- Increase your excess
- Review optional extras
- Reduce outpatient cover
- Review your hospital list
- Add a 6-week NHS wait
- Review your policy with an independent advisor
Business health insurance is a valuable benefit for your employees. It gives your team access to private healthcare when they need it, allowing them to effectively bypass NHS waiting lists and receive high-quality treatments.
Fortunately, there are several ways businesses can reduce their premiums to make sure the policy remains affordable.
How To Reduce Business Health Insurance Premiums
The cost of your Business Health Insurance will depend on various factors, some of which you’ll have control over and others you won’t. Factors such as the age of your employees and where your business is located of course can’t be changed easily.
In this article we explain 6 ways you can control the cost of your company health insurance, allowing you to make your policy more affordable.
Increase your excess
Certain insurers will have a standard excess that’s included in the policy, but you’ll also find that many providers will give you the ability to set an additional optional excess to a value of your choosing.
By increasing the policy’s excess, your employees will need to pay more towards their treatments, which in turn will reduce the costs to the insurer and your premiums. As a consequence, premiums can be lowered significantly but we’d always recommend exercising some caution before doing this.
Remember to keep the excess at an affordable level
Ramping up the excess will, of course, bring your premiums down, but by doing so you are effectively reducing the benefit the employee receives. Ultimately you want the employee to be able to afford private medical treatment should they need it, so ensuring that the excess remains affordable is key.
Increasing the policy’s excess means that employees will cover more of the costs of their treatments, reducing the insurer’s upfront bill per treatment or per policy year, depending on how your excess works. As a consequence, premiums can be reduced considerably if a higher excess is chosen.