Flexible Health Insurance Brokers Ltd (Pt 2)

Private Medical Insurance explained.

Julie Defago, adviser at Flexible Health Insurance, explains the benefits of Private Medical Insurance – “PMI”

“In the last edition we considered the benefits that PMI can offer individuals and how using an Independent Broker can ensure that you get the best policy for your requirements.

We find that many of our clients first enjoy the benefits of PMI via a company scheme run by their employers. Many large companies offer private healthcare for their employees and this can be included as a benefit of their employment or perhaps on a self-funded basis whereby the company runs the scheme and claims the premiums back via payroll.

Company health schemes are common and often expected as part of a package for employees with larger corporate organisations. However, it shouldn’t be forgotten that there are a great many benefits of Private Health Insurance for small to medium sized companies (SME’s) too. The obvious benefits are that both employer and employee know that if someone becomes ill they can be treated quickly and at a hospital of their choice and so be back to work quickly. Employers may be able to attract better staff if there is the attraction of PMI.

For companies with 20+ employees there is also the benefit of being able to access cover where previous medical problems are disregarded which isn’t generally available to individual clients.

Most company schemes include cover for Employee Assistance which covers benefits such as counselling, GP helplines and even gym membership which help the employer satisfy their duty of care under Human Resources legislation. Some insurers offer different levels of cover for staff of different ranks and an employee’s family can usually be added to the scheme enabling them to take advantage of company scheme prices. Anyone who has an individual PMI policy and runs their own company should always ask us if it may be cheaper and more beneficial to change it to a company scheme.

Another important point to remember is if you are coming off a company scheme (perhaps due to retirement) it is a good idea to call us a month before so we can arrange continued cover from the company scheme at an affordable price. Arranging this “Group Leaver” cover directly with the insurer is extremely expensive.

For advice on any aspect of PMI for companies, call me on freephone 0800 849 7744.”

In the next issue Julie will move on from Private Health Insurance and consider why families and businesses need financial protection.

Flexible Health are based in Edenbridge and we offer advice over the phone or in person. If you would like advice please call Julie Defago on Freephone 0800 849 7744.