Corporate Health Insurance
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Corporate Health Insurance in the UK
Almost all companies (95%) in the UK believe they should care for their employees’ health and happiness. They know that employees feel happier with their jobs, take fewer sick days, and work harder when they are healthier. The benefits of corporate private health insurance in the UK, even after the pandemic, include reduced waiting times for medical treatment and allowing employees to access timely and efficient healthcare services.
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What is corporate health insurance?
Corporate health insurance is a type of employee health insurance in the UK that is provided by companies to cover the medical expenses of their employees. It ensures that your employees have access to medical treatments and services when needed, promoting their health and well-being while offering financial security for both the employer and the employee.
The benefits of private health insurance
A company’s private medical insurance in the UK offers several advantages for both employees and employers.
Enhanced employee retention and attraction
Offering health insurance can make your company more appealing to prospective employees and reduce turnover.
Increased productivity
Healthy employees are more likely to be productive and engaged at work, leading to better overall performance.
Tax benefits
Company health insurance premiums may be tax-deductible for businesses, saving in your healthcare costs.
Improved company image
Providing health insurance demonstrates that your company cares about the well-being of its employees, enhancing its reputation.
Benefits for Employees:
Access to quality healthcare
Provides employees with timely access to mental health issues and medical treatments.
Financial protection
Health insurance covers a significant portion of medical expenses, reducing the financial burden on employees.
Peace of mind
Provides peace of mind for your employee’s well-being
Faster treatment
Insured employees can often access medical care faster than through the public healthcare system
Additional perks
Some corporate health plans include wellness programs and additional benefits like dental and optical coverage.
Overall, company private health insurance in the UK is a valuable employee benefit that promotes well-being, productivity, and loyalty within the organisation.
Who pays for corporate health insurance?
Business health insurance is usually funded by the employer. Employers take on the main financial responsibility for providing health insurance coverage to their employees. They may negotiate with insurance providers to get the best rates and benefits for their workforce. While some companies cover the entire cost, others may require employees to contribute a portion of the premium through payroll deductions. Regardless of the arrangement, business health insurance remains a valuable employee benefit that promotes well-being and helps attract and retain talent within the organisation.
Is there a minimum number of employees needed?
There is no specific minimum number of employees required for a company to offer health insurance. Larger companies often provide health insurance policies that cover a significant number of employees, typically starting from around 250 employees. However, even small businesses can opt for corporate private health insurance in the UK that suits their budget and provides essential health insurance benefits for their staff through business health insurance schemes.
Can the policy be tailored to individuals within the business?
We can adjust our private medical insurance quotes to fit your company’s requirements. You can choose the best coverage for various employee groups and adjust the level of coverage for everyday healthcare. If you want special features in the plan or want to learn about group health insurance plans, feel free to contact us. We’ll work together to determine the details and find the best option that suits your company perfectly.
What’s the difference between small business and corporate health insurance?
The difference between small business and corporate health insurance lies solely in the size of the companies they serve. Both plans offer similar coverage levels and benefits, with options for small, mid-sized, and large businesses. The key distinction is that small business health insurance caters to companies with 1-249 employees, while corporate medical insurance is designed for larger companies starting from 250 employees.
What does corporate health insurance cover?
The treatments you can get with company private medical insurance depend on which insurance company you choose and how much you pay for it. You can go to basic or comprehensive cover. The main difference between basic and comprehensive policies is whether outpatient cover for treatments for tests and diagnostics is included.
Core Cover
This level of cover will pay for any inpatient treatments at any of the hospitals on your hospital list. Some outpatient services, like tests and diagnostics, may be included as part of a core plan by some providers.
Medium Cover
You can complement your basic/core cover with limited outpatient, diagnostic, and add-on services such as therapies, dental, mental health care, optical, and many more. Also, upgrade your hospital list.
Comprehensive Cover
This includes all tests and diagnostics as well as access to all specialists and all of the UK’s top private hospitals, including HCA facilities, and unlimited outpatient/inpatient, therapies, mental health and musculoskeletal conditions coverage for employees
Extra Add-Ons
Company private health insurance in the UK offers several advantages for both employees and employers. Most UK health insurance providers offer flexible plans with additional options, enabling you to enhance coverage for your valued employees. You might want to consider adding some extra benefits to your company insurance policy.
Therapies– covers therapies like acupuncture, chiropractic care etc., help their employees get faster access and maintain their well-being.
Dental and Optical Cover – includes insurance benefits for dental treatments and vision-related expenses, ensuring your employees’ oral health and eye care needs are taken care of.
Face-to-face GP services- not only provide in-person consultations but also offer quick referrals to specialists or other healthcare professionals when needed, ensuring timely and appropriate care for your employee.
Family Cover – allows employees to extend private healthcare benefits to their immediate family members, ensuring comprehensive health coverage for their loved ones as well.
Mental Health– includes a helpline for mental health support and the choice to add treatment from a psychiatrist or psychologist if necessary, offering comprehensive help for mental well-being.
Types of Underwriting for Corporate Health Insurance
When choosing Corporate Health Insurance, you need to understand the different types of underwriting available for you and your employees. Each type assesses risk and determines coverage in unique ways:
Moratorium Underwriting
Commonly used in the UK, this type doesn’t require you or your employees to complete detailed medical history questionnaires. Instead, it automatically excludes coverage for pre-existing conditions that occurred within a specified period (usually the last 5 years) for an initial term (e.g., 2 years from the policy start date).
