Company Health Insurance

With everyone tightening their belts and trying to find ways to save money company medical insurance plans are looking very appealing to those who are offered them as they are very competitive in comparison to individual private health insurance policies.

Private individual health insurance premiums have risen by 8% year on year. However company health insurances have come down in price by as much as a fifth when compared to last year and now offer some of the cheapest health insurance around. Companies usually have a yearly opening for employees to join their scheme and this often includes the opportunity for spouses and children to join too. As of January 2008 there are 3m have workplace private medical insurance.

Mike Izzard, chairman of the Association of Medical Insurance Intermediaries (AMII) and managing director of Premier Choice Healthcare said, 'It’s a no-brainer really, if you are offered the chance to sign up and you need it.'

So the main advantage of joining a company scheme is that they are generally cheaper. Additionally company schemes tend to offer flat rate fees for employees up to the age of 65. Health Insurance News UK took the opportunity to compare health insurance for different age categories and found that premiums tend to go up significantly with age so if you are 55 or over it is well worth taking advantage of a company medical cover policy.

Nick Reynolds, head of intermediary sales with Norwich Union says, 'If you have an option to buy through the workplace, it is often at a huge discount. You will often be paying hundreds of pounds less compared with equivalent cover on the open market.'

Bupa are currently offering a 20% discount for companies who have not been part of a health insurance scheme within the last two years.

Another advantage of a company health insurance scheme is that group schemes take people without doing any paperwork. This is good for those with existing illnesses who may have found that individual private medical insurance was too expensive for them.

Insurance premiums can vary however depending on a company's claim history for that year and companies that focus on improving their employees wellness and employ healthier staff are likely to have lower premiums.