Corporate health insurance

What is corporate health insurance?

Corporate health insurance, also known as business health insurance, is a policy initiated by an employer to cover employees' medical bills for private treatment for acute medical conditions occurring after the policy's commencement. It ensures access to private clinics, hospitals, and consultants, bypassing NHS waiting lists for prompt and effective treatment.

What's the difference between corporate health insurance and small business health insurance?

Corporate health insurance is for big groups and larger businesses with over 250 workers, while small business health insurance is for smaller groups with less than 250 employees. Although they both offer similar benefits, there are some differences. For instance, small business plans might have easier processes for getting insurance and lower costs because there are fewer people in the group. However, overall, both types aim to provide good coverage and benefits to help employees with their healthcare needs.

How does corporate health insurance work?

Corporate health insurance operates as a contract between a company and a health insurance provider, benefiting the employees. The employer pays for the insurance, and employees enjoy the benefits. For employers, this insurance can attract talent, reduce sickness absence, and boost motivation, productivity, and loyalty. Employees gain access to private healthcare, quicker treatment, and more control over their healthcare choices compared to relying solely on the NHS. This coverage addresses both physical and mental health support, promoting a healthier workforce. Ultimately, corporate health insurance serves as a vital tool in enhancing employee welfare while supporting business objectives.

How much will corporate health insurance cost per employee?

At Moneyrepublic, the corporate health insurance cost cover per employee depends on several factors:

• Location of your company.
• Ages of your employees.
• Underwriting process.
• Participating hospitals.
• Past claims history.
• Outpatient benefits.
• Number of employees enrolled.

Typically, insurers may offer discounts for larger companies and businesses. By considering these factors, we can tailor a plan that suits your company's needs while ensuring cost-effectiveness and comprehensive coverage for your employees. If you are looking for a starting point, you can consider it to be £75 per employee per month. Remember, it can be higher or lower depending on the factors above.Typically, insurers may offer discounts for larger companies and businesses. By considering these factors, we can tailor a plan that suits your company's needs while ensuring cost-effectiveness and comprehensive coverage for your employees. If you are looking for a starting point, you can consider it to be £75 per employee per month. Remember, it can be higher or lower depending on the factors above.

Benefits of corporate health insurance

At Moneyrepublic, we offer comprehensive corporate health insurance plans that cover a wide range of benefits:

• Inpatient Care: Covering expenses for hospital stays when treatment requires admission.
• Outpatient Care: Including consultations, tests, scans, and therapies that don’t require hospital admission.
• Tests and Scans: Covering diagnostic procedures such as x-rays, CT scans, and MRIs.
• Consultations: Reimbursing costs associated with specialist appointments and consultations.
• Surgeries: Covering expenses for surgical procedures, including surgeon fees and hospital charges.
• Hospital Stays: Providing financial support for accommodation and medical services during hospital stays.
• Therapies: Including physiotherapy, occupational therapy, and speech therapy sessions.
• Exclusive Drugs: Covering the cost of prescribed medications not available through the NHS.
• : Reimbursing expenses for complementary treatments like acupuncture or chiropractic care.

With our comprehensive coverage, your employees can access quality healthcare services without worrying about financial burdens.

What's covered in a corporate health insurance plan?

Comprehensive corporate health insurance plans typically cover a wide range of medical services and treatments to ensure employees receive comprehensive care, including:

Moreover, corporate health insurance plans may offer additional benefits

1. Choice of specialists: Allows employees to choose healthcare providers and specialists for personalised care and treatment.
2. Reduced waiting times: Ensures quicker access to appointments, consultations, and procedures, reducing waiting times for medical services.
3. Private hospital rooms: Offers the option for private accommodation and enhanced amenities during hospital stays for added comfort and privacy.
4. Scheduling flexibility: Provides flexibility in scheduling appointments and treatments to accommodate employees' preferences and work commitments.

By offering comprehensive coverage for both inpatient and outpatient services, a corporate health insurance policy ensures that employees have rapid access to the necessary medical care and treatments they need to maintain their health and well-being.

Types of underwriting

Moratorium underwriting

Moratorium underwriting is the prevalent method used in Corporate Health Insurance policies in the UK. It simplifies the process for you and your employees by automatically excluding any pre-existing physical and mental health conditions from the past 5 years without the need for medical history questionnaires.

Full medical underwriting

Full Medical Underwriting means the insurance company looks at each employee's entire medical history to decide on a quote. This gives a detailed summary of what's covered, but it takes a lot of time, especially for larger groups. It's good for understanding what's included, but it's tough for groups with more than a dozen employees.

Medical history disregarded

Medical History Disregarded offers complete cover without considering pre-existing conditions. It's the most comprehensive business health insurance plan but also the most expensive form of underwriting, usually available only to groups with 20 or more members.

Continuing personal medical exclusions

Continuing Personal Medical Exclusions allow employees with existing Private Medical Insurance to switch to corporate health insurance cover with another provider. This ensures that coverage for pre-existing conditions remains intact in the future, providing continuity of care without disruptions.

Can my employees add their families to the coverage?

At Moneyrepublic, we facilitate employees in adding their families to business health insurance coverage. Partners and children can be included, with payment options available through either the company or salary sacrifice arrangements. While age limits may apply for dependent children, our team ensures clarity on coverage specifics for partners, tailoring solutions to meet your unique business needs.

Can you provide different benefit packages within the same insurance policy?

At Moneyrepublic, we understand the importance of flexibility in corporate health insurance. We offer customisable benefit packages that allow companies to have business health insurance policies that provide different levels of coverage to various employee groups. Our plans can accommodate unique features tailored to your company's specific needs, ensuring tailored coverage for all employees.

How does HMRC tax corporate health insurance?

HMRC treats company health insurance differently for employers and employees. For employers, it's considered a valid business trading expense. However, for employees, it's viewed as a taxable benefit in kind. This means it's subject to taxation and must be reported as part of the P11D submission. Understanding these tax implications is crucial for both employers and employees when offering or receiving corporate health insurance benefits.