Business Health Insurance

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    “We know that time is precious for you, we can work around your availability while searching for the most competitive mortgage products and overseeing your mortgage application from start to finish”.

    Jonathan Smith – (CeMAP, BA Hons, Aff SWW, CeRER)

    Looking after the health and well-being of your employees makes good business sense. They are key to running your business and absenteeism due to sickness can be costly. With business health insurance in place, however, they have fast access to treatment. This helps them get on the road to recovery quicker and back to work sooner. Not everyone can afford their own private medical insurance so offering your employees this cover is a desirable benefit. Showing that you value their health and well-being not only makes it easier to recruit staff but also to retain them.

    At Trinity Finance, we work closely with insurance providers offering business health insurance. Whether you have a small business or operate at a corporate level, the right cover can be put in place to meet your needs. Here, we’ll detail what business health insurance is, why it’s important for your employees, the benefits it provides for you and your business and considerations before taking out a policy.

    What is business health insurance?

    Business health insurance enables your employees to benefit from private healthcare. It covers your employees’ medical expenses should they fall ill or need treatment and allows for fast access to healthcare to avoid long waiting times. As such, it provides support and peace of mind when they need it the most.

    As your employees are of crucial importance to your business, this insurance is a cost-effective way to help look after their health. You don’t need to worry about them being absent from work for long periods due to ill health, which may otherwise cost a significant amount for your business. Your business continues to run effectively while fostering a supportive environment for your employees.

    Why is health insurance for employees important?

    Health insurance lets your employees avoid lengthy waiting times for GP appointments, diagnoses and treatments. By getting seen faster and receiving treatment quicker, they will spend less time off work, increasing the productivity of your business. Your employees can benefit from flexibility when it comes to making appointments, both with the times and locations. They can often access online support too, such as virtual GPs and stress counselling. Mental health support can also be included in a business health insurance policy.

    Many employers offer health insurance as part of their benefits package, making it an attractive option for employees. Having this cover is a perk that many people consider a key factor when choosing a new job. By offering this benefit to potential employees, you can give them a desirable bonus that may not only sway them to work for you over another employer but is also more likely to keep them in your employment for the long term. Overall, this type of health insurance can help your employees feel valued and offer them essential peace of mind.

    Types of business health insurance

    There are different types of business health insurance to cater to different sizes of companies. Whilst insurance providers vary in what they offer, the following are the main types of business health insurance available.

    • Self-employed/sole trader health insurance: As long as you have at least one employee, you can take out a specialist small business health insurance policy.
    • Small business health insurance: This generally covers up to 249 employees.
    • Corporate business health insurance: If you have 250 or more employees, you can take out group cover in the form of corporate business health insurance.

    What is included with business health insurance cover?

    Your business health insurance cover depends on the type of policy you choose and the level of cover you prefer. Every business is unique and, as such, your cover can be tailored to meet the needs of your business and employees. Generally, you can expect standard inclusions with optional extras, as detailed below.

    Standard inclusions

    Each insurance provider differs in the cover they provide but a business health insurance policy usually has the following inclusions:

    • Private GP appointments: Employees have access to private GP appointments, which reduces waiting times and allows for faster referrals and treatment. 24/7 access is also provided to GP appointments via video or telephone, including a nurse helpline.
    • Specialist referrals: This enables employees to be referred straight to a specialist and avoid a GP appointment in certain instances, such as cancer concerns, issues with muscles, bones and joints, or mental health concerns.
    • Inpatient and day-patient care: The cost of a hospital stay in a private room is covered as well as the costs of surgery, treatment, nursing care, specialists’ fees and private ambulances.
    • Outpatient care: Limited outpatient care is provided as this cover is often offered as an optional add-on. Outpatient care that’s generally provided as standard cover includes diagnostic tests, scans and specialist consultations. Some cover also includes outpatient procedures and physiotherapy without the need for a referral.
    • Mental health support: This includes self-help resources and counselling sessions or treatment, such as cognitive behavioural therapy (CBT) sessions, without the need for referral.
    • Health and well-being helplines: Helplines are available for employees to get general health advice, discuss diagnoses, medications and surgery, get advice about the menopause and benefit from family mental health advice. Counselling and stress helplines are also available.
    • Physiotherapy: Physiotherapy support is provided in the form of online or telephone consultations with physiotherapists. Physiotherapy treatments are also provided.
    • Additional therapies: Osteopathy, chiropractic, acupuncture and homeopathy treatments can be included.
    • Cancer care: Diagnosis and treatment of cancer is provided, such as surgery, chemotherapy and radiotherapy. The cost of medication and nursing care is also covered.
    • Access to various hospitals and clinics: A list of hospitals and clinics is provided, enabling employees to choose where they go.
    • Health and well-being reward programmes: Incentives are usually included to encourage a healthier lifestyle. These can include health checks, discounted memberships to gyms and online health and fitness platforms, and other health reward programmes.

