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Employer Paid Medical Insurance
Group medical insurance, also known as employer paid medical insurance, always comes at or near the top of surveys of benefits offered to employees.
Benefits of Group Medical Insurance
- Employees appreciate the convenience of avoiding possibly long waits for consultations and treatment
- Hospital admissions can be at a time to suit them and the employer
- Time away from work is reduced
- Offering private cover can help with both recruitment and staff retention
How do group medical insurance policies work?
- Group medical insurance schemes can include just two employees but groups of three or more employees give access to more choice
- The employer must pay for employees but families may be included, paid for by the employer or by the employee to the employer.
- It is a benefit in kind but is very much less costly for employees than a personal policy bought from taxed income.
Click here to download an enquiry form and further information or call us on 0800 458 1616 to discuss your needs.
Explanatory Notes for Employer paid enquiriesGroup medical insurance, or employer paid private medical insurance is a popular and cost-effective employee benefit. It is a useful Employee recruitment and retention feature and also means that staff absences can be shorter and planned, where medically practible, to have minimum effect on output. It is normally taxable as a benefit in kind. It is available for as few as 3 employees. These obviously include Directors and/or Partners and Sole Traders.
- Type of business:
We ask this because some Insurers base premiums on what the company does, so please be as specific as possible.
- Postcode:
Again some Insurers base premiums on either the company's postcode or the employee's home postcode.
- Premium Payment Method:
The normal options are monthly by direct debit or yearly either by direct debit or cheque. A few Insurers also accept quarterly payment. Annual payment in advance is usually cheaper than monthly payment.
- Type of Plan:
Standard normally covers both out-patient and in-patient treatment. Budget schemes usually cover in-patient only and sometimes operate only if the NHS cannot provide treatment within six week of diagnosis. Most schemes taken are standard type.
- Excess Level required:
Taking an excess, like car insurance, reduces the premium payable. Obviously the higher the excess the lower the premium. Excesses are normally imposed once each policy year although some Insurers impose one on each claim. It is expected that the Employee, and not the Employer, should pay any excess amount.
- Employer paying for Dependants:
You have the choice of paying for dependants as well as the employee and many schemes do this. However if you elect to pay only for the employee he/she may add dependants at his/her own expense. In this case he/she must pay you and you must pay in total to the Insurer.
- Hospital Class:
Depends primarily on where the Company is located. It is based mainly on accommodation costs and does not reflect the quality of medical treatment.
Choose:
- A or B:
If you want cover for the expensive private hospitals in Central London, and the London Teaching Hospitals.
- C:
For Hospitals outside the London area.
If you wish to use a specific hospital please put the name after Hospital class on the enquiry form.
You may opt for different scales for different Employees.
Please call us on 01300 320222 if you have any queries on completing the group medical insurance enquiry form.
