What is company private medical insurance?
Company health insurance is also known as a group scheme or corporate medical insurance. By having it in place you are allowing your employees to bypass the NHS waiting lists and to have access to private medical treatment. Group schemes are available for businesses of all sizes and you can tailor it to suit your companies needs.
What are the benefits of a company medical insurance policy?
Underwriting for company health insurance schemes
Your underwriting choice allows you decide how your staff will be covered for conditions they may have before joining the policy.
Get a company medical insurance quote
To start your company quote tell us a bit about your company. We will then be able to run a market review to compare quotes.
Is it time to think about a personal plan?
Company schemes are a great way to put affordable medical cover in place for groups of employees. However, as the group ages and claims are made against the policy, in some cases smaller groups find that the premium can rise quickly, if large repeated claims are made year in year out. In some circumstances it may be worth looking at personal policies instead, where the claims risk belongs to the individuals rather than the group.
If you are thinking about retiring and need to leave a group medical insurance policy, we would typically recommend that you seek advice well in advance from retirement (ideally 24 months in advance). This is so that you can get your medical history and claims history accessed by a specialist, who will be able to let you know what options you will have to carry your cover on and at what likely cost. If you are retiring, continuing cover is likely to be in your best interest as you are reaching that time in life when you are most likely to need cover.
When leaving a group policy some people only ever get as far as requesting quotes with the insurer that they have been covered with through work. They may find that this insurer has loaded the policy premium, in order to cover the risk of a “group leaver”. The spike in premium will vary from policy to policy, but in general the more claims the group policy has had, the more it will push up your premium, even if you have never personally made a claim on the group policy. Therefore, we strongly recommend speaking to one of our advisers if you are looking to leave your group company scheme.