Company Health Insurance Guide
Company health insurance, often called business health insurance, provides employees with private medical insurance either as an optional benefit or as part of their salary.
If you are looking to protect your employees with prompt access to private healthcare or recruit and retain a highly-valued workforce, group medical insurance can provide both to your company.
ActiveQuote can compare quotes on company health insurance whether you're a fledgling company of two people or a large corporate business with hundreds of workers. We work with the leading UK insurers in the group medical insurance industry ensuring you get the best policy suited to your budget and needs.
Why choose Company Health Insurance?
The UK is one of the few countries in the world to offer free healthcare to every resident but with the NHS having to cater for millions of people every month resources can be stretched. There are an estimated 3 million people on NHS waiting lists but private health insurance can let your employees bypass these ensuring they get back on their feet as soon as possible.
The benefits of company health insurance are:
- Quicker diagnostics, tests and treatments for employees meaning they return to work sooner
- Convenient appointments that take less time can be arranged around the working day
- A highly-valued workplace key to business growth and employee retention and recruitment
- Peace of mind to company employees leading to an increase in productivity and focus
Company Health Insurance - Factors to consider
As with all insurance products it is important to understand the details of your policy and what you can expect from you company health insurance. There are many important factors to consider before selecting suitable cover including;
Levels of Cover
Insurance providers can offer private health insurance to a company's employees and their dependents at any level of cover. Employees do not all have to be on the same level of cover, usually insurers can be flexible so you can determine how much cover you would like for each member of your workforce.
You can choose from three types of cover and pick additional extras that compliment your policy so you only get the cover you want. The three types of cover are:
Budget - in-patient treatment and some out-patient diagnostic tests and consultant's fees:
- Standard - benefits of Budget as well as full inpatient, day-patient and out-patient treatments
- Comprehensive - benefits of Standard as well as MRI and CT scans, psychiatric, home nursing and a host of other benefits
Health Insurance Underwriting
Health insurers typically provide two types of underwriting for business health insurance plans although they can be flexible regarding persons switching from an individual policy to a company scheme.
The two types of underwriting to consider are Moratorium and Full Medical Underwriting (FMU) when looking to protect your workforce with business private medical insurance.
Moratorium - No medical history from your employees is required which can allow quick and easy applications. On this basis many insurers will not cover any conditions that your employees have individually had over the past five years. Cover may be regained if these conditions do not reoccur in the first two years of the policy.
Full Medical Underwriting (FMU) - Each employee provides their full medical history to the insurer so they can be assessed individually and provided with the terms and conditions on their specific health insurance policy. Insurers will exclude certain conditions based on your employee's medical history and this will be reviewed on an individual basis.
Some insurers may allow employees who already have an individual private medical insurance policy to switch to a company scheme with no additional exclusions added to their original policy.
For larger companies all employees can be put on cover with their medical history disregarded from the policy, which can prove hugely beneficial to your workforce as they can get health insurance on pre-existing conditions.
Choice of Hospitals
Company health insurance policies will offer access to different hospitals depending on the level of cover provided. The policy should be tailored to cover hospitals close to your home or workplace and if you have a particular area of concern for your employees, such as musculoskeletal disorders, you can choose hospitals that specialise in these areas.
At ActiveQuote we provide a FREE database of UK hospitals that can be included in your business health insurance policy.
Group health insurance does not cover voluntary medical expenses such as cosmetic surgery and may not cover you for chronic conditions such as diabetes. Group private medical insurance may not include other health expenses such as dental work or optical treatment.
Chronic diseases are not usually treated to maintain the condition but if there is deterioration the policy may cover the stabilisation and possible consultations to investigate the cause of deterioration. It is important to check your policy in full detail.
Why compare Group Private Health Insurance with ActiveQuote?
ActiveQuote compare the leading UK group health insurers and provide quotes for your company whether you're a start-up of two employees or a large, corporate business.
We are a leading group health insurance broker that can give you competitive quotes for your business, and policies can be tailored to meet your needs and budget.
At ActiveQuote you can speak to one of our product specialists who can help answer your questions and assist you as you compare group health insurance quotes.