Small business health insurance

Moneyrepublic offers flexible and affordable health insurance for small businesses across the UK. Our tailored plans meet the needs of all types of businesses, from biotech startups to family-run operations, ensuring your team stays healthy. We cover diagnostic tests, mental health support, and inpatient care, along with GP appointments to keep your employees well. Our private healthcare policies also address work-related stress, promoting a healthier work environment. With Moneyrepublic, you get quick access to quality healthcare, helping your business thrive. Choose us for accessible, high-quality health insurance designed for your small business.

What is small business health insurance?

Small business health insurance, also known as SME health insurance, supports employees in small to medium-sized companies by covering specific medical costs. Designed to promote employee well-being, it helps your business manage staff absences due to illness, ensuring smoother operations. Our plans offer comprehensive cover, including cancer care and mental health support, giving your employees peace of mind. Keep your team healthy and your business running seamlessly with reliable SME health insurance.

Who qualifies for small business medical insurance?

Health insurance for a small business implies that you have a company that qualifies as a small business, which usually means having up to 250 employees. However, it is suitable for sole traders as well.

As a small business owner, you can choose particular employees from your company to be included in the insurance, as well as their partners and children. The start date of the policy may differ depending on who is included in the plan. We can help you decide which format is most suitable for your case.

What's included in our health insurance policies?

The exact list of healthcare services that will be covered by the insurance policy depends on the plan you choose.

As for now, we offer three different insurance plans:

What does our small business health insurance cover?

Core coverage

Inpatient cover

Our small business health insurance includes comprehensive inpatient care for acute conditions that need a hospital stay. You won’t have to deal with NHS waiting lists for diagnostics, which often delay treatment, especially for non-urgent cases. Private healthcare helps you avoid these hold-ups, giving you quicker access to necessary tests and treatments.

Mental health cover

Supporting mental health is a priority, reflecting the principles of the 1974 Health and Safety at Work Act. With the rise of remote work and post-pandemic challenges, your business can lead the way in caring for employee well-being. Our cover provides quick access to face-to-face and online counselling, easing the pressure on your HR team and showing your commitment to a healthier workplace.

Optional extras

Tailor your small business health insurance policy to fit your specific needs. Choose from flexible options to create your plan or select from core coverage with add-on extras. Ensure your workforce gets the coverage they need with options designed to suit your business.

Outpatient cover

Our small business health insurance provides customisable outpatient cover, paying for initial tests and investigations for conditions that don’t need an overnight hospital stay. You can choose full cover, set a yearly cash limit (typically £1,000), or exclude it to manage costs. Full outpatient cover gives you access to both inpatient and outpatient treatments, including private diagnostics for fast results. Adjust your coverage to match your team's needs and your budget.

Dental & optical

Extend your policy to include dental and optical care. This option supports employees who prioritise their health as well as those who need occasional care. On a cashback basis, employees can claim dental expenses, including check-ups, hygienist visits, and x-rays, with annual limits of around £400-£500 per employee. Optical cover refunds between £200-£300 a year for new prescription glasses. These extras promote overall well-being and enhance your health insurance package.

Private GP services

Enhance your small business health insurance with private GP services. Get phone or online consultations, including video calls, within 24 hours. This service cuts out long waits and minimises work disruptions from local GP appointments. Your employees receive fast medical attention, reducing absenteeism, and dependents can also be covered, making it ideal for parents with children. Improve your employee healthcare with prompt and inclusive private GP services.

Extended hospital list

For an extra premium, add an extended hospital list to your business health insurance policy. This option includes hospitals in high-cost areas like central London, so your staff can get treated near home or work. It’s perfect for businesses in prime locations, offering broader access and convenience for your employees.

Dependents

Extend your small business health insurance to cover employees’ immediate families, boosting staff loyalty and supporting the balance between work and home life. You can choose to cover the cost yourself or offer it as a salary sacrifice option for employees, both valuable approaches. With premiums negotiated to be about one-third of a similar individual policy, this extension is popular among staff. Enhance your employee benefits package by including dependents, showing your commitment to their overall well-being.

What’s not covered?

Small business medical insurance policies generally do not cover:

1. Pre-Existing Conditions
2. Chronic Conditions
3. Emergency Care
4. Fertility Treatment
5. Standard Pregnancies
6. Cosmetic and Plastic Surgeries

How much does health insurance cost for a small business?

