PMS Business
Business Health Insurance
Help eligible employees access private medical treatment while strengthening the company's employee benefits package, subject to the policy terms and chosen cover. Business health insurance is also known as company health insurance or group private medical insurance.
What is Business Health Insurance
Business health insurance — also called company health insurance or group private medical insurance (PMI) — is a policy paid for by the employer that covers eligible employees, and sometimes their families, for the cost of eligible private medical treatment.
How Group Private Medical Insurance works
When an employee needs treatment for an eligible condition, they usually see their GP first and are referred to a specialist. The insurer authorises the treatment and pays the hospital or specialist directly, up to the policy's limits and after any excess.
What Business Health Insurance may cover
Cover usually focuses on acute conditions — those that respond quickly to treatment. Chronic conditions, routine care and some pre-existing conditions are usually excluded. The exact cover depends on the insurer and the level chosen.
Inpatient and outpatient treatment
Most schemes cover inpatient and day-patient treatment. Outpatient cover — consultations, tests and scans before or after a hospital stay — is often limited or optional.
Cancer cover and mental health support
Many schemes include cancer treatment, and some include mental health cover or an employee assistance programme. Limits and what is included vary considerably between insurers.
Hospital and treatment options
Insurers offer different hospital lists. A narrower list can reduce premiums, while a wider list, including some central London hospitals, costs more.
Who may join the scheme
The employer decides who is eligible, for example all employees or certain grades. Employees may be able to add family members, sometimes at their own cost.
Benefits for employers
A highly valued benefit that can help attract and keep staff, and may help employees get diagnosed and treated sooner. Under current rules the cover is usually a taxable benefit in kind for employees.
Factors that affect cost
The number and ages of employees, the underwriting method (moratorium, full medical underwriting or medical history disregarded), the excess, outpatient limits, the hospital list and the scheme's claims history.
Switching an existing company scheme
If you already have a scheme, it may be possible to move to a new insurer on a 'continued personal medical exclusions' basis, so employees keep the same terms. We compare this carefully before any switch.
Potential benefits and important considerations
Benefits
- Faster access to eligible private treatment for employees
- A valued part of your benefits package
- Options to tailor hospital lists, excess and outpatient cover
Things to consider
- Chronic and some pre-existing conditions are usually excluded
- Usually a taxable benefit in kind for employees
- Premiums are reviewed annually and depend on claims
How it works
How we review business health insurance
Whether you are starting a scheme or reviewing one you already have.
- 01
Understand your team and budget
We talk about who you want to cover, what matters to them and what you want to spend.
Priorities agreed - 02
Compare or refer
We compare suitable options, or introduce a specialist health insurance firm and confirm their role.
Options or introduction confirmed - 03
Implement and renew
We help launch the scheme to employees and review it at each renewal.
Scheme live and reviewed
Ready to take the first step?
Your initial consultation is without obligation. Speak with an adviser in Croydon or over Zoom.
Business Health Insurance FAQs
Under current rules it is usually treated as a benefit in kind for employees. Your accountant can confirm the position for your business.
It depends on the underwriting method. Some methods exclude recent pre-existing conditions; for larger groups, some insurers disregard medical history.
Often yes, either paid by the employer or by the employee, depending on the scheme.
We will confirm before you proceed whether we arrange the scheme or introduce you to a specialist firm, and what their role and any fees are.
Related PMS Business services
Request a Business Health Insurance review
Speak to us about your business. Your first conversation is without obligation.
Important information
Cover depends on the insurer, the underwriting method, exclusions, any excess, the hospital list and the policy terms.
Before you proceed we will confirm in writing whether PMS Mortgages advises on and arranges this cover, or introduces you to another firm, and what that firm's role is.
Tax treatment depends on individual and business circumstances and may change. We do not give tax advice; please speak to your accountant or tax adviser. The Financial Conduct Authority does not regulate tax advice.