Company private medical - Worth doing, and who with?
Discussion
I have a small but reasonably successful Ltd company. Given the state of the NHS currently it's been on my mind to set up private medical insurance. I wondered whether this was something I could set up through my company for its employee (me)?
This the first question, the second is, any recommendations? I don't know where to start with this or what I should be looking for (or looking to avoid), but perhaps other people have already been through it?
This the first question, the second is, any recommendations? I don't know where to start with this or what I should be looking for (or looking to avoid), but perhaps other people have already been through it?
Probably best speaking to a broker but if it just for you it will be an individual policy but your company can pay the premium. I’ve been with Aviva for 30 years and had five or six procedures and have been completely satisfied.
It is difficult to compare benefits as there are a huge number of combinations across the market and even with one insurer.
Give Usay Compare a call and they will carry out an advised sale.
https://www.usaycompare.co.uk/
It is difficult to compare benefits as there are a huge number of combinations across the market and even with one insurer.
Give Usay Compare a call and they will carry out an advised sale.
https://www.usaycompare.co.uk/
I've been with BUPA, Aviva and Nuffield Health over the years.
All were good when needed and can't say I've encountered anything that made one better than the others.
I think it's a very competitive sector so they all need to keep on top of their game I guess.
The most irritating thing about private health insurance is that you generally need to get a referral from your NHS GP before the private insurer will start their consultation. Which can be an inconvenience for both you and your GP. Just getting through on the phone to our local surgery can be a major task these days!
All were good when needed and can't say I've encountered anything that made one better than the others.
I think it's a very competitive sector so they all need to keep on top of their game I guess.
The most irritating thing about private health insurance is that you generally need to get a referral from your NHS GP before the private insurer will start their consultation. Which can be an inconvenience for both you and your GP. Just getting through on the phone to our local surgery can be a major task these days!
A993LAD said:
The most irritating thing about private health insurance is that you generally need to get a referral from your NHS GP before the private insurer will start their consultation. Which can be an inconvenience for both you and your GP. Just getting through on the phone to our local surgery can be a major task these days!
I'm curently with BUPA and have been very pleased with the triage service they run. I have a problem with my shoulder, I had a 30 minute phone consultation with one of their pool of physios and they approved a course of treatment there and then.My other half is with Aviva and has a similar issue, she is still waiting after nearly 2 months to get the referral letter from our GP.
Ean218 said:
My other half is with Aviva and has a similar issue, she is still waiting after nearly 2 months to get the referral letter from our GP.
Surely that is her GPs fault? Why didn’t she use Avivas digital GP service?With my surgery I just send an “e consult” to them and ask for an open referral letter which usually arrives a couple of days later.
A993LAD said:
I've been with BUPA, Aviva and Nuffield Health over the years.
All were good when needed and can't say I've encountered anything that made one better than the others.
I think it's a very competitive sector so they all need to keep on top of their game I guess.
The most irritating thing about private health insurance is that you generally need to get a referral from your NHS GP before the private insurer will start their consultation. Which can be an inconvenience for both you and your GP. Just getting through on the phone to our local surgery can be a major task these days!
I have been with Aviva and Bupa for around 15 years and had numerous expensive scans and minor procedures via Consultants and not once have I ever gone through my GP. The insurer triages me directly and I then go to the expert. In fact I was triaged last week for a back strain and have already had 2 physio appointments and they have referred me for a scan. My GP has had zero involvement. All were good when needed and can't say I've encountered anything that made one better than the others.
I think it's a very competitive sector so they all need to keep on top of their game I guess.
The most irritating thing about private health insurance is that you generally need to get a referral from your NHS GP before the private insurer will start their consultation. Which can be an inconvenience for both you and your GP. Just getting through on the phone to our local surgery can be a major task these days!
Last couple of years the waiting time for private care has went through the roof, used to be the same week mostly, now it’s a call in that timeframe and 3 weeks to 3 months!
I think the NHS waiting times are now impacting the private sector hard with more demand than capacity.
