Which Small Business Health Insurance option is right for you?

You’re probably already aware that health insurance is a complicated business. You’ll find insurers competing for your attention with a wide variety of policies, price points, added extras – and bewildering terms and conditions.

It used to be that small business had little to choose from, with insurers going after the big spending corporates.

Thankfully, more small business health insurance plans have been developed by insurers in recent years – now it’s just a case of working out who has the ideal health plan for your company.

In this article, you’ll learn about the different options currently available for small businesses seeking health insurance for their employees.

If you’re seeking private medical insurance quotes for your small business, then contact our award-winning brokers on 01273 222805 or email hello@hoorayinsurance.co.uk. Our friendly team compares prices from across the market to deliver the best deals for your business.

What can you expect from a Small Business Health plan?

Company Health Insurance provides private health cover to your employees, giving them access to a range of treatments and services in private hospitals. But what’s included and excluded in the plan can vary a lot! But one key point to remember is that it mostly covers acute conditions and not chronic conditions.

Acute conditions includes conditions which are curable or respond well to treatment, while chronic conditions are unlikely to improve with treatment. You can read more in our acute versus chronic conditions explainer.

Business Health Insurance is popular with staff as it gives them quicker access to treatments for a wide range of conditions, plus GP access, consultations and diagnostics. It provides that perfect combination of helping prevent health issues in the first place but also offering reactive care if things do go wrong.

Typically, an insurer defines a small business as a company with 1-249 employees.

What services are usually covered as standard?

• In-patient treatment (treatment and services requiring an overnight stay)
• Out-patient treatment (in and out in the same day)
• Cancer cover
• Physiotherapy, osteopathy, chiropractic treatment
• Mental health support options
• Consultations with specialists
• Diagnostic tests (blood tests, X-rays, scans)
• Medications

What additional services are potentially available?

Most Small Business Health plans include additional options and extra perks to raise the value of your plan. Examples of these could be:

• Virtual GP
• Second medical opinion
• Fast track appointments
• Employee Assistance Programmes (a wellbeing service designed to help employees with emotional stresses and strains)
• Health Screening
• NHS Cash Benefit
• Dental / Optical
• Gym membership discounts

As you can imagine, what you choose to include and exclude can affect the premium, AKA the upfront cost of the insurance.

What services are typically excluded?

Services related to the following are rarely covered by private medical insurance:

• Fertility treatments
• Chronic illnesses (e.g. diabetes, asthma and arthritis)
• Pre-existing conditions (conditions that pre-exist the policy)
• Cosmetic surgery
• Allergies and food intolerances
• Gender reassignment
• Overseas treatment (unless you have an international plan)

Have you got a list of questions which you REALLY want answered? Call one of the friendly experts at Hooray for FREE straightforward advice. Call the team on 01273 222805 or write to us at hello@hoorayinsurance.co.uk.

6 insurers offering Small Business Health Insurance

Here are six insurers that we’ve personally worked with on behalf of small business clients. Each one has its unique selling points but working out which is best ultimately depends on the needs of your business and its staff.

#1 Bupa

One of the best known providers in the UK, Bupa’s Small Business Health Insurance plan offers four tiers of coverage adapted to different budgets. Their small business plans are available for companies with 2-249 employees and a few of their stand-out features, alongside offering the standard core cover, includes:

• Access up to 600 hospitals/clinics in the Bupa network
• 24/7 access to a qualified nurse (Bupa Anytime Healthline)
• Access to the Bupa Blua GP app provided for virtual GP appointments around the clock as well as a symptom checker
• Extensive mental health cover options
• Access to JAAQ – an employee mental wellbeing platform
• Menopause helpline

Is Bupa a good option for your business? It depends on how it compares to other policies on the market. The only way to be sure is by contacting our friendly experts who will compare policies and price-points on your behalf. Contact us on 01273 222805 or email hello@hoorayinsurance.co.uk

#2 AXA Health

AXA is a multinational insurance company based in France with networks on a global level. AXA’s Small Business Health Insurance options cover between 1 and 249 employees. As well as including standard cover, they also offer a wide range of extra services:

• 24/7 access to an online GP or advanced nurse practitioner service via AXA’s Doctor at Hand service
• Physiotherapy consultations (Working Body service to speak with an expert online/via the phone)
• Up to 40% off monthly Nuffield Health, Fitness and Wellbeing centre membership, and Hussle Monthly+ pass fees
• Cancer care and heart conditions covered
• Muscles, bones and joints support service (get professional advice without needing a GP referral)
• Access to AXA’s Employee Assistance Programme to support emotional wellbeing: EAP Essentials or EAP Premier

#3 Aviva

Aviva is a health insurance provider with headquarters in the UK offering a wide range of support options from flexible healthcare to ongoing support. Aviva offers small business packages for 1 to 99 employees and 100 to 249 employees. Its small business health insurance plans include:

• Expert Select service (when a claim is made, the employee will be recommended an average of 4 or 5 hospitals/clinics)
• Enhanced cancer cover (providing support at each stage of treatment)
• Mental health pathways (including talking therapies and counselling without the need for a GP recommendation)
• BacktoBetter (providing specialist support for musculoskeletal conditions)
• Aviva digital GP (24/7 unlimited access to a private GP)
• Aviva Employee Assistance Programme (including access to counsellors from the British Association of Trained Counselling and Psychotherapy)

#4 Vitality

Another well known London-based UK health insurance company, Vitality offers up a huge array of services for their business health clients. And they don’t skimp when it comes to small business health insurance options! Some of their offerings for businesses with 1-249 employees include:

