Business Health Insurance
- Fast access to consultations and treatments
- Support staff recruitment and retention efforts
- Lower absentee rates for the business
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What is Business Health Insurance?
Let’s begin with the basics! Business Health Insurance (also known as Group Health Insurance) is a form of private health insurance specially designed for employers who wish to cover multiple staff members under a single policy. As you can imagine, this works out a lot easier – and more cost-effective – than buying separate single policies for each person.
A company health insurance policy can cover a wide range of treatments and services. There are lots of different providers out there, each with different packages to choose from designed for different budgets and team sizes.
Whilst there is no denying the value of our NHS, the sheer scale of demand means that consultations, scans and treatments can take time to arrange. A private healthcare policy can help people get seen quicker and even access services that may not be available in the state healthcare system.
Company Medical Insurance plans are available for the treatment of acute conditions – conditions that are curable and respond well to treatment.
How can the policy work for your business? Put your questions to our friendly advisors and make use of our free price comparison service. Call us on 01273 222805 or email [email protected]
What does Business Health Insurance cover?
The one key point to remember is that private healthcare arrangements can cover acute conditions (those conditions that can get better with treatment) but not chronic conditions (those considered ‘incurable’, such as asthma and diabetes).
Also, keep in mind that any conditions you are diagnosed with prior to the policy are rarely covered.
Typical services include in a private health plan includes (but is not limited to):
- Inpatient cover: treatments that require an overnight stay (usually surgeries, but also minor procedures)
- Outpatient cover: hospital visits that can be wrapped up inside a day (for things like consultations and diagnostic tests)
- Cancer cover: can include treatments and scans
- Therapies: such as physiotherapy or osteopathy, for example
- Mental health support: counselling support or digital tools and support services
Hooray Health & Protection review the full market when assisting with your Business Health Insurance policy. That’s because insurers offer a different range of features and price points from one another.
You will find more specific examples of health insurer offerings in our blog post which details 7 of the best Group Health Insurance companies in the UK.
Why should a small business get a health insurance plan?
Small businesses often invest in Group Health Insurance because they want to:
- Look after staff: A healthy workforce is good for business, but you also genuinely care about the health and wellbeing of your staff.
- Minimise staff sickness: The impact of staff absences will have a much bigger impact on your business than it will big businesses. Every team member has a vital role to play, so anything that reduces absence rates will be very welcome!
- Meet rising demand: Ever since the pandemic, demand for health insurance has skyrocketed. People want to know they will have access to the support they need when it’s most needed.
- Support recruitment & retention: Health insurance is a major draw for staff, and in many industries it’s expected. To attract the brightest and the best, offering private health insurance can be a key part of your employee benefits package.
- Take advantage of new innovations: Health insurance policies have evolved massively over the last 5 years – with more and more features beyond the standard care and treatment arrangements you might have expected. Virtual GP and mental health support services are good examples of this.
A 2023 survey by Zest found that private health insurance was the most desired employee benefit, reflecting the findings of many other industry surveys.
How much does Business Health Insurance cost?
Your health insurance premium will vary depending on several factors such as:
- Industry type
- Employee size
- Level of cover selected
- Employee health history
- Average age of employee
As with all insurance, it isn’t one size fits all, and the policy will be tailored to your company’s needs. It may be that you are only looking to cover senior employees or employees who’ve worked for your company for a minimum period of time – both factors which can impact your quote.
If you are currently shopping around for a new scheme, looking to move broker, or simply wanting to benchmark your existing arrangement, you will get the best advice from a specialist broker, rather than an insurer, a general broker or financial adviser.
Here at Hooray, we can review the full market for you, to ensure you’re getting the policy that’s right for your company. Remember that we are paid by the insurance company, so the premium you pay will remain the same whether using an employee benefits broker or not.