    Optional add-ons

    As well as the standard inclusions, you have the option to tailor your business health insurance policy with extra cover. Optional add-ons can include:

    • Extended list of hospitals and clinics: This gives employees more choice of where to be treated, with local options reducing their travelling time.
    • Outpatient treatment: This includes more extensive outpatient care than the standard business health insurance policy inclusions. Depending on the insurance provider, you may be able to include unlimited cover, select different types of outpatient cover or set a financial limit.
    • Dental and optical care: This can provide employees with regular dental check-ups and swift access to dental treatment. It can also cover the costs of eye tests and glasses, which is especially useful for employees working with screens.
    • A second medical opinion: Your employees can get a second medical opinion regarding a diagnosis they’ve been given or a treatment plan they’ve received.
    • Extended mental health support: This provides increased access to counselling sessions and treatment if needed.
    • Preventative health measures: These can include health assessments, flu vaccines, dietary advice and exercise recommendations.
    • Family cover: Family members can be added to the plan.

    What is excluded from business health insurance cover?

    As with most types of insurance cover, your business health insurance policy will have exclusions. These will depend on the insurance provider’s terms as well as the type and level of cover you have chosen. It’s important to be aware of the exclusions for your policy and our mortgage and protection brokers will go through these with you. Typically, business health insurance exclusions are for:

    • Pre-existing conditions
    • Chronic conditions, such as asthma, epilepsy or diabetes
    • Accident and emergency treatment
    • Cosmetic surgery
    • Weight loss treatment
    • Pregnancy and childbirth
    • Infertility treatment
    • Addictions and substance misuse
    • Hospital fees if using one that is not included in your policy’s approved list of hospitals
    • Overseas treatment

    The benefits of having business health insurance

    Having business health insurance in place offers benefits for both your business and your employees.

    • It’s considered a valuable perk, attracting new employees and helping to retain them.
    • Your employees feel valued as you are prioritising their well-being, which improves morale and motivation.
    • Appointments are quicker and easier to book, saving time and reducing stress.
    • Flexible appointments are available, enabling your employees to book them around their commitments for family and work.
    • Long waiting times can be avoided, leading to faster diagnosis and treatment. This reduces time taken off work due to ill health.
    • Quick access is given to diagnostic tests, treatments and surgery. This leads to faster recovery times so that employees return to work sooner and the productivity of your business increases.
    • Your employees have access to medications and treatments that are not provided by the NHS.
    • An extensive choice of hospitals and clinics allows your employees to book appointments that are closer to home.
    • Access to preventative care helps to reduce absenteeism.
    • Access to a second opinion service offers peace of mind when employees feel uncomfortable with a diagnosis or treatment plan.
    • Mental health support can lead to a better performance at work by your employees.
    • Incentives, such as membership discounts and rewards, encourage employees to lead a healthier lifestyle.
    • Your employees’ family members may be covered by the policy too.
    • A business health insurance policy is flexible to arrange so that you can include the exact cover you want.
    • There are ways to lower your premiums without compromising on the benefits that this health insurance has for your employees.