• Up to £100 per year for private prescriptions and minor tests
• Virtual GP app
• Up to 8 sessions of therapy / CBT
• Rewards for adopting healthy habits
• NHS Cash benefit:£250 per night up to £2000 per plan year for inpatient (overnight) services or £125 per day up to £500 per plan year for day patient treatment)=
• Childbirth / adoption cash benefits (£100 per child)
• Pregnancy complications cover
• Weight loss and corrective surgery (member contributes 25%)
• Employee Assistance Programme provided by Health Assured offering 24/7 counselling support

#5 Freedom Health Insurance

Freedom Health Insurance are a specialist health insurance company based in the UK, offering cover for groups of all sizes with a wide range of underwriting options to be tailored to fit a broad range of budgets and needs. Its Freedom Elite package offers extensive medical insurance for small companies and includes:

• Accommodation in private hospital rooms
• Out-patient treatments inc. specialist fees, diagnostic tests, physiotherapy
• £100 for each day and £200 cash benefit for each day & night spent in hospital
• Wide choice of hospital or consultant
• Comprehensive cancer cover
• Fixed cash amount towards dental surgery

#6 WPA

WPA is less of a household name, but this not-for-profit insurer also offers a solid plan for small businesses with 1-150 employees. They have a flexible pricing range, and some of the features can include:

• Cash benefit for cancer and non-cancer hospital stays in NHS hospitals
• Specialist cancer care with no financial limits
• Remote GP service
• Employee Assistance Programme: including 24/7 phoneline support for issues around emotional and mental wellbeing
• Structured counselling (including for family members older than 16)
• Health and wellbeing hub providing useful tips and advice

Which is better Bupa or AXA? How good is Aviva health insurance? Is Vitality the one for me? There is no one answer to these questions, as every business case differs. But our free price comparison service and expert brokers will ensure you find the right deal.

How much does group medical insurance cost?

I’m sure you’d love to know how much a health plan would cost your business. However, these costs can vary so much that an estimate is rarely any use.

It’s best to get quotes via a broker, like Hooray, who can take data about your workforce and then get accurate pricing from multiple insurers.

Here are some key details which will affect the price of your policy:

• Number of employees: the more employees you have, the higher cost, but also the higher the per-person discount.
• Age of employees: Naturally, the older your workforce the higher the premium will be (yes, underwriters are an ageist bunch!).
• Health profiles: Many policies require medical background checks, the results of which will affect your premium.
• Underwriting option: There are three main types of underwriting related to background checks: Moratorium, Full Medical and Medical History Disregarded.
• Location: For example, access to hospital networks in London are more expensive than anywhere else in the country.
• Industry and occupation: Higher risk industries and occupations can raise your premium.
• Coverage selected: The most comprehensive coverage will cost more than basic level cover.
• Choice of insurer: Insurers will offer different premium levels from one another.

A mini small business success story: Brill Power

Is it really possible to get the health insurance you need without breaking your budget or loading yourself more admin each month?

Yes, it is. But a broker, really does help. Here’s a short story of how Hooray helped Brill Power arrange a small business health plan, among other benefits, for the first time.

“When I first met Charlie I wasn’t sure exactly which benefits I wanted at Brill Power,” said Carolyn, Co-founder and Head of Finance & Operations at Brill Power. “I was interested in life insurance and private medical insurance because some of the people we were recruiting were asking if we provided these benefits.

“Brill Power is always competing with the best employers for talent and we wanted to make sure we could offer the most possible for our current and future staff.”

After discussing Carolyn’s needs, we started pulling together quotes from insurers and negotiating the best possible terms.

Once we’d found the sweet spot in terms of coverage and cost, we delivered three polices for their employees:

• Business Health Insurance
• Sick Pay Insurance
• Group Life Insurance

“I would recommend Hooray without hesitation,” said Carolyn. “Charlie helped guide me though the process of finding the right set of benefits and features for my company and found a great rate too!”

Like all Hooray’s clients, Brill Power has year-round administrative and claims support on their policies. We also review their policies each year to ensure they still provide the right level of support and value.

Are there any alternatives to health insurance?

If health insurance turns out to be just too costly, there are other options to consider for small businesses:

1. Health Cash Plan: This is a form of health insurance which provides coverage for everyday health needs rather than serious health conditions. It includes things like: physiotherapy, osteopathy, acupuncture, dental care, eyecare, health checks/scans, prescriptions, hearing aids and more. Read our guide to Business Health Cash Plans.

2. Employee Assistance Programme (EAP): Often packaged within a health insurance scheme, they can also be purchased separately. It provides emotional and mental health support through a combination of online tools and one-to-one counselling services. Read our guide to EAPs.

3. Group Income Protection: Provides sick pay to employees above and beyond the statutory requirement BUT also provides practical support to help them get better and make a faster return to work. Read our guide to Group Income Protection.

4. Critical Illness Cover: Designed for employees suffering from a critical illness – giving them financial support to deal with the inevitable loss of income. It usually comes with an EAP too, so they can get support with the emotional fall out from such a diagnosis. Read more about Critical Illness Cover.

5. Dental care/optical coverage: These usually come with a Cash Plan and private health scheme, but can also be purchased separately. Learn three different ways to source Group Dental Insurance.

How can you be sure you’ve got the right deal?

Finding the ideal health insurance policy is no easy task. But knowing who the top insurers are and how health insurance policies can be adapted to fit with any small business is a great start.

However, getting some extra help from an independent health insurance broker when setting up a plan can make all the difference. That’s where our team at Hooray can help!

We offer FREE advice to start-ups and SMEs who are looking to launch their employee benefits or reviewing an existing scheme.

Instead of spending time reading the small print of various insurance policies, you can simply give us a call and get answers to all the questions you ever wanted to ask. And, all importantly – get accurate quotes from across the market!

Contact us at hello@hoorayinsurance.co.uk or call 01273 222805 for FREE no-obligation advice and support.

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