Small & Medium Enterprise
SME Health Insurance Policies
Small & Medium Enterprise (SMEs)
Health Insurance Policies
SME health insurance is available for firms with two or more employees and these schemes generally show substantial savings over Individual Plans.
Most insurers now offer modular plans so Anderson Health will be able to advise on the most suitable options to meet a company’s specific needs for SME health insurance.
SME health insurance schemes are otherwise known as Community or age-related plans. Community pricing means that any future renewal will largely be determined by how the Insurer’s overall book of SME business has been performing. Age related means that there will be different rates for the different employee ages, usually by way age bandings.
The method of starting or joining these schemes is either by full medical underwriting (FMU) or by a moratorium (MORI).
FMU means that you will have to complete an application form giving full details of your medical history. Any pre-existing medical condition or on-going treatment will be excluded from cover. The insurer may write to your GP for more information.
MORI is when you are not asked details about medical history. Instead the insurer will not cover any medical condition that has existed in the last five years. These conditions may become eligible for cover after two years, provided that you do not have any symptoms or have not received any treatment, tests or advice (even a GP consultation) during the two-year period.
Anderson Health can arrange for existing group SME health insurance schemes to change provider on a ‘no worst medical terms’ or a continuation basis. This means that while any medical exclusions imposed by the current insurer would be maintained, no new medical exclusions would be imposed by the new insurer.