasses etc. Adding this option expands your policy to cover such routine dental and optical care.
- Cover for family members
You can expand coverage to workers’ families if you prefer, something which may reduce the amount of time employees are absent while caring for ill family members. This can be at your expense or you can ask that workers pay to add their family.
Private Health Insurance Underwriting
You have three main underwriting options to choose from, each of which will impact the cost of cover. These are:
- Full medical underwriting (FMU)
While it’s the cheapest option, it requires lots of paperwork to get it off the ground. This is because you’ll have to make a full disclosure of each worker’s medical history. An insurer will then exclude any pre-existing conditions outright from the start.
- Moratorium underwriting
The most common option, moratorium underwriting needs far less initial administration than FMU as it doesn’t require upfront medical disclosures. Here, the insurer excludes conditions an employee has had in the 5 years up to the policy start date. However, the insurer may look to cover that condition if the employee serves 2 years on the policy without any advice, medication or treatment for it.
- Medical history disregarded (MHD)
Larger companies have the option to choose the best medical underwriting on the market: medical history disregarded underwriting. It’s only available to groups of 20+ workers. It ignores all pre-existing conditions, regardless of when staff suffered from them, which means employees can claim for any condition eligible under the policy’s terms.