CORPORATE PRIVATE
MEDICAL INSURANCE
Simcox Brokers partner with an independent and specialist UK private medical insurance broker (AVS Health) who will help guide you through all aspects of arranging a new policy or reviewing an existing employee healthcare scheme.
Private medical insurance may also be referred to as PMI, private health insurance, or private healthcare cover.
WHAT IS PRIVATE MEDICAL INSURANCE?
Private medical insurance (PMI) is a policy designed to give employees fast access to private diagnostics and treatment for eligible conditions and symptoms.
For businesses, it is typically offered as an employee benefit, helping staff access consultations, diagnostics, and treatment without long waiting times.
Policies usually cover acute conditions and can include hospital treatment, specialist referrals, and outpatient care depending on the level of cover selected, plus serious conditions such as cancer and heart.
WHY SHOULD BUSINESSES OFFER PRIVATE MEDICAL INSURANCE?
For small and medium-sized businesses, employee health has a direct impact on productivity and performance.
Providing private medical insurance can:
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Reduce employee absence by speeding up access to treatment
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Improve staff retention and attraction in a competitive market
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Support employee wellbeing and morale
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Help employees return to work more quickly after illness or injury
Without PMI, employees may face longer NHS waiting times, which can lead to extended periods away from work.
IS PRIVATE MEDICAL INSURANCE COMPULSORY??
Private medical insurance is not a legal requirement in the UK.
However, many businesses choose to offer it as part of a competitive employee benefits package and to help with the attraction and retention of great talent.
It can also be a valuable tool for protecting business continuity, especially where key employees play a critical role in the day to day running of the business.
What level of cover should a business choose for private medical cover?
Choosing the right level of cover depends on your business goals, budget, and workforce needs.
Key considerations include:
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Outpatient limit’s vs full cover – whether to cover outpatient treatment in full or include a financial cap.
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Hospital list – ensuring you don’t pay for hospital cover that is not required, such as expensive central London hospitals.
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Excess levels – balancing cost vs employee usability.
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Insurance company – we provide a whole of market approach to finding the right insurance company for you.
We work closely with businesses to design a policy that delivers real value while remaining cost-effective.
How are pre-existing conditions handled?
Private medical insurance policies can provide cover for eligible pre-existing conditions or exclude these from cover.
Common underwriting methods include:
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Moratorium underwriting – conditions and symptoms in the previous 5 years are excluding from the start date of cover. However, these can be covered if you are symptom free for a continuous period (normally 2 years).
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Full medical underwriting – conditions are assessed and confirmed as excluded or covered from the start of your cover.
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Medical History Disregarded – eligible pre-existing conditions are covered from the start date of your cover (only available if insuring 15 employees or more).
What is an excess?
An excess is the amount an employee contributes towards the payment of a claim. It is worth noting that an excess is only payable once per person, per policy year (not per claim).
For businesses, selecting an appropriate excess can help control premiums while still providing meaningful cover to employees.
Higher excesses generally reduce the cost of the policy but should be balanced against affordability for staff.
What do insurers assess when quoting PMI for Businesses?
Insurers assess several factors when pricing a private medical insurance scheme for businesses, including:
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Number of employees to be covered
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Age profile of the workforce
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Claims history (if an existing scheme is in place)
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Level of cover and benefits selected
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Industry and occupational risks
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Location of employees
Providing clear and accurate information allows us to negotiate the most competitive terms on your behalf.
Can a business adjust cover over time?
Yes, business policies are flexible and can be reviewed annually to reflect changes in your business.
You can:
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Add or remove employees (anytime)
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Adjust levels of cover (annually)
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Change excesses or hospital lists (annually)
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Enhance benefits as your business grows (annually)
We’ll work with you at each renewal to ensure your cover continues to meet your needs and budget.
Can start-ups and small teams get private medical insurance?
Yes. Private medical insurance is available to businesses of all sizes, including start-ups and SME’s.
Even with a small number of employees, offering PMI can help position your business as an attractive employer and support the wellbeing of your team from day one.
HELP WITH POLICY ARRANGEMENTS & TERMS
