Health insurance cover is a must for any small business, what happens if key staff are ill, who does the work, how will you cope. Health insurance gives you choices, shows you care and aids higher staff retention.
Group Health insurance cover can start with as few as two employees and can cover an unlimited number of staff providing the company is prepared to cover at least the employee cost. We at Healthwise realise that no two businesses are the same and therefore the buying needs will be different in terms of the cover and the premium you want to pay, our highly experienced staff will discuss your needs with you and then source a package to meet your specific needs.
We undertake a whole market review each and every year to ensure you are made aware of all the options and more importantly ensure that you never pay more than the going rate. Our report takes account of the premium per employee, an independent analysis of the cover provided and more importantly the service you are likely to receive from the insurer.
If you are currently insured we will always try and re negotiate the cost with the holding insurer, rather than simply moving you to a new insurer. Most of our competitors simply suggest a change of insurer and the reason is they earn more commission. We are more than happy to disclose our commission earnings, so you have complete transparency.
If you are dealing direct with an insurer, the chances are you will be paying far more than is necessary. If you have a broker how do you review the services they provide, let us carry out a review in tandem with them, you may well be surprised at the outcome.
How to reduce your Health Insurance premiums
As Health Insurance premiums continue to increase year on year we have looked at innovative ways to reduce the cost you pay on the employee’s behalf and the Tax they pay as a benefit in kind.
A Cash Plan not only adds value, it can also show you an overall saving in premiums whilst increasing the benefit options available to your staff.
Assuming you pay Health Insurance premiums of £ 10,000 covering 20 staff, you could opt to include a £100 excess which would save roughly 10% on the premium, or £1,000 per annum. Also don’t forget this reduces the companies NIC payment and the employees P11d benefit in kind.
Interestingly a Cash Plan for 20 staff would cost just £0.75 per person week, £39.00 per year, so again assuming cover for 20 staff a Cash Plan would cost just £780.00, so straight away a £220 saving. Or assuming you opted for a £200 Health Insurance excess with an 18% discount this would give you a saving of £1,800, less the cost of the Cash Plan (£780) = £1,020, plus NIC @ 13% gives a saving of £1,152.60.
CLICK HERE to download further information on how this would work in practice
Contact us to discuss cover for the SME market