Health Insurance

A comprehensive guide on health insurance

What is corporate health insurance?

Corporate or business health insurance is an insurance plan that covers medical treatments, employees may require. For example, if an employee falls ill and is covered under a corporate health insurance policy, they can access private hospitals and receive medical attention needed quickly. Comprehensive insurance policies can cover everything from mental healthcare to serious or chronic physical illnesses.

Corporate health insurance can potentially help employees avoid long NHS waiting lists and receive their treatment sooner. This benefits the business because they will have a healthier and happier workforce and reduce sickness rates. You as the employer, if you choose to pay the entire cover for your staff, they’ll be receiving treatments they may not otherwise have had access to on their own.

Working with an Independent Qualified Advisor

Although the agreement is between you and the insurance underwriter, it's often common and beneficial to work with an Independent Qualified Advisor, who will act on your behalf to find the best deal on the market for your circumstance. The advisor will act as a bridge between you and the underwriters, so they will ask you the questions required by the underwriter to generate a quote. The advisor will be rewarded by getting a pay-out from the underwriter, often there would be no cost to you for the use of their service and you get the benefit of their access to the whole market, which won’t be accessible to you without them.

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What are the main benefits of corporate health insurance?

The benefits of corporate health insurance can be split into two categories, that is the benefits to the employee and the benefits to the business:

An employee will benefit from:

● Faster access to treatments and generally more accessible hours
● Access to the highest standards of healthcare for a wide range of conditions
● More personalised care, better choice of treatment facilities
● The policy may cover family members who fall ill too
● In most cases, access to a 24-hour GP or nurse advice line as required

The benefits to the business include:

● Because staff are not subject to NHS waiting list times, this means they get better and return to work faster.
● Employees have access to medical care outside of business hours
● Better healthcare can improve employee wellbeing and increase happiness in the workplace.
● Having valuable benefits can help attract and retain top quality staff

Further reading: What is an IFA?

What are the steps to taking out health insurance?

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Do corporate health insurance policies cover my employees family or do they need separate insurance?

This will depend on the policy taken out. In most cases, close family members can be added to a policy for an additional fee. For most employees, there is enormous value in adding their spouse or children to the cover. There will be an additional cost for this, but it’s worth considering seriously.

How much does corporate health insurance cost?

As you may expect, the cost of cover will vary from business to business. Several factors will affect your premium:

● The number of employees you wish to cover
● The level of cover required
● The average age of the team
● Your industry and occupation
● Location of your workplace
● Any optional extras you want to include

A health insurance broker can provide detailed information on the costs involved in taking out company health insurance.

Health insurance policy options

We mentioned above that one of the critical decisions you will have to make is whether you opt for basic cover, which will just cover inpatient treatments for your employees, or alternatively, a more comprehensive policy. However, that is just one consideration you will need to make. Let’s have a look at other factors that your business will need to consider and discuss with a professional when selecting the right policy for your business:

Excess -This is the amount your business will pay towards the claim before your policy covers the rest.

Mental health cover - This isn’t always included but is a desirable benefit that adds value. It can be a costly benefit to add, so one that’s worth discussing with your broker.

Dental and optical care - most policies will include surgical procedures. However, routine care is often excluded. It can be added to your premium, usually for a small additional fee.

Cover for family members - As mentioned earlier, it is possible to add employees, immediate family to a policy. This is usually at an additional charge but is a benefit that employees value.

How do I obtain corporate health insurance for my business?

We work with a team of professional health insurance advisors who have access to a range of policy providers. This means they can take into account your unique business requirements and recommend the right health insurance policy for your organisation.

All our partners are FCA regulated and work with the likes of Aviva, BUPA and other trusted brands in the health insurance market. Unlike a comparison site, our experts will be able to answer all your queries and provide tailored advice for your business.

If you would like to speak to one of our professional advisors about what is available, contact us for more information.

Things to be aware of

Your policy is likely to have an excess charge
Make sure what you are covered for is clear. This will ensure there are no surprises further down the line.
In some cases, depending on the condition, treatment provided via the NHS may be a better option for your employees.

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Please note: ClearKey is an independent marketing website which only acts as an introducer to companies who offer financial advice. Our partners are authorised and regulated by the Financial Conduct Authority. ClearKey.co.uk are not authorised to give any advice and we are not liable for any financial advice provided by or obtained through a third party.