A 2024 study by Vitality found that workplace ill health costs UK plc £138bn a year – due to absences and lost productivity. Before considering the premium cost of having Private Medical Insurance, it is always worth sitting down and reviewing the pricing impact of not having the policy in place.
Can SMEs take out Small Business Health Insurance?
Certainly! We are pleased to offer Small Business Health Insurance to small and micro-businesses. In fact, we’ve won awards for our dedication to assisting the small business community. We have solutions for clients that are one-man bands, SMEs and even large multinational corporations.
Small Business Health Insurance is our bread and butter, however, and we have several small scheme deals in place with insurers to help grow the small and micro business health insurance market.
How do medical histories affect premiums? AKA medical underwriting!
Your business might have employees with a variety of medical issues. Will they, or will they not, be covered by the policy? And how might it affect premiums?
This is where medical underwriting comes in. There are three types of underwriting processes available for Company Health Insurance policies:
1. Moratorium Underwriting
This is the quickest way to start a policy as staff do not need to declare their medical history. However, it requires staff to confirm that any treatment/medical conditions they have had in the five years before joining will not be covered immediately on the scheme. BUT, if the member goes two years into the Company Health Insurance policy without any treatment or symptoms of those conditions, they will become covered once again.
2. Full Medical Underwriting
Being fully medically underwritten on a Business Health Insurance policy means that you disclose your entire medical history to the insurer at the outset via a medical questionnaire and potential GP report. This enables them to consider your complete health history and decide whether any specific exclusions would apply.
The insurer will then notify you of any exclusions which will apply to the policy. This allows you to know exactly what is and isn’t covered from day one. And if you don’t like the terms, you can step away from the deal.
3. Medical History Disregarded
This is the most desirable form of underwriting. It means insurers will not ask for any medical history from anyone in the business. It also means that all pre-existing conditions are accepted.
Unfortunately, this is only available for larger businesses (usually 15 employees minimum) and comes with a significantly increased premium.
Is Group Private Medical Insurance taxable?
We often see many Business Health Insurance policies mis-sold because businesses were wrongly advised on tax matters by financial advisers claiming to be tax experts.
Under current tax rules from HMRC, Business Health Insurance is usually an allowable business expense. When it comes to doing your books at the end of the year, your company should receive tax relief on the premiums.
Many brokers overlook the tax implications for employees, but insurance paid by the employer is considered a P11d taxable benefit by HRMC.
Employers will have to declare to HMRC any benefits which have been given to employees and complete a P11d form. Employees should always be made aware that they are liable for the tax on this benefit.
When we take over existing schemes from other brokers, we often find that employees were not made aware of this when the benefit plan was implemented.
Hooray Health & Protection can help advise and signpost communications to ensure that employees are aware of this liability and your business is fully compliant.
Here at Hooray, we are health and protection specialists with some understanding of tax matters, but we are not tax experts. As such, we always suggest that our clients consult with an accountant or tax specialist if they require advice.
How can I arrange a Business Health Insurance Policy?
Hooray Health & Protection provide a free comparison service if you’re looking to arrange a new Business Health Insurance policy. We don’t charge any fees for this, because we are paid by the insurers.
To organise your policy, we would initially complete a business fact-find to understand your business profile and establish your needs. We understand that every business is unique, so this will be reflected in your policy.
Once we understand your requirements and what the ideal scheme looks like, we would then complete a full market review, reporting back a comparison of the insurers pricing, service scores and claims pay-out rating.
Once you’ve had a chance to read our report and request any alterations, we will book in a call to discuss our findings and establish if you would like to proceed.
Who are the best health insurance providers?
It’s impossible to say that one insurer is inherently better than another. It all depends on exactly the kind of policy you’re looking for, the characteristics of your workforce and any budget limits you have to work within.
The current leading UK Group Health Insurance companies are:
- Aviva Health
- AXA PPP
- Bupa
- Freedom Health Insurance
- Vitality
- WPA
- Benenden Health
We compare and contrast their offerings so you don’t have to!
