Is it worth joining my company's group medical insurance plan?: Deciding On Corporate Health Insurance This depends on your employer’s scheme and the cost of joining the private medical insurance plan.
Many employers offer private medical insurance (PMI) as a benefit to employees and their families. Depending on the specific policy,this can ensure that you – and your family whether covered – have quick access to consultants and out-patient treatment as well as in-patient treatment in a private hospital or ward.
Depending on your employer, you may have to pay some or all of the monthly premium for joining such a scheme. Other employers offer this free of charge as an employee benefit.
whether you are considering joining your company’s health insurance plan you should:
Compare the cost of joining. whether you have to pay to join it may be cheaper for you to take out a private medical insurance policy. However, and companies can often negotiate discounts from insurers and so you may find that it is cheaper to join your employer’s scheme,even whether you have to pay
Find out whether it covers just you or your family as well
Consider the benefits offered under the scheme. Is it a comprehensive policy that includes all in-patient and out-patient treatment? whether not, would you prefer to take out healthcare insurance that more suited your needs?
What is the ‘excess’ on your employer’s policy? How much of any claim do you have to pay yourself?
Bear in intellect that whether your employer pays for your private medical insurance then it is likely to be taxed as a ‘benefit in kind’. You will pay tax on the equivalent monetary value of the private medical insurance and have to declare this to HM Revenue and Customs on a P11d ‘benefits in kind’ form
For many people, or joining their company’s private medical insurance scheme is a worthwhile course of action. This is particularly true whether you don’t have to execute a contribution towards membership – even whether you have to pay tax on it as a ‘benefit in kind’.
Briggs & Butler are PMI specialists. whether you want advice on the apt private medical insurance for you,total our online form nowadays. We’ll connect you to a FSA registered broker who will discuss your healthcare insurance needs with you. They will then advise you on the apt course of action – whether that is joining your employer’s healthcare insurance scheme or taking out a policy in your own name. via http://ift.tt/20BVrdJ
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