Private medical insurance (also known as private healthcare) is designed to cover the costs of private medical treatment for illnesses or injuries developed whilst being insured. Employee absenteeism can have a huge impact on a business. Private health cover can avoid lengthy sickness absences and high business costs caused by staff having to wait for treatment on the NHS. Although private health cover can’t eradicate sickness absence, it can help get employees back to work more quickly, because they won’t have to join a NHS waiting list.
Is Private Medical Insurance a taxable benefit for employees?
Yes, it’s treated as a benefit in kind.
Are pre-existing conditions covered?
No, only illnesses or injuries developed once insured will be eligible for cover.
How are the premiums calculated?
Premiums are based on age of employees and location of the business.
Is it easy to add and remove employees?
Yes, employees can be added and removed throughout the policy year and the monthly direct debit will be amended accordingly.
Can the policy provide cover whilst abroad?
Some policies provide emergency overseas cover, or additional travel option, but most policies just cover the UK, unless overseas travel has been requested as a specific requirement.