Company Health Insurance
Protect your employees and your business with a company private health insurance policy. Get the advice you need to fully compare business health insurance options.
Financial Conduct Authority Registered, FCA number: 919083
What is company private medical insurance?
Company health insurance is also known as a group scheme or corporate medical insurance. By having it in place you are allowing your employees to bypass the NHS waiting lists and to have access to private medical treatment. Group schemes are available for businesses of all sizes and you can tailor it to suit your companies needs.
FAQ's about company health insurance
- Reduce staff absences – Staff will receive access to quick diagnosis and treatment, which will get them on the road to recovery quicker.
- Increase staff retention – Providing a benefit like private medical insurance for your staff, helps to decrease staff turnover.
- Attractive benefit for recruiting staff – The benefits you provide as a company, can help make you stand out to potential candidates.
- Healthier workforce – Health and wellbeing is shown to increase productivity, engagement and staff morale.
- Convenient medical appointments – With the right provider your staff can get access to GP appointments on the go, meaning less time out of the office sat in waiting rooms.
- Tailored cover – You can have different levels for staff based on things like managerial positions.
Your underwriting choice allows you decide how your staff will be covered for conditions they may have before joining the policy.
- Full Medical Underwriting – Your employees will complete a form outlining any pre-existing conditions they have, these will then be accessed by the insurer and potentially excluded from the policy. If you are thinking you would prefer black and white terms for your employees, speak to an advisor to declare your medical history and they will be able to help decide which insurer would offer the most favourable terms for your group.
- Moratorium Underwriting – With this underwriting a pre-existing condition will be covered after a moratorium period (usually 2 years) if they have gone 2 years “trouble free”. “Trouble free” is defined differently by each provider.
- Continued Personal medical exclusions (Switch Underwriting) – If you have a policy in place already then you can have the option to carry over the underwriting options you had with them. For group schemes this is subject to a simple medical declaration made on behalf of all members on the scheme, usually by the director or group secretary.
- Medical History Disregarded – This underwriting will cover employees for pre-existing conditions but there may be restrictions on this underwriting like a minimum number of people on the policy. The number of people varies from insurer to insurer, the lowest number required is 15 employees.
Company schemes are a great way to put affordable medical cover in place for groups of employees. However, as the group ages and claims are made against the policy, in some cases smaller groups find that the premium can rise quickly, if large repeated claims are made year in year out. In some circumstances it may be worth looking at personal policies instead, where the claims risk belongs to the individuals rather than the group.
If you are thinking about retiring and need to leave a group medical insurance policy, we would typically recommend that you seek advice well in advance from retirement (ideally 24 months in advance). This is so that you can get your medical history and claims history accessed by a specialist, who will be able to let you know what options you will have to carry your cover on and at what likely cost. If you are retiring, continuing cover is likely to be in your best interest as you are reaching that time in life when you are most likely to need cover.
When leaving a group policy some people only ever get as far as requesting quotes with the insurer that they have been covered with through work. They may find that this insurer has loaded the policy premium, in order to cover the risk of a “group leaver”. The spike in premium will vary from policy to policy, but in general the more claims the group policy has had, the more it will push up your premium, even if you have never personally made a claim on the group policy. Therefore, we strongly recommend speaking to one of our advisers if you are looking to leave your group company scheme.