The cost of a small business health insurance policy can vary, depending on a number of different factors. The most important of them are:

• Size of the team. The more employees your company has, the more chances you have to get a discount, making the cost of insurance per employee lower.
• Age of the workers. The older a person is, the more their insurance will cost. The monthly insurance cost for employees in their sixties may be 2-3 times higher than for those in their thirties.
• Area of specialisation. The riskier the tasks employees are performing, the higher the insurance costs will be; insurance costs for a roofer would not be the same as those for an office worker.
• Location. The cost of the insurance depends on the average prices for the medical services in the area in which your business is located; it will be higher in London than in a small town.

Small business insurance costs also depend on the kind of insurance plan that is chosen. Plans with diagnosis and treatment will be more expensive than the basic ones. The same will apply to policies guaranteeing access to a GP and physio along with health checks and support.

How much does health insurance cost for a small business per employee?

The cost of health insurance for small business employees varies based on several factors. For instance, consider an insurance plan for a company outside London with 20 employees, averaging 30 years old. This company has a relatively young workforce. The plan includes full inpatient and outpatient care, physiotherapy, dental and optical services, mental health support, and cancer-related services. Each employee pays a £100 excess per year, while the monthly premium is £380. Total annual premiums amount to £4,560, resulting in a cost of £228 per employee per year. This plan offers extensive coverage while sharing some costs. It includes a list of hospitals employees can use, ensuring clarity and simplicity for everyone. For businesses prioritising employee health, this plan delivers excellent coverage and essential support when needed.

Based on a typical policy for small businesses with 1 to 249 employees in January 2024.

Why choose us for small business health insurance?

We protect your budget

We prioritise your financial well-being, offering small business health insurance solutions that align with your budget, ensuring cost-effectiveness without compromising coverage quality.

Insurance premium match

Our commitment includes providing competitive rates, matching insurance premiums that suit your business needs, and giving you value for your investment in employee health coverage.

Tailored packages

Experience personalised solutions tailored to your small business. Our flexible packages address your specific requirements, ensuring comprehensive coverage that fits seamlessly into your operational framework.

Personal service

At Moneyrepublic, we pride ourselves on delivering personalised service. Our dedicated professionals offer assistance, guidance, and a human touch to ensure your small business health insurance experience is seamless and satisfactory.

The main types of company health insurance underwriting

Full medical underwriting (FMD)

Full Medical Underwriting (FMD) offers a cost-effective health insurance option for your company. Your employees complete detailed medical questionnaires, and insurers may contact their GPs for a complete medical history. This approach provides clear information on what’s covered and highlights any exclusions related to past conditions. Although it can be time-consuming, FMD works well for smaller companies with fewer than five employees. It ensures transparency and keeps costs manageable, making it ideal if you want a clear, affordable policy.

Moratorium underwriting

Moratorium underwriting is the most common approach for business health insurance, delaying the full assessment until a claim is made. It automatically excludes pre-existing conditions from the last five years. When a claim arises, the insurer reviews the employee’s medical history to decide on coverage. This method suits small businesses by reducing paperwork and speeding up policy setup. However, employees only learn about their coverage details when they make a claim, making it crucial to be aware of its limitations before choosing this option.

Medical history disregarded (MHD)

Medical History Disregarded (MHD) provides coverage for all employees, ignoring their medical history, including pre-existing conditions. Suitable for companies with 20 or more employees, this underwriting type offers comprehensive cover for acute conditions but comes at a higher cost due to the increased risk. MHD is ideal for larger companies wanting extensive health insurance benefits that cover a wide range of conditions without exclusions.

Does small business private health insurance cover pre-existing conditions?

Most UK health insurance plans, including those for small businesses, do not cover pre-existing conditions. Health insurance aims to cover new health issues that arise after your policy starts. Pre-existing conditions are health problems that existed before applying for cover, often chronic illnesses that have required treatment or consultation in the five years before your policy began.

However, if you haven’t needed treatment or advice for a pre-existing condition in the two years after your cover starts, future issues related to that condition might become eligible for coverage. This can provide peace of mind for conditions that have been stable for a period of time.

How is small business health insurance taxed?

Small business health insurance is funded using pre-tax profits, making it a deductible business expense. This expenditure typically isn't subject to corporation tax. Yet, for employees benefiting from health insurance, it becomes a P11D/benefit in kind, necessitating employers to complete a P11D form and report it to HMRC, leading to taxation for the employees.

Can I switch business health insurance providers if I want to?

Yes, switching business health insurance providers is generally possible, except when treatments for serious illnesses like cancer are ongoing. The crucial factor isn't just if you can switch but if it's the right choice for you. Assess your circumstances and reasons before making the decision to change health insurance companies.