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Small Business Health Insurance
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Talk to an adviser →Affordable Health Insurance Quotes For Small Business Owners
NHS waiting times for non-urgent referrals now run beyond 18 weeks, and on a small team a single long absence hits hard. Private medical insurance is how a small business gets its people seen and treated quickly.
MyHealthPal arranges group cover for UK small businesses from a single employee upward, and dependants can be added to the policy. Sole traders and limited company directors with no other staff qualify too. You are not legally required to offer health insurance, but premiums are an allowable business expense for corporation tax, which is part of why running cover through the business is usually cheaper than buying an individual policy yourself.
A group policy arranged through a broker also tends to beat the direct price, because insurers price group risk differently and brokers reach rates the direct channels do not. Our service costs you nothing, because the insurer pays us, not you. You can compare small business health insurance quotes with us across the whole market.
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CUSTOMER REVIEWS
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“Advice was very clear and the process was straightforward.”
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Having know Matt for a number of years, dealings with him have personally always been an easy one and a pleasure.
Providers need brokers as much as brokers need providers. The only thing that truly makes this work is the ability for both sides to see and appreciate the value in having and maintaining an open and honest relationship.
This in turn will and has always produced mutually beneficial outcomes, and happy clients/members.
Thank you Matt.Yogesh Patel
Working with Matt Hall was a game-changer as his expertise and personalised approach made all the difference. Matt took the time to understand my needs and budget, then presented me with tailored options that gave me peace of mind. Matt’s commitment to transparency and advocacy ensured I got the coverage I needed at the best possible price. I highly recommend Matt to anyone seeking clarity and support in navigating the complex world of health insurance.Chris Slack
I cannot praise Matt Hall enough for his fantastic advice and service. From the moment I reached out, Matt provided invaluable guidance, helping me navigate the complexities of health insurance with ease. His expertise ensured I found the perfect plan tailored to my company, saving both time and money. I highly recommend Matt to anyone seeking reliable and knowledgeable assistance in selecting health insurance.Shaun Smith
Matt was very helpful and informative. He listened to our needs and found the best policies. He explained how they worked, the differences and benefits of each one allowing us to make the best choice. The prices were better than we could get going direct to the providers. Would highly recommend.David
What you need to know about health insurance for small business
Cost Efficiency:
Premiums a company pays for employee health insurance are deductible against corporation tax. The cover counts as a P11D benefit in kind, so each employee pays income tax on the value of their premium at their marginal rate.
On a £600 annual premium, a basic-rate (20%) employee pays £120 a year and a higher-rate (40%) employee pays £240, and the employer pays Class 1A National Insurance at 15% on top.
You commit for the policy year, but most insurers allow monthly payments to help with cashflow. Read the full P11D and tax treatment guide for the detail.
Comprehensive Coverage:
Leading providers including AXA Health, Bupa, Aviva, Vitality and WPA offer one-person schemes, so a sole director can hold full cover through the business and add their family to it. Small businesses can access the same quality of cover as large corporates, often at a better effective price once the tax treatment is counted.
Medical History Disregard (MHD):
Medical History Disregarded (MHD) underwriting covers pre-existing conditions from day one of the policy, rather than excluding them. It is available to groups of roughly 15 to 20 or more members, depending on the insurer.
MHD premiums are higher than moratorium underwriting because the insurer takes on more risk, and insurers usually apply a risk filter that excludes heart and cancer treatment from the MHD terms.
Beyond that filter, the criteria are usually straightforward to meet.
Quick Access to Care:
Employees on a group policy can typically see a specialist within 48 to 72 hours of referral, against NHS waiting times for non-urgent referrals that now exceed 18 weeks.
Faster diagnosis stops a short-term problem becoming a long-term absence, which is where a small team feels the cost most. See our report on how NHS waits affect employers.
Different Underwriting methods can be available for each employee:
If you have a workforce with various levels of seniority, or even just ages/likely medical issues – you can choose different methods of underwriting for each. Typically, MHD is more expensive because it presents a greater risk to the insurer. So, one popular option is to set up MHD for more senior, or older/higher risk staff members.
Recruitment and Retention:
Offering robust health insurance can be a significant incentive for attracting and retaining top talent. It shows that you care about your employees' well-being.
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What are the benefits for your business?
1.
Fast Recovery
Quicker diagnosis and treatment means staff are back at work sooner, which on a small team is the difference between a blip and a project stalling.
2.
Peace of Mind
Employees and their families skip the NHS queue for diagnosis and treatment, and the insurer settles the cost up to the policy limit, so there is no medical bill to worry about.
3.
Premium Healthcare
Cover gives access to a network of private hospitals and consultants, with appointment times measured in days rather than the weeks or months of a non-urgent NHS referral.
4.
Employee Satisfaction
Private cover is one of the most valued benefits after pension and salary, and it is a visible signal that the business invests in its people, which helps with both hiring and retention.
5.
Healthier Staff
Employees with private health insurance could access specialist consultations within 48–72 hours on average, compared to NHS waiting times that can exceed 18 weeks for non-urgent referrals.
Earlier treatment reduces the likelihood of conditions escalating into long-term absence
6.
