Private medical insurance can be valuable for both individuals and businesses. However, with different insurers, levels of cover, underwriting options and policy terms available, choosing the right health insurance isn’t always straightforward.
For businesses, health insurance can form part of an employee benefits package, while individuals and families can benefit from greater choice over where and when eligible treatment takes place.
Our team of health insurance brokers have answered some of the most frequently asked questions about private medical insurance below:
What is private medical insurance?
Private medical insurance helps cover the cost of eligible private healthcare and treatment. This can include specialist consultations, diagnostic tests, outpatient treatment, surgery and inpatient care.
You can arrange cover individually, for your family, or through an employer as part of a company health insurance scheme.
What does private medical insurance cover?
Depending on the policy, private medical insurance can include:
- Specialist consultations and diagnostic tests
- Inpatient and day-patient treatment
- Outpatient treatment
- Cancer treatment
- Mental health support
- Physiotherapy and other therapies
- Access to private hospitals and consultants
Benefits, limits and exclusions vary between policies, so understanding what is included is as important as comparing cost. A health insurance broker can help you compare these differences and understand which benefits are most relevant to your requirements.
What is company health insurance?
Company health insurance, sometimes called corporate or business health insurance, is private medical insurance that an employer arranges for its employees.
The employer chooses the scheme and level of cover, while employees access the benefits provided. Some schemes also allow employees to add a partner or dependent children.
Why do businesses offer private medical insurance?
Many employers include private medical insurance in their employee benefits package.
Access to private healthcare can help employees receive eligible consultations, diagnostic tests and treatment sooner. For businesses, this may reduce disruption caused by employees waiting for treatment and support their return to work after illness or injury.
Health insurance can also strengthen an employee benefits package when recruiting and retaining staff.
Does private medical insurance cover pre-existing conditions?
Whether pre-existing conditions are covered will depend on the policy and how it is underwritten. Most pre-existing conditions will be excluded from cover.
Underwriting can differ between individual, family and company policies, with larger company schemes sometimes having different arrangements. A health insurance broker can explain the available options and how they may affect your cover.
Can small businesses get private medical insurance?
Yes. SME health insurance is available for smaller businesses, with policies tailored to workforce size, required benefits and budget.
Employers can choose comprehensive cover or a more focused policy that provides selected benefits while keeping premiums manageable.
Are all employees covered in the same way?
Not necessarily. A business may provide the same benefits to everyone or create different membership categories for different groups of employees.
How a scheme is structured depends on the business, insurer and policy selected.
Can health insurance cover my family?
Yes. Individual health insurance can include a partner and dependent children under the same policy.
Family cover may also be available through company health insurance. Some employers contribute towards this cover, while others allow employees to add family members at their own expense.
Do employees have to pay for company health insurance?
This depends on the employer. Some businesses pay the full premium while others may ask employees to pay for additional options, such as adding a partner or family members.
Employer-funded private medical insurance is also generally treated as a taxable benefit in kind, so employees should consider the tax implications.
Is private medical insurance expensive?
The cost varies depending on factors such as age, level of cover, hospital access, excess and underwriting.
For businesses, costs can also depend on factors including the number and age profile of employees, the benefits selected and the scheme’s claims experience.
How can a health insurance broker help?
An independent health insurance broker can compare insurers, explain differences between policies and help you understand your options. For businesses, a broker can also review an existing scheme, consider alternatives and help negotiate with insurers at renewal.
At Anderson Health, we have over 30 years of experience advising individuals, families, SMEs and larger businesses on private medical insurance. We provide independent and impartial advice to help you find cover suited to your circumstances.
Whether you are looking for health insurance for yourself, your family or your employees, or reviewing an existing policy, our advisers can help you compare the options available and understand the differences between them. Speak to Anderson Health for clear, independent and impartial health insurance advice.
Anderson Health are independent Private Medical Insurance advisors based in the City of London with customers both in the UK and throughout the rest of the world.
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Securing the best medical insurance rates for businesses and families.
Call us at +44 (0)204 548 4670 or email.