Company & Group Medical Insurance explained
Group Private Medical Insurance (PMI) is a plan that enables your employees to access private treatment in the UK. PMI Insurance provides access to private hospitals and consultants allowing people to get the treatment they need, where they want, when they want and by who they want.
It’s a great value benefit that can be key to attracting the right employee and, in addition to this, allows you as an employer to get quick treatment for your most important asset, your people.
Group medical insurance, sometimes known as business medical insurance, is a valuable policy for many business owners. As an employer, having company private medical insurance shows that you want to make sure your people, which is effectively your business, are looked after.
In particular when they have health problems and giving them quick access to treatment not only helps them but also helps your business by reducing the amount of time you lose to illness. A corporate medical insurance is one way to mitigate the risks associated with illness, whether physical or mental.
Company Group Medical Insurance gives peace of mind to both the employer and employee knowing that speed is of the essence.
There are many policies and benefits that you and your employees can take advantage of and in turn, this gives an added clarity to your staff knowing they are at the top of your thoughts when it comes to their health.
Health Cash Plans explained
These plans are very popular with companies when taking out Health Plans, they are designed to help cover everyday healthcare costs which can include dental treatment, optical check-ups and new prescription glasses, also physiotherapy and fees for private specialist consultations.
The level of cover and the individual benefits vary between the insurance providers and reflect your requirements and needs of the business.
The policies are designed with a benefit limit for certain costs depending of your chosen level of benefit cover such as routine dental treatment or optical costs, the insured can then claim back their costs up to the relevant limits of your chosen benefit level.
Dependent upon the policy you choose you can receive anywhere from 50%-100% of the cost of your treatment, normally up to a fixed annual claimable limit. Health cash plans can cover healthcare costs you routinely incur; they are not designed to cover treatment for more serious conditions this is where the NHS would come in to play or your private medical insurance policy if you have one in place.
Cash plans can be set-up on an individual basis or as a group (company) contract.
Another very important factor to consider when selecting a health cash plan is the policy terms regarding any pre-existing medical conditions you or your family may have, many policies which are set-up on a personal basis will have some form of pre-existing medical condition clause.
All of this is discussed with our consultants in depth and to ensure clarification and full understanding is paramount.