    Considerations when taking out business health insurance

    Your business is unique so it’s important to tailor your policy to meet its needs as well as those of your employees. Think about the inclusions you want in your policy, such as optional add-ons, and the level of cover these provide. Pre-existing conditions are excluded from a business health insurance plan but you may consider having medical history disregarded underwriting. This enables employees to keep pre-existing conditions confidential so that they can still benefit from using the health insurance. Another consideration is whether you prefer to provide cover for certain employees only rather than all employees. For example, those who have worked for you for a specific amount of time or those at a certain level within the company.

    When it comes to the cost of the policy, look at ways to lower your premiums without affecting the benefits your employees get from the health insurance. For example, you can add a policy excess so that your employees pay for part of their treatment. However, ensure that this isn’t too high otherwise they may be dissuaded from using the health insurance, negating any benefits.

    Help your business and employees thrive with tailored business health insurance

    Knowing what types and levels of cover to include in your business health insurance policy can seem overwhelming and time-consuming. Our mortgage and protection brokers are here to discuss your circumstances and business needs to make this process easier for you. They can compare the plans available and find the best deals to give you the choice you need. Whether you are a small business or a corporate group, our mortgage and protection brokers can provide you with expert, impartial advice to help you make the right decision. With flexibility being key to this type of policy, the options are tailored to create the best business health insurance solution for you.

    To set up a plan that’s rewarding for your business and your employees, give us a call on 01322 907 000. We’ll simplify the process for you, going through the small print and comparing the prices offered by different insurance providers. This saves you time and potentially money compared with trying to find the right policy yourself.

    If you’re unable to contact us by telephone, send an email to us at info@trinityfinance.co.uk or an enquiry via our contact form. One of our mortgage and protection brokers will reply to you as quickly as possible with more information on the business health insurance options available.

    FAQs

    You need to be aged 18 to take out a health insurance policy. Usually, there is no age limit for taking out a policy although this depends on the insurance provider. For example, they may stipulate that you must be aged between 18 and 79 at the point your cover starts.
    When calculating the cost of your policy, your age is one of the factors that is taken into account. The older you are, the higher your premium will be.

    No, unless you have a pre-existing medical condition, you don’t usually need a medical check. You simply complete a form so that your insurance provider gains an understanding of your medical history and lifestyle. If you do have a pre-existing medical condition, you may need to provide the insurance provider with more information obtained from your GP.

    You agree to the amount of excess that’s payable when you take out the policy with the insurance provider. Usually, the higher the excess, the lower your premiums. Just be sure that you choose a realistic, affordable amount as this is how much you have to pay upfront when making a claim.
    Different policies can have varying excess levels. For example, you may be able to choose between £0, £100, £250 or £500 excess. The levels of excess available depend on the flexibility offered for the specific policy.
    The frequency of when excess is payable also differs. With some insurance providers, you may just pay the excess for a claim once per policy year. Other providers, however, may stipulate that the excess has to be paid each time you make a claim.
    Our mortgage and protection brokers will go through the excess options with you so that you choose the right option for your needs.

    Your policy needs to be renewed every year and it’s recommended to review the details before the renewal date. Some insurance providers set up an auto-renewal feature, which ensures that your policy doesn’t lapse, leaving you without cover. You’ll generally receive notification of the upcoming renewal date to review the policy. Check that your details are still correct and that the cover is still adequate for your needs. If you don’t review the policy or do review it but no changes are needed, it will simply auto-renew.
    Be aware that many renewals have increased premiums so it’s a good idea to get health insurance comparisons first. This ensures that you’re still getting the best deal for the level of cover you need. Once your policy has been renewed, you’ll be covered for another 12 months provided that you continue paying your premiums.

    You can still take out health insurance but, as it’s intended to cover you for health issues that start after your policy has begun, you won’t usually be covered for any pre-existing conditions. A pre-existing condition means that you’ve had symptoms, diagnostic tests, treatment or medication for an illness, disease or injury before taking out health insurance. A pre-existing condition, therefore, still needs to be treated via the NHS.
    Some insurance providers consider a pre-existing condition to be one that you’ve had symptoms or treatments for within the last 5 years. This is regardless of when you were diagnosed. Others don’t limit this to 5 years, however, so it’s important to check this. If you haven’t had any symptoms for 5 years or more, some insurance providers may be prepared to include this condition in your cover.

