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How Much is Corporate Business Health Insurance?

How much you pay for your corporate business health insurance will depend on a number of factors.

Because of all of these factors, it’s hard to give a good estimate of how much you should expect to pay for your corporate business health insurance. But in this post, we’ll provide some basic ballpark figures, while listing some ways you might bring down the cost of cover.

What Affects the Cost of Corporate Business Health Insurance?

  • The size of your workforce, along with the average age of your employees, the nature of work they undertake, and the presence of any pre-existing conditions.
  • Your location. For instance, treatment at hospitals in Central London can be more expensive than treatment elsewhere.
  • The type of cover you get. Simple diagnostic cover will cost less than full private health insurance, for instance.
  • The amount of excess you pay. Adding an excess can cut the cost of premiums, but it could mean that your staff will ultimately have to contribute towards the price of their healthcare.
  • The insurer you work with. Different insurers may set different premiums for similar policies.

How Much is Corporate Business Health Insurance? – Ballpark Figures

First, let’s look at the upper limits. Let’s say you run an office based in Central London, and you want to give your employees the best possible healthcare cover, with all the extras. For full cover, you should expect to pay between £700 and £1,000 per employee per year.

Yet if you run an office outside of London – in Nottingham, for example – then the price of cover can come down significantly, even if you want to give your employees full cover. Outside of London, you might expect to pay between £350 and £600 per employee per year.

But we cannot stress this enough: These are purely ballpark figures. As we said above, many, many things can affect the price of your policy. Plus, bear in mind that the bigger your workforce, the more you’ll pay. £350 per employee per year for full cover might not sound like much. But if you’ve got 75 people working for you, you could end up paying nearly £30,000 a year for your corporate business health insurance.

How to Reduce the Cost of Corporate Business Health Insurance

  • Add an excess – If employees pay a small amount towards the cost of their health cover, it can bring down the overall cost of your plan. But making your employees contribute an excess might not make you very popular…
  • Choose a group insurance policy – Rather than getting an individual plan for each of your employees, get a single policy to cover a number of employees who all face the same job risk level. This can be particularly useful if you have a large workforce, as insurers sometimes offer discounts to larger groups.
  • Choose a lower level of cover – Full healthcare cover might be the dream, but it may be beyond your means. You can still offer your employees valuable cover without offering them the works. Go for simple diagnostic cover, for example, and they can still bypass long NHS waiting lists, which will mean the world to some.
  • Choose a reduced hospital list – Most insurers will outline the exact facilities they’ll cover your employees to use. Some insurers may allow you to save on the cost of cover through choosing a reduced hospital list. This means your staff will only ever be able to use facilities in your local area. This can result in reduced flexibility, but at least it will make your policy more affordable.

Read our full guide to saving money on business health insurance. We also have a guide to health insurance options for small businesses.

Is Corporate Business Health Insurance Worth It?

Short answer: Yes! It’s one of the most valued employee benefit and can be good for your company too.

Corporate business health insurance gives employees fast-track access to the healthcare they need as soon as they need it. In these days of frustratingly long NHS waiting lists, the importance of this cannot be understated. As they provide essential peace of mind, it should come as no surprise why corporate business health insurance is one of the most valued of all employee benefits.

But corporate business health insurance is as good for your company as it is for your staff. Quick and reliable access to private healthcare can make employees healthier, happier, and more motivated. You may find that you lose fewer days to unplanned absences. You may also see a boost to both productivity and staff retention.

Find Out More About Our Flexible Health Insurance Plans

At Capacity Insights, we specialise in helping businesses of all sizes provide their workforces with flexible health insurance plans.

Whether you’re looking to invest in your first corporate business health insurance plan, or you want to change or add to your current package, we’re here to help. Get in touch to find out more.

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Capacity Insights
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