What is Group Private Medical Insurance (GPMI)?
A private medical insurance scheme (PMI) is designed to meet the costs of medical treatment that has been provided privately.
How does this fit in with the National Health Service (NHS)?
PMI should be seen as a compliment to the National Health Service (NHS), not a substitution for it. The NHS offers free, unlimited treatment at point of use. The NHS will treat you in the case of emergency (immediate life threatening), trauma and ongoing chronic conditions (such as diabetes) as well as acute, treatable conditions. As excellent as it may be, with 60 million people all trying to use it, waiting lists build which can lead to lengthy periods of pain or discomfort as well as limitations and prioritisations placed on treatment.
How does GPMI work?
A group policy is established, which is owned and paid for by the employer. Employees deal directly, and confidentially, with the insurer in respect of arranging and engaging in treatment.
Key features and benefits
GPMI policies offer numerous features, some of which include:
- Cover for dependents such as spouses and children
- Fast track triage and treatment pathways for muscular skeletal and mental health issues
- Specialist cancer care not necessarily available on the NHS
- Choice of hospitals and choice of dates for treatment
- Alternative Therapies
- Discounts for gym membership and health related retail products
- 24/7 GP service removing the need to attend the NHS GP for an initial assessment
Reasons to consider Group Private Medical Insurance for your business
The cover is typically cheaper than an individual insurance policy that an employee could buy for themselves privately.
Employees may be working ‘sub-optimal’ due to pain, discomfort or limitation of movement, let alone more serious issues. Access to PMI can mean rapid treatment and a rapid return to full health benefitting both the employer and the employee.
In most cases employees do not need to answer any medical questions
Depending on the size of your business, medical history can be disregarded or a two year moratorium imposed on pre-existing conditions can be applied.
Premium payments are usually tax free
Premiums which are paid by the employer can be treated as a business expense for corporation tax purposes. The premium is a taxable benefit on the member.
It’s simple to administer
Once set up, the employer normally need only provide routine membership data to the insurer as and when people leave and join the scheme.
CONTACTING MWM EMPLOYEE BENEFITS
MWM Employee Benefits offices:
7-12 Tavistock Square
Telephone: +44 (0)20 7465 1980
3000A Parkway, Whitely
Tel: +44 (0)1489 582 011
MWM Employee Benefits Ltd is an authorised representative of Menzies Wealth Management who is authorised and regulated by the Financial Conduct Authority (486548). Registered address: 1st Floor, Midas House, 62 Goldsworth Road, Woking, GU21 6LQ Registered in England and Wales 06597008.