Business Medical Insurance in United Kingdom

Business Medical Insurance is a very important thing when considering employment in the United Kingdom. Small business health insurance is a must if you’re looking to grow. It can help attract and retain better employees, improve productivity by keeping everyone healthy, and might even save you some money with tax credits and deductions.

How Does Small Business Health Insurance Work in United Kingdom?
There are four things every small business owner should know about how small business health insurance works in United Kingdom.

Coverage is generally guaranteed issue
You need at least one employee to qualify
You must contribute toward employee premiums
And you can shop for coverage at any time of the year

Choosing the right Business Medical Insurance in United Kingdom can be very complicated. Getting coverage through a small business health insurance plan can be more affordable than buying coverage by yourself.

According to research published by eHealth in 2016, the average small business plan purchased through eHealth covered five people and cost $1,432 per month in total premiums – or $286 per person.

Those monthly premiums are then split between the employer and employees.The Business Medical Insurance in United Kingdom will determine the final monthly cost for your group health insurance plan once your application has been reviewed and approved. The Business Medical Insurance company will assess your group using a number of criteria, including the size and location of your company and the ages of your employees, to arrive at the final monthly rate, or premium. As part of the Affordable Care Act, the health of your employees, including pre-existing conditions, no longer impact group health insurance rates. Please note that your final monthly rate will be the same whether you apply through eHealth, another health insurance agent, or directly with the insurance company.

The principal type of voluntary health insurance (VHI) operating in the
United Kingdom is supplementary VHI, or private medical insurance (PMI).
PMI provides insured access to privately delivered care that duplicates many
of the services provided by the National Health Service (NHS) (to which PMI
subscribers retain full access). The key attractions of PMI vis-à-vis the NHS
are faster access to treatment, a more comfortable care environment, and a
wider choice of specialists, treatment facilities and timing of treatment.
Although the public and private sectors are relatively well integrated on the
delivery side of the health care system, PMI and public funding operate as
distinct, unrelated streams of health-care finance.

There are four basic dimensions of price for Business Medical Insurance in United Kingdom. The first is the scope of cover chosen,
the second is the risk profile of the applicant (or claims experience in the
corporate market), the third comprises the product options attached to the
basic product (principally constraints on how the product can be used, and
xii Executive Summary
cost sharing), and the fourth is the loading charge (the costs accrued by the
insurer in fulfilling its function as insurer, plus profit).

Table 1 presents data, for 1997–2003, on the number of subscribers to PMI
in the individual market, the corporate market and the total market, and the
number of people covered as a percentage of the United Kingdom population
for the total market

The top four market players in Business Medical Insurance in United Kingdom– BUPA, AXA PPP, Norwich Union Healthcare
and Standard Life Healthcare – have dominated the market continuously, with
78% of the market between them in 2003 (Laing & Buisson, 2004).
Following these four are several Business Medical Insurance  providers in United Kingdom with an established historical presence
and smaller, but stable, market shares. BUPA is the clear leader in terms of
market share. Although BUPA’s share of the market dipped after 1992, it
began to rise again in the second half of the 1990s to stand at 40% of the
market in 2003. AXA PPP follows, having a 22.5% market share (Laing &
Buisson, 2004).

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