Background
Matthew is a company director.
He wanted to put in place a comprehensive Private Medical Insurance (PMI) scheme for the employees of the company to enhance their benefit package
Objectives
To approach the market and obtain a comprehensive level of cover for the company at the most competitive cost. We were also to consider the insurer’s administrative standards.
Considerations
The company had no existing cover in place so we were able to approach our panel of insurers for this ‘Virgin’ scheme.
We looked at obtaining costs with full out-patient cover, full cancer cover, mental health cover and to help reduce costs incorporate an excess of £100 per person per policy year. We requested quotations for members to be added to the scheme on a Moratorium underwriting basis.
Recommendation
We researched the market and we were able to obtain a competitive premium:
No. Of Employees – 10
Cover Levels – Full out-patient Cover & Diagnostics, Extended Cancer Cover, Full Cover Therapies
Hospitals – Nationwide
Excess – £100 per person per policy year
Monthly Premium – £314.66 per month
In addition to this we also recommended the client put in place a Level 1 Cashplan, at a cost of £1 per week per employee. This plan enabled the employees to use the Cashplan as an alternative from the PMI scheme for the minor elements of Healthcare (i.e. obtaining refund of costs incurred for scans of up to £200 per year, up to £60 for dental and £60 for optical treatment.
The company were happy with our recommendation and put in place both the PMI and Cashplan schemes for their employees.






