Corporate Private Medical Insurance

• Client: Director and majority shareholder of two successful business groups
• Requirement: Private medical insurance for the client, family and employees
• Structure: Corporate group policy

Enness was approached by a director and majority shareholder of two successful business groups, which together operated several trading companies across different industries.

The client was initially considering private medical insurance for themselves and their family. During our discussions, we explored the wider requirements of the business and identified an opportunity to extend the cover to key individuals and employees across the group.

A corporate group policy provided a more suitable solution than arranging separate individual policies. As well as providing private healthcare benefits to employees, the structure could offer potential corporation tax advantages, subject to the company’s individual circumstances and applicable tax treatment.

Another important consideration was the underwriting structure. The proposed corporate policy could provide cover without individual medical underwriting, meaning employees could potentially be covered without having to go through the same individual medical assessment associated with some personal policies. The precise terms and treatment of existing medical conditions would remain subject to the insurer’s policy terms and conditions.

Following discussions around the available options, the client decided that a corporate group policy offered the most appropriate way to provide private medical cover across the business while also extending the benefit beyond the client and their immediate family.

The case demonstrates the value of looking at private medical insurance as part of a wider corporate benefits strategy rather than considering cover solely at an individual level. For business owners with multiple employees or companies, a group policy may provide a more practical way to structure healthcare benefits across the wider organisation.

If you are a business owner considering private medical insurance for yourself, your family or your employees, speak to an Enness specialist to discuss your requirements.

Disclaimer:
Enness does not provide general insurance advice or recommendations. Enness Insurance Brokers is a trading style of Vizion Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority under firm reference number 751098. This case study is based on a real scenario and has been anonymised and generalised to protect the identity of those involved. Insurance is subject to insurer assessment, policy terms, conditions and exclusions. Any potential tax treatment should be confirmed with an appropriately qualified tax adviser.