What other services can be included in a health policy?
Staff medical insurance policies have more ‘added value services’ to choose from than any other health and protection policy. But the majority do come at an extra cost.
Extra perks available on a Business Health Insurance include:
- Employee Assistance Programmes
- Virtual GP
- Second Medical Opinion
- Fast track appointments
- Health screening
- Discounted gym membership
When arranging your Group Medical Insurance, make sure you tell your broker of any other employee benefit insurances you have in place. For example, if your company has Group Income Protection or Group Life Insurance, then you might already have free added value services (such as an Employee Assistance Programme) – and you wouldn’t want to pay twice for the same service!
After completing our assessment, we will advise on the ideal added value services for your business.
If you are considering Business Health Insurance, speak to one of our experts instead of going to an insurer direct. An insurer will only advise on their own policies, whereas a broker like Hooray can review the whole market for you – without impacting the cost you’re already paying.
Source: NHS England
Does Company Health Insurance exclude anything?
As with all insurance policies, there are exclusions you need to remember when investing in Company Health Insurance. Some of the most common exclusions include:
Chronic conditions: Chronic conditions are long-term and cannot be cured, so the treatment of these conditions is not covered by health insurance.
Pre-existing conditions: Unless you are taking out a medical history disregarded policy, any pre-existing health conditions will be excluded for an agreed amount of time or potentially forever.
Non-participating hospitals: When you take out a new policy, the insurer will provide a list of hospitals where employees can receive treatment. If you go to a hospital not covered by that scheme you will not be able to reclaim the fees.
Source: Bupa Workplace Wellbeing Census
Can I continue my Company Health Insurance after leaving my job?
If you have been covered by your employer on a Company Health Insurance policy, there is the possibility to move onto a personal plan on a health insurance continuation option.
Most insurers give you up to 30 days from leaving your current Business Health Insurance policy, but we always advise doing this during your notice period to ensure there is no gap in cover.
Why choose Hooray Health and Protection?
Hooray Health & Protection are a broker specialising in the SME employee benefits marketplace. As such, we know which insurers will be the best fit for your company.
As each business is unique, we will conduct an in-depth fact-find to understand your business requirements, to make sure our recommendations are the best option for you.
Both our non-executive directors have held senior roles for two of the leading health insurance providers and can leverage their knowledge to ensure the best propositions for our clients.
Frequently Asked Questions about Business Health Insurance
Yes we can provide terms for Small Business Health Insurance and will not charge a fee.
Just set up a free consultation. Hooray Health & Protection will then provide a comparison of all the Business Health Insurance companies in the market, as well as recommendations for your business.
In nearly all cases, Business Health Insurance will be cheaper compared to numerous individual policies. This is because you will benefit from group pricing and save money claiming the premiums as a business expense.
Business Health Insurance is usually classed as a business expenditure on which the company can receive tax relief on the premiums. Of course, we always advise discussing with your accountant before making a decision.
We can provide cover for just the business owners or to include employees as well. Business Health Insurance is flexible if you want to add time of service periods, level of seniority or other eligibility conditions.
Hooray Health & Protection offer all our reviews over the phone or online so we can help wherever you are. It also means we do not charge any fee – unlike most face-to-face brokers!
f you have been covered by your employer on a Company Health Insurance policy, there is the possibility to move onto a personal plan on a health insurance continuation option.
Most insurers give you up to 30 days from leaving your current Business Health Insurance policy, but we always advise doing this during your notice period to ensure there is no gap in cover.
Compare Business Health Insurance Quotes
Who We Are
Hooray Health & Protection is an award-winning employee benefits broker that helps start-ups and SMEs better look after their people. Our service is provided FREE of charge, our advice is given in your best interests, and we’re always happy to help, however complex or simple the query.
Compare Business Health Insurance Quotes
Accolades and awards
Hooray collected multiple awards from the industry’s leading minds at the Health & Protection Awards 2024.