    Once you’ve agreed on the level of cover and other details of your policy, you’ll be issued with your cover documents. Your policy certificate will show the date that your cover starts and this will continue for 12 months unless either you or the insurance provider cancels the policy in the meantime.

    Usually, paying for your premiums annually is a better option than making monthly payments. Doing so makes your premiums cheaper as insurance providers tend to charge more for monthly premiums to allow for extra administrative costs. It also prevents you from missing a monthly payment, which can lead to your cover lapsing or incurring extra fees from the insurance provider.

    As a UK resident, you’re usually entitled to free healthcare via the NHS. Private healthcare works alongside the NHS and is usually paid for. This is either via your own private health insurance policy or one that’s financed by your employer. Whilst you can still use the NHS, private healthcare gives you faster access to treatment. You can also benefit from the flexibility of choosing when and where to be treated.

    Yes, a no-claims discount is offered by some health insurance providers. This means that for each year you don’t make a claim, you gain an additional year of no-claims discount. When you come to renew your policy, the discount will be applied, reducing the amount you need to pay.
    Some insurance providers offer a protected no-claims discount as an optional add-on to your standard cover. This protection ensures that you won’t lose your no-claims discount if having to make a claim.

    This depends on the insurance provider. Some will cover treatment without a referral from your GP but others will insist on a GP referral if you want to claim. For the latter, the GP can give you a named referral or an open referral letter. Make sure you check whether or not you need a GP referral before claiming on your policy.

    There are various ways to lower your health insurance cost. You can consider a higher excess, which is the amount you need to pay as a contribution when making a claim. The higher the excess, the lower your premium. However, be aware that this higher amount is payable if you need to make a claim. You can also pay your policy premium annually rather than monthly as it is a more cost-effective option. If wishing to insure more than one person, opt for a joint or family policy rather than taking out individual health insurance policies.
    Some insurance providers offer incentives to maintain a healthier lifestyle throughout the duration of your policy and this can result in a discount when renewing your policy. Making some lifestyle choices can also lower your premiums, such as choosing to stop smoking.
    Our mortgage and protection brokers can guide you on ways to lower your premiums while ensuring that you still retain the cover you need.

    Yes, some details can be changed mid-term, depending on the insurance provider. For example, you may need to change your address or the name of someone on your policy, you may wish to remove someone from your policy or some of the policy schedule details may need correcting. When renewing your policy, you can review your cover to either increase or decrease it.

    Health insurance policies usually only cover you in the UK. This means you won’t be covered if you become unwell while on holiday or working abroad. Some policies may cover you for emergency treatment while abroad so it’s important to check this with the insurance provider. Some healthcare insurance providers offer worldwide travel insurance as an optional add-on to your standard cover.
    Alternatively, consider a travel insurance policy when going abroad for short trips or international health insurance if staying abroad for longer.

    Yes, you can add your partner to your policy so that you have joint health insurance or you can have family health insurance if you want to add your children too. These options are more cost-effective than taking out individual policies. Some insurance providers offer special rates for children too. For example, if you have two or more children aged 19 or under, you may only have to pay for the oldest child.

    The amount you pay for your premiums each year will vary based on different factors. These include personal details, such as your age, location and claims history as well as other factors, such as inflation relating to medical costs.

    Health insurance allows you to access private healthcare and claim on your policy when needing private medical treatment. Each policy lasts for 12 months and needs to be renewed.

    Critical illness cover, on the other hand, offers financial protection if you’re diagnosed with a serious illness that’s covered under your policy. You receive a tax-free lump sum after diagnosis, ensuring that you can cover any expenses you need to if, for example, you have a loss of earnings or need to adapt your home as a result of the illness. Rather than being a yearly policy, critical illness insurance provides long-term cover.

    No, if you are already covered by private health insurance via your place of work, you don’t necessarily need to take out a separate policy. Check what you are covered for in case it doesn’t provide cover for everything you need. For example, there may be a limit on the cover or optional add-ons, such as dental cover, may not be included. Bear in mind that if you stop working for your employer, you will lose the health insurance cover immediately.

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