Additional Benefits
Some of the best Insurers offer a wide range of fitness incentives, such as half price gym membership and discounted health technology. Read our comparison of these here. Staff will love them, and if they are already gym bunnies, they could save a small fortune.
How can you get company health insurance?
Much like a private policy you have two options – go direct to an insurer or use a specialist broker like us!
Using a health insurance broker such as My Health Pal for your small business costs nothing. Specialist brokers are remunerated directly by the insurer, not by you. In return, a broker compares quotes across the whole market, advises on the correct underwriting method for each employee, and manages your P11D reporting at renewal.
We would also help with:
Assessing correct underwriting method for each member.
Help you predict the level of cover you need for a usable, but affordable plan.
Consider your local access to hospitals, and how those feed into hospital list choices (extended lists cost more, reduced lists reduce your premium) it is important to figure out the adequate level of access.
Insurers change their pricing regularly, which means it is essential someone compares value across the whole market.
When submitting P11D returns for benefits in kind, it can take some organising to pull these together for your own records, or for your accountant. We would help do this for you every year.
Each renewal, you really want to be shopping around and considering your options, it is obvious that staying with one provider directly does not allow for this and navigating the market yourself can be confusing.
Time is the biggest cost – why not let someone like us do all the background comparison work for you, there are no charges for our service as the insurer themselves remunerate us.
How Does business health insurance work?
Starting a claim is the same as an individual policy, which you can read about here. In short, you will normally get referred to a specialist via your GP. From there, you will be able to choose who and when you see that specialist. They will conduct the required diagnostic tests and then book you in for treatment as and when necessary. The insurer will pick up the costs of this assessment / treatment, deducting any excess payment on the policy, up to the agreed claim limit. This typically applies to outpatient cover, as most in / day patient treatment is normally covered in full.
For individual or family private health insurance, visit our private medical insurance page for a full guide to personal cover options.
Expand Your Coverage Globally with International Business Health Insurance
If your team works overseas, see our international business health insurance cover.
Get A QuoteHow are membership costs calculated?
Insurers normally use a range of variables such as:
Group size - larger groups attract lower per-head rates
Underwriting method - MHD costs more than moratorium
Any high-risk pre-existing medical history
Location – this impacts your hospital choices (some units are more expensive)
Cover level – comprehensive cover obviously costs more
Previous years activity (if you have been on cover before) they will assess your group ‘performance’, which is a fancy word for loss ratio. Loss ratio means, ‘did the insurer pay out more money than they took from you as payment’. IE are you profitable. If large claims have been made on the group, then the risk of future claims (for ongoing, or related medical history) increases and so should the premium to compensate.
Let's Provide You With a Quotation
Tell us your team size, ages and budget, and we will compare the whole market and come back with the options that fit, along with a clear recommendation. There is no charge for the review, because the insurer pays us. Contact us today to get started.
Frequently Asked Questions
Get Answers to Common Queries About Health Insurance Coverage
How Many Employees do you Need to get onto a Small Business Health Insurance Policy?
You can start a small business scheme from a single employee, and that includes sole traders and limited company directors with no other staff. Preferential underwriting such as MHD, where pre-existing conditions are covered, usually needs 15 to 20 members or more, depending on the insurer.
How much does the BIK (benefit in Kind) cost each Employee?
Each employee pays income tax on the value of their cover at their marginal rate. On a £600 annual premium that is £120 a year for a basic-rate (20%) employee and £240 for a higher-rate (40%) employee, and the employer pays Class 1A National Insurance at 15% on top. Full detail is in our P11D and tax guide.
How Can I Reduce the Costs of Small Business Health Insurance?
* Shop around – use a proper broker who can assess the whole market for you. Some of the best deals are often only available via a broker. Consider switching Insurer at renewal, as SME (Small and Medium) health policies can change wildly in price year to year.
* Consider reducing your benefit – do you use, or are you likely to use all the cover you pay for? Sometimes reducing the outpatient cover or switching to a more limited hospital list can save a small fortune and still leave the insurance plenty usable.
* Increase your excess – bit of an obvious one, but like all insurance products increasing your excess will reduce the initial cost but be mindful of what this could cost your employees if they all start needing to claim.
* Change your underwriting method – this needs experience gloves, as one wrong move could invalidate any future claim. You need to carefully assess the medical and claims history of your staff, and if a switch to a typically cheaper method (like a moratorium) would be the right move. Any regular treatment such as medication to control a condition could well invalidate future cover for that condition.
Do I have to offer health insurance to my employees?
No. UK employers are not legally required to offer private health insurance. Many choose to because it helps with recruitment and retention, gets staff treated faster, and the premiums are a deductible business expense.
What does small business health insurance not cover?
Group cover focuses on the diagnosis and treatment of new, acute conditions. It does not usually cover pre-existing conditions (unless you choose MHD), chronic condition management, emergencies, or routine dental and optical unless added as extras. See the ‘What it covers’ section above for the full picture.
Book a free no obligation call with Matt Hall, MyHealthPal’s SME Director, to get a whole-market comparison and a recommendation tailored to your team size and budget.