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  • Private Medical Insurance

    Private Medical Insurance has always been a very attractive employee benefit, however it is considerably more expensive when compared to Group Life. You will still benefit from the economy of scale making this more cost effective compared to individual plans. There is a way an employer can give their employees the benefit of this cover at a significantly lower cost, and at the same time, at no additional cost to the employer. We will elaborate on this in the paragraphs to follow.

    Private Medical Insurance (or PMI) is perceived as one of the key benefits to any employee. There is also proof that says it reduces sickness related absenteeism. This largely is due to the fact that they are able to avoid NHS waiting lists and receive treatment promptly. By incorporating this benefit to staff in your company it enhances the message that you are a caring business that considers your employees' wellbeing to be paramount.

    There are many different providers in the market and a variety of ways of implementation depending on the features required and the company budget available. Costs to employers is treated as an ‘Allowable Business Expense’ by HM Revenue and Customs. (although it is a 'Benefit in Kind' as far as staff are concerned and will be taxed as income normally via a tax code change). You may initially feel that the cost of this benefit is not affordable to your company, especially if you are a relatively new growing business that is starting out. There is, however a way of providing access to this benefit at no cost to you, while still providing all your employees with access to a Private Healthcare at a heavily discounted rate. This is because simply by establishing and administering a Group scheme you can ensure they all benefit from the economies of scale. Your employees could save over half the cost compared to an individual plan. The employee will simply pay for their plan, via your monthly payroll deductions. In other words your business is not paying towards the cost directly, it is simply facilitating the scheme. Every employee will be able to benefit from a low cost and private healthcare.

    Hospital Cash Plans
    Hospital Cash Plans are different than Group Private Medical Insurance. Rather than provide hospital treatment directly, they will provide money towards the cost of an employees required hospital treatment. Generally speaking it is less expensive when compared to private health and is more of an add-on to NHS care. It usually pays a percentage of the total cost (for example : 70%). It is not a Private Medical Insurance plan however, so if an employee suddenly requires an expensive private treatment, the cash plan may only provide partial cost of that treatment. An increasingly more common use of these plans is to use them alongside a Group Private Medical Insurance plan. To elaborate, the excess on the Group Private Medical Insurance is set to the maximum level of the Hospital Cash Plans. This strategy will keep the cost of Group Private Medical Insurance down and will reduce the overall impact of smaller claims on the schemes renewal premium. It will also ensure that between the two, your employees will have a fully comprehensive Healthcare package with hopefully zero excess. Lastly but not least, an additional key benefit of a Hospital Cash Plan is that dental and optical expenses may also be included. To obtain a quotation or for further information about Healthcare benefits, please contact us by clicking here: HEALTHCARE

    Data Protection
    Please be aware Keystone Wealth Management strictly adheres to the Data Protections Act. All data provided and received will therefore be treated in the strictest confidence. To obtain Group Life quotations for your team of employees, we will not require the names or specific personal details of employees at your company, except we will need their dates of birth.


    Employee Benefits are not regulated by the Financial Conduct Authority

    Commercial Lending is on a referral only basis