Private Medical Insurance
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What is business private medical insurance?
Private medical insurance (also known as private health insurance) is an insurance policy that covers part of your medical expenses, including doctor visits, surgery, hospital stays and sometimes prescription medication, depending on the plan.
If you have a private medical insurance policy, you won’t have to rely on NHS healthcare for any potential medical treatments. Private medical insurance gives you more flexibility to choose your healthcare provider and access specialist treatments. Employers or individuals pay a monthly or annual subscription to cover themselves for any medical issues that may arise.
Private health insurance brokers
Recruitment and retention can be a significant challenge for many businesses. One way to improve the recruitment and retention of staff is to improve your employee benefits package.
Private health insurance offers employees the reassurance that any medical issues they may have can be diagnosed and treated as quickly as possible. Furthermore, as employers, offering private health insurance will enable your staff to return to work quicker if they were to have any medical issues.
If you are considering introducing private medical insurance into your organisation our financial planning experts at Hawsons Wealth Management can act as your independent broker. As independent brokers we work with a wide range of private medical insurance providers across the UK. We will take the time to independently assess the needs of your business and personalise your cover accordingly to ensure you are covered for all of your private medical needs.
Why choose Hawsons Wealth Management as your financial planner?
We are Independent
At Hawsons Wealth Management we are not tied to any health insurance products or providers. Therefore, we are in the perfect position to analyse the whole UK health insurance market to provide completely unbais advice when advising our clients on which health insurance policies are best for them.
Tailored
We recognise that all businesses and organisations are different and will have different requirements when it comes to private medical insurance. This is why we take the time to understand and assess the needs of the client and the business to ensure that we can personalise their cover appropriately and advise on the best health insurance option for them.
Understand your health cover
Our brokers take the time to ensure that you fully understand your health insurance policy including how your employees can make a claim and any limitations your private medical insurance policy has. We will also be here to answer any questions you may have about your policy before you commit to purchasing any health insurance cover.
Potential benefits of private medical insurance
For employers
Enhanced employee productivity
Private medical insurance gives employees prompt access to quality healthcare, reducing downtime due to illness and stress related to health concerns.
Attractive employee benefit
Private medical insurance is an employee benefit because it gives peace of mind with quick and full access to healthcare services, reducing personal stress and the financial burden of private medical costs.
Reduced sick pay costs
Private medical insurance reduces sick pay costs by getting employees diagnosed and treated quicker, so they can recover faster and get back to work sooner. This proactive approach minimises extended leave and the financial burden of paying for sick leave, ultimately reducing overall costs for employers.
Boosted employee morale
Private medical insurance boosts employee morale because the company shows they care about their wellbeing and are invested in their health. This sense of care and support creates a positive work environment, leading to higher job satisfaction and employee loyalty.
Fewer workplace disruptions
Private medical insurance reduces workplace disruption by getting employees to address health issues quickly and effectively, minimising the number and duration of absences.
Corporate tax benefits
Private medical insurance often provides tax benefits for companies as they can deduct the cost of premiums as a business expense. This reduces taxable income and overall tax liability, making it a cost effective benefit for employers.
For employees
Faster access to treatment
Private medical insurance provides faster access to treatment by allowing employees to skip the long waiting times of the NHS.
Choice of hospitals and specialists
Private medical insurance provides employees with a choice of hospitals and specialists so they can choose the providers that suit them best. This flexibility means access to quality care and tailored treatment options, overall satisfaction and better outcomes.
Private hospital amenities
Private medical insurance gives access to private hospital facilities such as private rooms, personal care. These extra facilities make the patient experience better, making recovery more convenient and stress free.
Comprehensive coverage
Private medical insurance gives full coverage by offering a wide range of healthcare services including hospital stays, surgery and specialist consultations.
Mental health support
Private medical insurance often includes mental health support, covering therapy, counseling and psychiatric consultations. Policyholders can access various mental health treatments.
Preventative care
Employees with private medical insurance get preventative care through regular health checks, vaccinations and wellness checks which helps detect potential health issues early. This proactive approach means better overall wellbeing and less risk of serious illness, fewer sick days and higher productivity.
Peace of mind
Private medical insurance gives employees peace of mind by knowing they have access to healthcare when they need it. Knowing they are covered for various medical treatments and emergencies means less stress and they can focus more on their work and personal life.
Meet our financial planning team
Why use an independent health insurance broker?
Expert guidance
Time-saving
Customised solutions
Access to exclusive deals
Claims assistance
Unbiased advice
Access to the whole of market
Private medical insurance FAQs
Why do you need private medical insurance?
Private medical insurance is needed to get quicker treatment and access to specialists. Those with private medical insurance will get shorter waiting times compared to the NHS, more choice of healthcare providers, more comfort and amenities and cover for services not available in public healthcare.
Can you add a family member to a company private medical insurance?
Yes, you can usually add family members to a company private medical insurance in the UK but it may increase the premium. Check the policy for details and additional costs may apply.
What does private health insurance typically cover?
- Inpatient and outpatient treatment: Surgery, hospital stays and diagnostic tests.
- Specialist consultations: Access to many medical specialists.
- Mental health support: Therapy, counseling and psychiatric treatment.
- Cancer treatment: Full coverage for cancer diagnosis, treatment and aftercare.
- Physiotherapy: Rehabilitation and physical therapy sessions.
- Dental and optical care: Some plans include routine dental check-ups and eye care.
- Private hospital accommodation: Private rooms during hospital stays.
- Preventative care: Health checks, wellness checks and vaccinations.
- GP referred therapies: Coverage for therapies like acupuncture, chiropractic care or osteopathy.
Can private medical insurance cover any pre-existing medical conditions?
Yes, private medical insurance can cover pre-existing conditions but the scheme must have at least 15 employees. It is important to note that this is an optional extra that will increase your premium.
The process of purchasing private medical insurance
Initial conversion
We will have an initial consultation to understand your needs. We will discuss areas such as budget and policy requirements.
Policy research
Once we have had an initial consultation our advisers will conduct independent research into the market to identify a number of potential policy options.
Policy selection
We will present these policy options to you and make a reccomendation for the best option we think would be best for your budget and requirements.
Application
We will assist you with the application process and implementation of your new scheme.
Policy purchase
Once your application has been accepted, we will review the policy with you before confirming payment.
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