Group health insurance - Vitality premium increase 35%

[GingerMunky]

We have a health insurance policy with Vitality for 30 employees which is due for renewal with an increase of 35% on the annual premium. Seems a pretty insane price hike, so looking elsewhere for alternatives, can anyone suggest a provider they use for their group medical cover?

[ChrisPackit]

My business insurance has had a hike of 25% this last year (company is Simply Business) but seems to be in line with everything going on at the minute - My house insurance up 50%, my car insurance up 33% etc :-(

C

[GiantEnemyCrab]

AXA / Bupa at our place. Alternates between the two although previous conditions are always covered.

[GingerMunky]

ChrisPackit said:

My business insurance has had a hike of 25% this last year (company is Simply Business) but seems to be in line with everything going on at the minute - My house insurance up 50%, my car insurance up 33% etc :-(

C

Good to know thanks Chris.

[GingerMunky]

GiantEnemyCrab said:

AXA / Bupa at our place. Alternates between the two although previous conditions are always covered.

Thanks for the suggestions, I'll try both.

[N8CYL]

WPA have been brilliant for us.

[MOMACC]

Happy to get one of my team to review rates for you pal.

[craig1912]

Aviva or try a decent specialist broker

[dalenorth]

We specialise in PMI and have seen quite a few large scheme increases this year. It will more than likely be down to claims but it’s impossible to find out without straight out asking your staff who has claimed and for what. We have moved quite a few schemes from Vitality to Aviva, but also visa versa too. The postcodes are so sensitive on PMI.

More than happy to get our lady to help if you’d like. We offer a ph discount too which will help soften the blow a little.

[GingerMunky]

Thanks everyone.
Dale, I've messaged you on LinkedIn.
MOMACC, I've sent you PM.

[M1AGM]

Not exactly on topic but with a group policy how do you calculate the BIK for each employee?

[Sheepshanks]

M1AGM said:

Not exactly on topic but with a group policy how do you calculate the BIK for each employee?

You get an individual figure based on your circumstances, I guess age, but also if partner and kids are covered.


Re increases: I dropped out of our small company scheme last year when the premium got to £14K, other three employees in the scheme were around £6K each, but they do have partners and two adult children each all covered. This year their renewal was around £10K each.

I took a new policy with Aviva last year and this year it went down very slightly.

[M1AGM]

Thanks.

[Tebbers]

Try Peachy, I know the founder.

[craig1912]

Tebbers said:

Try Peachy, I know the founder.

Never heard of them so just had a look. Technology is good but very expensive and priced for monetary limits which isn’t a good idea.

[Jasey_]

We had an email from our hr dept that bupa had increased by 50% so we switched to WPA.

[GingerMunky]

M1AGM said:

Not exactly on topic but with a group policy how do you calculate the BIK for each employee?

We get P11D form for each member of staff from Vitality.

Thanks everyone for the comments and offers of help. Much appreciated. PH comes to the rescue