Health insurance - a company benefit?

An increasing number of companies are offering health insurance as a benefit, alongside pension schemes and other plans. In many cases, health insurance is listed as one of the reasons to join a company – but don’t just assume that because your company is offering it, their health insurance policy is the best one for you.

Assessing your company’s health insurance

Your company may choose to fully-subsidise your health insurance, so that employees pay nothing, or they may ask for a reasonable monthly payment. Your company health insurance is likely to be cheaper than any plan you could find on the open market, but you must check that it gives you the coverage you need. Health insurance providers design specific packages for businesses, which allow each company to tailor the health insurance to their own requirements. This means that even if your new company operates the same policy with the same provider that you’ve had in a previous job, the benefits may not be the same. In particular, you should look out for:

• Additional benefits – some health insurance schemes allow employees to contribute additional premiums if they want to be covered for dental treatment, for example, or vision treatment. Check if these additional benefits are available to you and if so, at what extra cost.
• Out-patient claims – over 80% of health insurance claims are out-patient based, and your company may be able to set an upper limit on the amount to be paid out. You should check what this limit is, as you may be liable for any excess, or be unable to claim for certain out-patient treatments.
• Employee contributions – depending on the size of your company and it’s attitude to employee benefits, you may have to pay a monthly contribution. If you feel that contribution is high, check the company health insurance benefits against policies you could buy on the open market for a similar price to make sure you’re getting the best possible cover.
• Hospital choice – employers may restrict the number of hospitals you can use to those within a short distance of their offices. If you live further away and it would be more convenient for you to use a hospital nearer home, the corporate health insurance policy may not be right for you.

Right to Health is a leading UK health insurance intermediary, helping individuals and corporations find the best private health insurance cover. With access to the UK’s top health insurance companies, Right to Health has advised thousands of clients and can help you to get great health coverage for a competitive premium. Right to Health is authorised and regulated by the Financial Services Authority, which means that you can be confident that the recommendations you are given really are in your best interests. To find out more or to get a review of your current health insurance, call 08000 753 999 or click the Free Online Quote button at the top of the page.

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