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Nowadays, having corporate health insurance has become a commonplace practice for companies. Healthplan’s team will help you make the most beneficial choice among various providers and plans.

What Is Corporate Health Insurance?

Corporate health insurance is a kind of business insurance that provides access to private healthcare for company employees. With expenses paid by the company, it is often designed to cover the most widespread health problems and kinds of treatment.

When an employee becomes ill, having this insurance lets them seek advice from private health consultants and receive treatments at private clinics and hospitals. They can choose a convenient schedule to receive the highest quality healthcare.

Having corporate health insurance helps employees resolve their health issues quickly and frees them from excessive waiting, which can be faced quite often when using national health services.

Benefits of Health Insurance for Large Corporate Companies

Statistics from 2020 show that 58% of UK company employees reported they were feeling stress at work. Moreover, for 69% of them, the stress ranged from moderate to high levels. The impact of high levels of stress on health includes an increased risk of developing heart diseases, gastrointestinal problems, ulcers, and diabetes.

However, its impact on mental health is more direct and vivid. In 2020, the mental illness rate among workers was 8.1% higher compared to 2017 and 2019. These figures imply that healthcare expenses are growing as well. As for 2020, the mental health problems among employees in the UK cost their employers £42bn - £45bn a year.

For companies, getting business health insurance is a tactic that can bring a number of various benefits (especially for the large ones) and increase its appeal in the eyes of employees. A survey held among 2,000 employees from the UK showed that 43% of them regard health insurance to be one of the most valuable benefits a company can provide to its workers.

Of course, not only workers would benefit from it: corporate health insurance has certain positive sides for both employers and employees. Your employees can enjoy the following:

  • Higher levels of job satisfaction, including improved wellbeing and feeling like the company, cares about them
  • Opportunities to receive high-quality medical services
  • Opportunities to choose convenient schedules for healthcare appointments

At the same time, for their employers, getting such insurance will mean:

  • Attracting more potential workers
  • Improving employee retention levels
  • Shortening periods of worker absence (a decrease in waiting time can make sick leaves shorter)
  • Increasing staff motivation and a possible increase in productivity of work
  • Possibly receiving rewards and benefits from the insurance provider (especially for large companies)

How much will corporate medical insurance cost per employee?

The cost of corporate medical insurance for your company will depend on a number of factors, including the kind of insurance you are looking for, your type of business, and employee demographics.

When choosing a health insurance plan, company owners usually opt for the general kinds of insurance, which cover only the most common problems. If you are looking for something with more rare additional options, be ready for a cost increase.

The most common factors affecting the insurance cost include:

  • Location of the business
  • Age of employees
  • Underwriting
  • Participating hospitals
  • History of claims
  • Outpatient coverage
  • Number of employees

Insurance providers usually have corporate discounts for large companies. Due to that, according to the number of employees, the average monthly cost per person decreases as follows:

Number of employees Price
50 employees £35.36
100 employees £28.79
150 employees £21.88

Corporate Health Insurance Providers

Being independent insurance experts, we collaborate with the major private health insurance providers in the UK. In the area of corporate healthcare, four providers play the key role. These are:

  • Vitality
  • Aviva
  • Axa
  • Bupa

All of them collaborate with a number of other insurers of a smaller scale.

Each insurer has unique features; so, finding one that matches your company depends on your current situation. That's what we can help you do: our main task lies in making sure that you find the most suitable and economically beneficial option.

In many cases, we can negotiate with the insurer and bring you more benefits than you could have received if you tried contacting them directly.

What's Covered?

An insurance package that many large corporate companies often opt for is Comprehensive Health Insurance. This plan combines inpatient and outpatient services. The options provided by the plan usually cover:

  • Consultations
  • Tests (e.g., MRI, X-Ray)
  • Surgeries
  • Therapies
  • Alternative therapies (e.g., acupuncture)
  • Exclusive costly medicines not available through the NHS
  • Hospital stays

Moreover, insurance policies and private facilities often create benefits like the following:

  • Possibility to choose between specialists and consultants
  • Reduction of time spent on waiting for treatment
  • Flexibility of visiting hours
  • Ability to tailor the appointments to the personal schedule of the employee

Can My Employees Add Their Families to the Coverage?

Yes, for employees of the company enrolling for corporate insurance, it will be possible to add their partner and/or children to their insurance plan.

Besides, it will be free for all children added to the plan after the first one. It is possible to include children in the plan until they reach the age of 29, provided they are living with a parent who is originally included in the insurance.

For each individual case, you can contact us for more details.

Can You Provide Different Benefit Packages Within the Same Insurance Policy?

We can customize our private medical insurance plans according to the needs of your company. If you need some unique features in the plan to provide for your employees, don't hesitate to get in touch with us so we can decide on the details and find the best option.

How Does HMRC Tax Corporate Health Insurance?

For employees, corporate health insurance is usually considered a taxable benefit in kind, being a part of employment or remuneration package. Employees have to pay taxes on any insurance premiums they receive.

For company owners, it means that it has to be reported at the end of each tax year as a part of P11D submission for each employee.

However, in some cases with small businesses, health insurance can be classified as a valid business expense, and some health benefits can be provided tax-free. However, this is to be checked with experts in each individual case.

Questions? Speak to a real person

Comparing private health insurance is what we do, so you will get through to someone who can help. Call us from Monday to Friday (8am - 7pm) and Saturday (9am - 6pm).