We provide all of our customers, business and personal, with a free annual review, where our brokers look at your cover and see whether changes could be made to improve your terms or price.
If you already have a company health insurance policy, click the button below to request a free comparison quote.
Consider your workforce
Even if your staff turnover is low, you're likely to bring in recruits who bring their own healthcare needs. Changing circumstances may mean that employees' steps to stay healthy alter as time passes.
Consult with your occupational health team to consider whether any patterns in employee absence or illness may contribute to rising costs in your health insurance premiums. This can help you to ensure that your health insurance provides appropriate well-being resources and the right level of coverage. It can ultimately lead to lower health insurance premiums as you can dispense with cover that's no longer needed.
Have your working practices changed?
Your business health insurance needs to reflect the risks associated with your work and offer your employees access to private healthcare when they need it. If your profession carries a higher risk of musculoskeletal injuries or workplace stress, your team must be able to access treatment and support.
If your working practices have changed, your medical insurance may also need to change.
Consider employee health initiatives
You could reduce your health insurance and healthcare costs by encouraging employees to get healthier. Many insurers offer wellness benefits, including discounts and rewards for healthy living.
Creating a healthy culture in your workplace can give you healthier employees who make fewer claims on their health insurance. If you have a small business, you can still access resources to help your employees to live healthier lives.
Review your renewal quote
Review your renewal quote carefully to ensure that your current level of cover still meets your business needs. You could be paying for cover that is no longer required, or you might need additional benefits or coverage that will increase your insurance costs.
Get professional advice
If you need to change your level of cover or reduce your insurance costs, a professional broker like Globacare can source quotes and ensure that these offer like-for-like cover. We can also review your existing policy and let you know whether a better deal is available.
There are ways to reduce healthcare costs whilst still giving your employees cover that pays their medical expenses and lets them access private treatment when needed. Most employers value medical insurance as an employee benefit because it allows them to access quick treatment and return to work rather than spending time on an NHS waiting list. Some services and resources can give you healthy employees and avoid absence altogether.
Reducing the cover your group health insurance plan offers can save you money while looking after your employees' health.
Remove optional extras
All health insurance includes core cover and optional extras that can be tailored to your business. Core coverage typically provides inpatient treatment and cancer care, among other things. You could consider removing some optional extras to bring the cost down.
As an example, you may decide to remove dental or optical care. You could also remove psychiatric cover unless extended therapy is likely needed due to the nature of your work.
Reduce cover limits
Health insurance policies limit coverage, either a financial limit or a specified number of treatment sessions. If you currently have unlimited outpatient coverage, this will carry higher premiums.
Substituting full outpatient cover with a limit of, for example, £1,000 will give you lower premiums while still offering your employees health insurance benefits. Outpatient cover includes:
- Consultant appointments.
- Diagnostic tests and rehabilitation.
- The kind of health care your employees most likely need.
Reducing coverage gives you a cost-effective way to access one of the key benefits of health insurance.
Your health insurance provider has a hospital list that lets your employees choose where they want to have medical treatment. Some providers have a network of private hospitals across the UK, whilst other insurance companies pay to use facilities at both NHS and private hospitals.
Insurance companies also have premium lists featuring hospitals with higher treatment costs, which are available as an optional extra. You can reduce your healthcare costs by changing to a standard hospital list.
However, it's worth considering whether changing your hospital list removes one of your staff's key benefits of health insurance. If your business is based in Central London, your team may need to travel further for healthcare if their local hospital isn't covered.
One of the benefits of health insurance is that you can choose the hospital and consultant that treats you. However, you can reduce the overall cost of your healthcare by limiting your employees' choice of consultants.
A guided consultants list features doctors who have agreed to provide lower-cost healthcare. It will reduce your premiums by about 20% but limit your employee's choice.
You can apply an excess to your health insurance policy the same way as you would for your car insurance. Your business or employees then pays the excess amount on each claim, and your insurers pay the balance. By applying a larger excess, your team will still have cover, however, the costs will shift from the premiums to the point of claim.
Will a higher excess save you money?
An increased excess could represent a cost saving if you are a small business with a handful of employees and a low level of claims.
However, if you are a larger business, the total cost of healthcare could increase your out-of-pocket costs if you have to pay out on multiple claims.
Health insurance is one of the most valuable employee benefits that most companies can offer, as your employees can access high-quality medical treatment quickly.
This speedy treatment benefits you as an employer, particularly if you have a small business that would start to struggle with a team member missing. Your employees may also avoid losing income by minimising any absence from work.
Whilst you want to get your employees back to work as quickly as possible, waiting a little longer could help reduce healthcare costs. If this is the case, consider adding a 6-week wait option to your policy.
What's a 6-week wait option?
This provision means that if your employee can get inpatient or day-patient treatment via the NHS within six weeks of their initial referral, they won't receive private care. It's a real cost saver and can reduce the cost of your business health insurance by 20-30% in some cases.
What are the disadvantages of a 6-week wait?
Private inpatient treatment can sometimes take place in as little as two weeks. An extra four weeks may not seem like much, but many employers, particularly small businesses, may start to feel the pinch over that length of time. A 6-week wait option will reduce the cost of your health insurance, but there may be better options for your business.
Employers can attract top talent by offering health insurance as one of their employee benefits. However, they may wonder how highly their employers value them and their well-being if they receive NHS treatment instead of private care. Companies that include this option may also find that their employees start to experience low morale.
Is a 6-week wait option worth it?
We think this option undermines a lot of the principles of health insurance. You've invested in private healthcare only to send your employees back to the NHS. Without it, your employee benefits from fast access to high-quality healthcare every time.
Get expert advice
Review your cover or get a comparison quote from Globacare, and we'll help you reduce your health insurance cost and get the coverage you need.
Frequently asked questions
Does my business have to pay for employee health insurance?
No. You can offer health insurance as a voluntary benefit and let your employees decide whether to sign up and pay the premiums. You'll need to get professional tax advice if you choose this option.
Does a group health insurance policy always save money?
A group health insurance policy usually has cheaper premiums than an individual policy. Even if you only have two employees you can make a saving by having a group policy.
Can I limit who joins the group health insurance policy?
Yes, although any criteria you apply must be non-discriminatory. Health insurance doesn't pay for the treatment of chronic conditions or pre-existing conditions so excluding employees with either of those won't reduce your costs.
However, you can apply a minimum length of service and wait until employees meet that before you add them to the policy.
What coverage is worth including in company health insurance?
We think that outpatient care is always worth including as it covers the types of treatment that your employees are most likely to need. This could include diagnostic tests and therapies such as physiotherapy which will help them to stay healthy.