SMP Healthcare Ltd are a specialist, independent Health Insurance broker based in Chelmsford, Essex. Lianne Harrington, Director and Senior Healthcare Consultant at SMP Healthcare Ltd is concerned that people just do not realise how and where the savings can be made without people having to cut back on the benefits they receive.
“The premiums paid for an individual or family policy differ to those paid by a company scheme and more often than not UK Business owners pay far less for a group scheme of three or more main members than they would if they had an individual policy. So if there are three directors of a company who have separate individual policies in place, we would recommend that they look to combine the policies and have one company paid scheme instead. We always discuss the option with our clients who own a business and want to save money on their annual premiums. Individual and company policies are rated in a different way hence the difference in premium”.
Harrington also confirms how a company policy could prove beneficial when it comes to changing provider at renewal.
“At each renewal we provide our Group and Individual clients a market review showing them where they could make savings and whether there is an alternative provider that could offer them a preferential annual premium. If a company decides to change provider the switch declaration is signed in most cases; to the best of their knowledge and does not require them to ask each member about their medical history; this is not the case for individual clients where recent medical history could adversely affect their ability to switch provider for a more competitive premium.”
Harrington goes on to explain that an important fact to remember when it comes to Company Private Medical Insurance schemes is that to be eligible for cover on a Company scheme, the main members must be employed by the business itself. Dependants do not have to be employed but as a general rule, they must reside at the same address as the main members.
“We want all of our clients to have the benefits that are important to them without paying more than they have to and although from our perspective the commission payable for a company scheme in comparison to an individual policy is less, we want to work with our clients on a long term basis and therefore giving them the best advice from the outset is essential “.
If you would like help in renewing an existing or selecting a new private healthcare policy then their team of healthcare advisers will be more than happy to help you. You can complete their secure online quotation form at www.smphealthcare.com or contact them on email@example.com or by telephone on 01245 929129.