CORPORATE HEALTH INSURANCE
RATED 5 STARS ON TRUST PILOT
or
Call Us 020 71128844
- Best Price Guarantee
- Whole of Market Access
- FCA Authorised Advice
What Is Corporate Health Insurance?
A corporate health insurance policy is a group health insurance plan provided by an employer to its employees as part of their employee benefits package. The employer purchases the insurance policy and pays the premiums, while employees and their dependents receive coverage for medical expenses.
Corporate health insurance policies may vary in terms of the benefits they offer, but typically they cover expenses such as hospitalization, doctor consultations, diagnostic tests, and medical procedures. Some policies may also offer coverage for dental and vision care, prescription drugs, and other services.
Corporate health insurance policies are often more affordable than individual private health insurance plans because the cost is spread among a larger group of people. Additionally, because the employer is purchasing the policy, the premiums may be tax deductible for the company.
Overall, a corporate health insurance policy is a valuable employee benefit that can help attract and retain talented employees while providing them with essential medical coverage.
How Much Does Corporate Health Insurance Cost?
The cost of UK corporate health insurance can vary widely depending on several factors, such as the size of the business, the type of policy, the level of coverage, and the health of the employees.
In general, the cost of UK corporate health insurance can range from a few hundred to several thousand pounds per employee per year. Some policies may have a lower premium but higher out-of-pocket costs, while others may have a higher premium but cover a larger portion of medical expenses.
To get a more accurate estimate of the cost of a UK corporate health insurance for your business, it’s best to obtain quotes from different providers and compare the policy features and pricing. Additionally, some insurance providers may offer customized plans based on the specific needs and budget of your business.
Get A Quote For Corporate Health Insurance
What Illnesses Are Covered
The specific illnesses and medical conditions covered under a corporate health insurance policy will depend on the terms of the policy. However, most policies typically cover a wide range of illnesses and medical conditions.
In general, a corporate health insurance policy will cover medical expenses related to acute illnesses or injuries that require hospitalization or medical attention, such as:
- Inpatient hospitalization
- Outpatient care
- Surgical procedures
- Diagnostic tests and imaging
- Emergency medical treatment
- Prescription drugs
- Mental health treatment
- Maternity care
- Rehabilitation services
Corporate health insurance policies may also cover preventive care such as annual check-ups, vaccinations, and screenings for conditions such as cancer, high blood pressure, and diabetes.
It’s important to note that pre-existing medical conditions may not be covered under a corporate health insurance policy, depending on the terms of the policy. Additionally, some policies may have exclusions or limitations for certain types of treatments or procedures. It’s essential to carefully review the policy terms and conditions to understand what is covered and what is not covered.
Why Is Corporate Health Insurance Important
Corporate health insurance is important for a business to have for several reasons:
Attract and Retain Employees: Offering health insurance as part of an employee benefits package can help attract and retain talented employees. Providing health insurance coverage can also increase employee satisfaction and morale, leading to a more productive workforce.
Healthier Employees: When employees have access to medical care and preventive services, they are more likely to stay healthy and avoid illnesses. This can lead to fewer sick days, improved productivity, and lower healthcare costs for both the employee and the company.
Compliance with Regulations: In some countries, employers may be required by law to provide health insurance to their employees. Having a corporate health insurance policy can help ensure compliance with these regulations.
Tax Benefits: In some countries, employers may be able to deduct the cost of providing health insurance for their employees from their taxable income. This can result in significant tax savings for the company.
Competitive Advantage: Offering health insurance as part of an employee benefits package can give a company a competitive advantage over other businesses that do not offer health insurance. This can be particularly important in industries where employee recruitment and retention are highly competitive.
Overall, corporate health insurance is an important investment for a business that wants to attract and retain talented employees, promote a healthier workforce, and stay compliant with regulations while potentially enjoying tax benefits.
Is Corporate Health Insurance classed as a P11D Benefit?
In the United Kingdom, a corporate health insurance policy is generally considered a taxable benefit and must be reported on a P11D form if it is provided to an employee as part of their employment package. The value of the benefit is calculated based on the cost of the policy, and the employee may be required to pay tax on the value of the benefit.
However, there are some exceptions to this rule. For example, if the corporate health insurance policy only covers employees for work-related injuries or illnesses, it may not be considered a taxable benefit. Additionally, if the policy is available to all employees on the same terms, it may not be considered a taxable benefit.
It’s important for employers to understand the tax implications of providing a corporate health insurance policy to their employees and to properly report any taxable benefits on P11D forms. Employers may also want to consult with a tax professional or accountant to ensure compliance with relevant tax laws and regulations.
Who Are The Best UK Corporate Health Insurance Providers?
Some of the top corporate health insurance providers in the UK for 2023, according to industry publications and customer reviews, include:
AXA Health: AXA Health offers a range of corporate health insurance plans, including options for small businesses, large organizations, and international coverage.
Aviva Health: Aviva Health offers a range of corporate health insurance plans, including options for businesses of all sizes, as well as specialized coverage for certain industries.
Bupa: Bupa offers a range of corporate health insurance plans, including options for small businesses, large organizations, and international coverage.
VitalityHealth: VitalityHealth offers a range of corporate health insurance plans, including options for small businesses, large organizations, and international coverage. They also offer a wellness program that incentivizes healthy behaviour.
Cigna: Cigna offers a range of corporate health insurance plans, including options for small businesses, large organizations, and international coverage. They also offer specialized coverage for expatriate employees.
It’s important to carefully review the policy terms and conditions and compare different corporate health insurance providers to find the one that best meets the needs of your business and employees.
For more information and an in-depth guide on health insurance providers please check out our blog, What Is The Best Health Insurance.
Why Choose Us?
- MyKeyManInsurance.com started in 2008 we are the longest-serving business protection specialist in the UK.
- You deal directly with us we do not pass on your details to any third parties.
- The ONLY Website where you can quote and apply online.
- FCA-authorised advisers with years of experience in business insurance.
- We are a whole market broker able to quote from all the UK providers.
- GUARANTEED Lowest Corporate Health Insurance Rates In The UK.
- Free trust set up.
- 5 Star Trust Pilot reviews, our customers love us!
Our Customers Love Us!
What people are saying about us.
Excellent service with easy to
understand explanations
Jody was very helpful in explaining the options and I thoroughly recommend his company
We received a wonderful service
from…
We received a wonderful service from mykeyman and will be using them again. The service and product knowledge from team is excellent. Everything was made easy to understand. The price was the best we found too.
First Class Service
The standard of service was first class. They kept me up to date with progress on my Relevant Life Policy, followed up promptly following delays caused by my medical practice being slow in compiling reports, and responded instantly and clearly to any questions I had.
Further Reading
5 Reasons You Should Take Out Relevant Life Insurance
Relevant life insurance is a type of life insurance policy that is taken out by businesses on behalf of their employees
Relevant Life Insurance HMRC Tax Treatment (updated) 2022
Relevant life insurance is a form of insurance that provides financial protection for an individual.
Relevant Life Insurance Calculator
Work out how much money you can save with our relevant life calculator. Our calculator
My Key Man Insurance
UK’s Number One Business Protection Specialist.