I’m still insured though, and remember is a BIK for tax purposes.
I think the NHS waiting times are now impacting the private sector hard with more demand than capacity.
I’m still insured though, and remember is a BIK for tax purposes.
Rough101 said:
Last couple of years the waiting time for private care has went through the roof, used to be the same week mostly, now it’s a call in that timeframe and 3 weeks to 3 months!
I think the NHS waiting times are now impacting the private sector hard with more demand than capacity.
I’m still insured though, and remember is a BIK for tax purposes.
Definitely. My mother was referred to a private hospital for a hip op recently, and speaking to other people there, most were NHS too. I noticed the last few time I used the private hospital near me that there were a few NHS referrals in the waiting room, a couple were causing the receptionist some grief too, as they weren't happy with the booking in procedure (they take a swipe of a credit / debit card when you first check in, in case of any unpaid bills. Not really applicable with NHS, but that was how their system worked, which they have since changed).I think the NHS waiting times are now impacting the private sector hard with more demand than capacity.
I’m still insured though, and remember is a BIK for tax purposes.
Also, I apparently need a scan of a mysterious lump, which has been classed as urgent. I queried with the doctor if it was worth using my private cover and he said the NHS would see me within two weeks and he doubted private would be any quicker. Another example was my Mother needing hearing aids. NHS waiting list was over 6 months, so we asked about going private, but that was only a week sooner, due to a shortage of audiologists.
FWIW, our company uses WPA and has done for quite a few years now. I find them very good, always helpful, never queried a claim and they have a useful app too.
As another poster said, you’ll still pay tax on the value (and, I think, employers NI too?).
Only comment I’d make about the cover is make sure outpatient cover is OK. We had Bupa at work for a while and the outpatient limit was £500, which is absolutely nothing in private health.
Wife has an issue where she was going to be in overnight and Bupa had (unusuall) approved it in writing. Consultant then decided she could be discharged so Bupa regarded it as outpatient work and left the payment a grand short, and they were really arsy about it when I called. I left it with HR to sort out and never heard any more.
Only comment I’d make about the cover is make sure outpatient cover is OK. We had Bupa at work for a while and the outpatient limit was £500, which is absolutely nothing in private health.
Wife has an issue where she was going to be in overnight and Bupa had (unusuall) approved it in writing. Consultant then decided she could be discharged so Bupa regarded it as outpatient work and left the payment a grand short, and they were really arsy about it when I called. I left it with HR to sort out and never heard any more.
Sheepshanks said:
As another poster said, you’ll still pay tax on the value (and, I think, employers NI too?).
Correct. Personal BIK at your marginal tax rate on the premiums paid. NIC at 13.8% (I think) for the company to pay on the premiums paid. Therefore makes no difference to the tax/NI situation if you simply increase your pay to cover the cost.I would suggest the decision would be based on comparative quotes if the company pays or if you pay.
MustangGT said:
Correct. Personal BIK at your marginal tax rate on the premiums paid. NIC at 13.8% (I think) for the company to pay on the premiums paid. Therefore makes no difference to the tax/NI situation if you simply increase your pay to cover the cost.
I would suggest the decision would be based on comparative quotes if the company pays or if you pay.
Good point. My income is set right at the threshold where you start losing personal allowance so the tax percentage on the next bit is much higher (I'm sure someone else can explain that much better than me!). So I was thinking of it as another way of getting money out without getting into that tax bracket. But actually, that's not going to work is it, because it will be taxed as though it was income anyway... I would suggest the decision would be based on comparative quotes if the company pays or if you pay.
Another vote for WPA here - our company size is just under 50 and most people take the cover, those that don't have cover from their other halves.
We've been with them for 2 years now and I see no reason why we would move - good online administration, online GP, etc - a few claims across the company and they have been prompt and efficient.
We've been with them for 2 years now and I see no reason why we would move - good online administration, online GP, etc - a few claims across the company and they have been prompt and efficient.
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