Smart Buyer: Private medical insurance

Buyers’ guides: the independent, free resource to help
you make the right decision about private medical insurance schemes.

This buyers’ guide provides the latest top tips, buyer’s guides, case studies and expert guidance on PMI schemes. This page details all the private medical insurance content available.

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WHY SHOULD YOU OFFER PRIVATE MEDICAL INSURANCE?

	An introduction to private medical insurance (PMI) The benefits of private medical schemes for all levels of employees as an absence management and staff retention tool.
	The most important issues in PMI The questions employers need to ask before committing themselves to Private Medical Insurance..
	Ten reasons for an employer to offer PMI Saving money, employer branding and fostering good union relations – these and other good reasons to offer PMI. Benefiting from Corporate Healthcare Trusts When times are hard there is no point in companies shelling out more on PMI costs than they actually have to, large organisations can make considerable savings as well as realising other advantages by looking beyond a standard insured arrangement and opting instead for a self-funded scheme written in a Corporate Healthcare Trust.

ASSESSING PMI SCHEMES

	What is the cost of private medical insurance? Employers’ PMI payments can vary considerably, from less than £500 to more than £3,000 per employee per year.
	What types of medical cover can I buy? PMI usually covers treatment for acute illness or injury – but will employees expect to be covered for long-term conditions?
	How do I buy private healthcare – direct or through a broker? PMI can be bought directly from the provider – but should you use a broker for their specialist knowledge? Finding the value in the small corportate medical insurance market Employers in the small corporate market only seem to have one thing on their minds when it comes to buying private medical insurance (PMI) in the current economic climate, and that is price.

MAKING PMI COST-EFFECTIVE

	10 ways to cut your PMI costs Selecting the right options for your PMI scheme will keep costs under control without compromising on care.
	Tax implications of PMI for employers PMI is a benefit in kind, so there is a taxable cost to the employee – you need to implement a scheme that stays on the right side of the taxman. Structuring Corporate Health Insurance Schemes more effectively Thanks to a recent innovation by WPA, employers can now greatly reduce the amount of IPT they pay without having to effect a corporate healthcare trust.

PMI — THE NEXT STAGE

	Corporate PMI providers Some of the providers of PMI schemes and corporate healthcare trusts – with their specialist offerings.
	Switching PMI providers without a hitch Supplier change can be triggered by increasing cost, poor service or failure to pay claims – here’s how to make the switch as smoothly as possible.
	Corporate healthcare trusts Healthcare trusts (HCTs) are a viable alternative to conventional PMI schemes for larger organisations, and can give significant cost savings.

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Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

Smart Buyer: Private medical insurance

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