Our business private health insurance advisors might recommend Medex Protect when looking to help corporate clients minimise their premiums and reduce their insured employees’ tax liability.
The Medex policy has two core components. The first covers the excess – the amount that the policyholder must contribute to the cost of a claim. The second covers any shortfalls up to £500 – the difference between the cost of a claim and the amount insured.
The excess protection element offers a key benefit beyond simply the cover provided. It can strengthen the hand because when negotiating health insurance a company can choose to increase the excess payable on claims in return for a lower premium. A financial gain may therefore be secured between in the difference between the cost of excess protection and the reduced premium.
By reducing the net premium the employer may also be able to reduce employees’ P11D tax liabilities. This can clearly make participation in a company medical insurance scheme more attractive.
This may be particularly true for younger staff members who will tend to be healthier and therefore perhaps less likely to want to contribute. If those younger, healthier employees can be encouraged to join then their participation could help deliver a better claims performance. This in turn could help minimise future premiums across the scheme.
Medex Protect policies are also convenient as the insurer will settle an excess directly with a provider, rather than requiring a corporate policyholder to claim it back. Medex offers three level of cover with varying limits, with premiums offered for individuals, single parents, couples and families
Shortfall cover can also provide extra reassurance and thereby incentivise participation in a company medical insurance.
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