Full Medical Underwriting
Here, insurers review each employee’s complete medical history before providing a quote. This approach offers you a clear understanding of what is covered and excluded based on individual health status, providing transparency. However, it can be time-consuming and challenging for larger groups.
Medical History Disregarded
This comprehensive option covers all pre-existing conditions, regardless of an employee’s medical history. It is the most inclusive and typically the most expensive. Usually available to larger groups (often 20 or more members), it ensures full coverage for your employees.
Continuing Personal Medical Exclusions (CPME)
If you or your employees already have Private Medical Insurance, CPME allows them to join a new scheme or switch providers while maintaining coverage for existing conditions. This ensures uninterrupted coverage for ongoing health issues.
What is the average cost of corporate private health insurance in the UK?
In 2024, the average cost of health insurance for businesses can vary significantly depending on several factors. These factors affect the overall price, making it essential for businesses to consider their options carefully when choosing a suitable corporate plan.
| Coverage Level | The extent of coverage impacts the cost. Comprehensive plans with a wide range of medical services are pricier than basic plans with limited benefits. |
| Number of Employees | The size of the workforce affects the premium. Larger groups often receive volume discounts, making coverage more cost-effective. |
| Age of Employees | Younger employees generally have lower premiums since they are less likely to require extensive medical care compared to older employees. |
| Health History | Employee health status is considered, and those with pre-existing conditions might lead to higher premiums. |
| Add-On Options | Additional benefits like dental or mental health coverage can increase the overall cost. |
| Location of Business | Regional healthcare expenses can impact the premium. |
| Excess | Plans with higher excess or deductibles typically have lower premiums. |
Here are examples of the average cost of corporate health insurance plans; premium per employee for different business sizes. Keep in mind that these examples are based on certain assumptions about the coverage level.
Average cost per employee per month
1-49 Employees
£32.19
This plan covers some outpatient and inpatient treatments in full.
Outpatient Cover- £1000
Excess- £100
Inpatient Full
50-99 Employees
£27.23
This plan covers some outpatient and inpatient treatments in full.
Outpatient Cover- £100
Excess- £100
Inpatient Full
100-149 Employees
£22.56
This plan covers some outpatient and inpatient treatments in full.
Outpatient Cover- £1000
Excess- £100
Inpatient Full
How does group health insurance affect my taxes?
Across the UK, corporate health insurance plans impact taxes differently for employers and employees. For employers, the premiums are usually tax-deductible as a valid business expense. However, for employees, the insurance is considered a taxable benefit and is part of their remuneration package. Employers must report it annually through P11D submissions to HMRC.
How can I save money on my group health insurance?
To save money on group health insurance policy in the UK:
- Compare quotes from different providers.
- Opt for a higher excess
- Encourage employee wellness to reduce claims.
- Consider a limited coverage plan.
- Negotiate with insurers for better rates.
- Review the policy annually for cost-effective options.
Find the best Health Insurance Plan for your business.
Which company is better for corporate health insurance?
UK’s largest healthcare providers offer business health insurance with excellent benefits for your employees. We also work with smaller specialised insurers and those providing other employee benefits. Each insurer has its own unique features, so let’s take a look at them:
Bupa’s corporate policy caters to companies with 250+ employees, offering comprehensive healthcare solutions. With Bupa Balance and Bupa Select options, businesses can tailor coverage to suit their workforce’s health needs.
- Bupa Balance emphasises preventive care and well-being benefits
- Bupa Select provides a wide range of medical services and benefits.
Personal Health Insurance
Axa’s business insurance is a tailored solution built around your business. It offers comprehensive coverage and benefits, ensuring the well-being of your employees. With customizable plans and a wide network of healthcare providers, Axa’s health insurance product provides the flexibility and support your business needs to thrive. Additional perks include:
- Worldwide travel
- Mental health Support
- Nuffield Health Discounts
- Musculoskeletal diagnosis
Aviva’s corporate health insurance is designed for bigger companies with 250+ employees. Their flexible policies allow businesses to pick the right coverage for their employees and specific needs. Besides basic coverage, additional benefits can be added to support both the physical and mental well-being of the employees.
- Comprehensive Cancer Cover
- Mental health support and counselling
- Wellness programs promoting a healthy lifestyle
- Family-friendly policies
Vitality offers company health insurance to companies with 100 or more employees. They provide more than just a regular policy; they also have a wellness program that fits your business strategy. In addition, both you and your employees can earn rewards for making healthy lifestyle choices. This includes discounts on Apple watches, Peloton bikes, cinema tickets, and gym memberships.
- 24/7 Unlimited Digital GP
- Mental health support
- Wellness programs promoting a healthy lifestyle
- Family-friendly policies
Why Is Corporate Health Insurance Important?
Corporate Health Insurance is essential for you and your employees. It offers quick access to private healthcare, helping your team get the best treatment without long NHS waits. This benefit speeds up recovery, boosts morale, and increases productivity. By providing Corporate Health Insurance, you can attract top talent, keep your employees happy, and reduce sick days. It shows you care about their well-being, fostering loyalty and motivation. Investing in your employees’ health makes your company a better place to work.
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