What is Business Health Insurance?
Business health insurance is offered by employees to their employers. It is a paid-for health insurance plan.
It is typically considered to be a great employee bonus. The plans provide employees with access to private GPs, physiotherapy, as well as dental and optical treatment under private healthcare. There are additional options offered to upgrade, for example for diagnostic treatment.
Business health insurance comes with beneficial tax incentives for employers as it is seen as a benefit in kind to the employees.
MediCompare has recently partnered with award-winning Equipsme, supported by AXA PP to offer plans starting from only £7 per person, per month. To fulfil this, there needs to be a minimum of two people signed up from a business.
Who is Equipsme?
Equipsme is an insurance provider partnered with AXA PP. Equipsme is award-winning and was recognised by the Cover Excellence Awards in 2019 as the ‘Best New Product Winner’. The firm has multiple partnerships together with well-known brands including Enterprise Nation, Starling Bank and Amazon AWS.
Equipsme offers business health insurance plans starting at only £7 per person, per month, which hundreds of business have already signed up for.
How much does Business Health Insurance cost?
Business health insurance plans offered by Equipsme start at only £7 per employee, per month. Additional add-ons are offered to upgrade to other plans which can include diagnosis, treatment, stress support as well as optical and dental treatments.
The monthly price remains fixed, regardless of age and any pre-existing medical conditions.
Employers will be informed in advance if there are any price changes, but they are currently locked.
What is included in Business Health Insurance?
The £7 a month plan includes:
- 24/7 GP Access
- Up to 5 physio sessions per month
- Access to a nurse helpline
- Online health checks
- No excess
Additional plans include:
- Upgrade for diagnosis (£17 per month)
- Upgrade for diagnosis and treatment (£29 per month)
- Upgrade for diagnosis and treatment plus (£37 per month)
- Stress support (£1.50 per month)
- Optical and dental (£7.50 per month)
What is the eligibility criteria?
The eligibility criteria for business health insurance includes:
- A minimum of 2 employees signed up in the organisation
- Employees must be aged between 16 to 69
- Self employed staff must be aged between 16-59
- No requirements for questionnaires or medicals
- A three-year exclusion for any pre-existing medical conditions
Why should you get Business Health Insurance?
Business health insurance allows all business, both large and small, to provide their employees with free or heavily discounted medical access and cover.
Benefits for employers
For businesses, it is an easy and accessible way to promote a healthy workforce, as well as improve efficiency to reduce sick days and retain staff. The average worker in the UK takes 9 sick days per year, which in total costs UK business owners £29 billion per year. With these plans providing employees with the opportunity to skip waiting lists and access high-quality treatment, Equipsme’s business health insurance is definitely an incentive.
A stronger and healthier workforce will allow for higher rates of productivity within a business. Additionally, with waiting times for NHS services exceeding their previous averages, now is a prime time for employers to consider private healthcare for and on behalf of employees.
Benefits for employees
Business Health Insurance can often allow employees to gain access to high-quality, private healthcare that they typically would not have. Further, it proves to employees that their employer values and cares for their health.
Some plans can further extend to family members.
How can you apply for Business Health Insurance with MediCompare?
Those interested in business health insurance can simply apply online using a quote form. The entire application for the plans takes place online and Equipsme can provide a simple quote within minutes. Prior information required for this quote includes the number of employees that you are looking to cover and what plans you would like to choose for them.
Do you need a medical or questionnaire beforehand?
A medical or questionnaire beforehand is not necessary or required. Equipsme offers immediate offer once the cover is processed and registered online. This means policies can be active within 24 hours of application, allowing for a fast and efficient registration process.
Can families be covered?
Yes. Business health insurance as provided by Equipsme allows add-ons to cover family members for an additional fee, inclusive of spouses and children. They do not have to be working within the business.
Is Business Health Insurance from Equipsme different to standard Health Cash Plans?
Yes. Equipsme’s Business Health Insurance has been designed specifically for the self-employed, SMEs and businesses. Standard health cash plans are typically reserved for only physical, optical and dental treatment.
Do exclusions apply for pre-existing conditions?
Yes. Equipsme offers a three-year exclusion policy for any pre-existing conditions. Any health treatments in the three years prior is not covered by the insurance.
Business Health Insurance concerning tax credits and discounts
A great reason for business owners to opt for business health insurance is that it can allow for available tax breaks to be taken. In the US, small businesses can receive up to 50% off their tax premiums if they are to meet the criteria. Further, in the UK, business health insurance for employees, as well as company cars and childcare stands as an expense that is tax-deductible. As such, businesses can benefit their employees in a meaningful way that is tax efficient.