What is company health insurance?
Company health insurance is similar to traditional medical insurance, but it is provided by a company to their employees, rather than taken out by an individual.
There are big tax breaks available for companies from company health insurance and they can receive a discount from the insurer by purchasing insurance cover in bulk. The more people are insured within a company, the cheaper it is to insure each employee.
What is medical history disregarded?
Larger company health insurance schemes can also gain from ‘medical history disregarded’ (MHD). This is where new employees can have their pre-existing medical conditions covered straight away. Smaller company health insurance schemes are usually unable to cover pre-existing medical conditions unless they are transferring from an existing policy.
Why offer company health insurance?
Many employers choose to offer company health insurance as a taxable benefit to their employees and their families. Insuring your home is a no-brainer, but some people tend to skip the health insurance cover.
Health insurance will pay all or some of your bills privately. Private health care is not affordable for most people, so by getting insurance through an employer you (and your family if covered) won’t need to stress about lengthy NHS waiting lists or paying for the cost of any treatment you may need.
Employees may have to pay the monthly premium for joining a company health insurance plan, whilst some employers offer company health insurance for free as an employee perk.
Employees who are considering joining a company health insurance plan will wish to consider:
- Whether the policy covers their family too
- Whether they will have to pay towards a claim themselves
- If there is a cost to join the scheme
What are the benefits of company health insurance?
To sum things up, the main benefits of company health insurance are:
- The insurance policy can be offered for free as an employee benefit
- Those in the scheme will have access to private medical facilities
- Members can benefit from a faster diagnosis
- NHS waiting times can be avoided
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