We all understand the headlines and are completely aware of how under pressure the NHS is.
NHS England reported that 6 million (equating to one in nine) people in England are still stuck on an NHS waiting list awaiting treatment. Over 300,000 of these patients have been waiting over a year for operations, from joint replacements to eye surgery.
When you are a small business, you rely on people more than ever. Could your business survive if you, or a colleague, were unable to work while waiting for treatment?
Do you really need private healthcare?
The question to consider here is whether your small business can afford to have your best employees off work whilst they are on a NHS waiting list?
We know that you need to get your small business back to making money as soon as possible, with minimal business interruption. It’s probably true to say your business will not function well without you – or your small team.
You can get back to running your business and making money quicker if you are not delayed waiting for treatment or a diagnosis.
Buying private healthcare through your business can also give you a more competitive price. It really is worth exploring your options, and getting a quote from a qualified adviser.
What is Group Private Medical Insurance?
Also known as Group Health Insurance, it is a Group Medical Insurance policy taken out for the employees of a business.
If an employee become ill or injured, the policy can pay for treatment privately rather than using the NHS. With some NHS waiting times stretching into months and even years, private treatment can provide a much faster pathway for employees.
Ranked as one of the most valued benefits by employees, comprehensive Private Medical Insurance can ensure the workforce receives treatment in a timely fashion and as a result, is kept healthy and happy.
And we all know a happy workforce is a more productive workforce!
How are the benefits laid out in a typical scheme?
Benefits can be arranged for a small proportion of an employer’s workforce (such as directors and managers only), or it can be rolled out on an ‘All Employees’ basis. You may want to cover the partners or directors, key people, or of course all employees.
Smaller businesses are accepted for cover, in fact, you can get a group policy with as little as two employees.
A Private Medical Insurance policy is normally limited to acute conditions (conditions which respond quickly to treatment) and will usually include comprehensive cover for cancer treatment. Chronic conditions (such as diabetes) are usually excluded from cover.
Schemes can vary, and whilst full inpatient treatment and full cancer cover is common, other benefits can be selected to suit the requirements and budget of the business. This can include varying levels of outpatient cover, cover for therapies (acupuncture, chiropody etc) and mental health cover to name a few.
Why buy health insurance for your small business?
- Speed – faster access to health services and professionals gets you and your team back to business quicker.
- Variety of access – healthcare access to suit your needs.
- Employee wellbeing – health insurance as a benefit is an extremely good way to attract and retain top talent.
Will medical information be required to get covered?
This depends on the level of underwriting selected by the employer. If ‘Full Medical Underwriting’ is selected, then a medical questionnaire will need to be completed by each employee. Different underwriting options exist, some with no medical disclosures required. It is important to discuss the options with your adviser.
What does business private healthcare typically cost?
Average premiums work out in the region of £500 – £600 a head, although depending on the level of cover selected, this can be more, or less.
In summary, if your small business is interested in looking at private medical insurance, it is important to obtain advice. At A-Plan we have a team of specialists on hand to help and guide you through the process. Call us directly on 01242 894930 or use this form and we will call you back!