Using a Private Medical Insurance Broker.
There are several advantages of using a Private Medical Insurance Broker. Firstly they will source the market on your Businesses behalf and find the best suited Group Private Medical cover for your needs and budget. A PMI Insurance broker works for you not he insurer. Private Medical Cover for business can be complicated and technical, using a good Broker that specialises in Private Medical insurance for businesses,means receiving advice and guidance on setting the the scheme up correctly and to meet the businesses needs.
The Right Private Medical Insurance Cover For Your Business.
A specialist Private Medical Insurance broker, will carry out a full review of your requirements. This will involve a comprehensive fact finding exercise, to establish the needs of your business in relation to Group Private Health Insurance and within the budget of the company.
We will then make a recommendation on which provider offers the best solution and explain in full how the cover works and how it can help your business. So,using an experienced PMI Broker can add value to your business, in many ways.
Is Private Medical Insurance Worth It for My Business?
Having Private Medical Insurance via your business has some valuable advantages for your business and your employees.
- Access to the latest Medical Treatment that maybe be available on the NHS
- Access to Private Hospitals, Private Consultants and Private Medical care.
- An excellent Employee Benefit, that will help attract and retain staff
- Helps reduce employees time of work, with faster treatment
- Tax Relief on premiums paid by the company, for Ltd Companies this can be offset against Corporation tax, for sole traders and partnerships, it can be offset against taxable profits( tax regimes can change, you should always take advice from a suitably qualified Accountant on any reliefs at the time)
Are Pre-Existing Conditions Covered?
In some cases, pre-exsitng conditions can be covered, under Medical History Disregarded cover. however It is not always available, in most cases Insurers will exclude any pre-existing conditions you have had in the last 5 years( some 3 or 7 years, depending on the insurer)
Most Insurer will have a choice of Full Medical Underwriting or Moratorium underwriter
Full Medical Underwriting Explained.
With Full Medical Underwriting the insurer will ask you a series of Health and Lifestyle questions. They will then base their underwriting and terms offered on your Medical History and Lifestyle responses. With this type of underwriting, you will know exactly what you are covered for and what you are not covered for.
Moratorium Underwriting Explained.
With this type of underwriting the insurer will not ask you any Health or Lifestyle questions at all. They will simply look at any claim you make and check your past medical history and make a decision on whether you are covered for the cost if the treatment required.
If the cover you have does not cover any pre-existing medical conditions you may have had in the last 5 years, the insurer will normally decline the claim and not pay out.
However, under Moratorium( a defined period of time)some insurers will look at covering pre-existing conditions after a 2 year period. In most instances, they will not cover pre-existing chronic diseases, such as Asthma, Diabetes and High Blood pressure.
Speaking to a good Private Medical Insurance broker can help you find the right cover based on your requirements and circumstances.
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