Reduce Corporate Health Insurance Premiums
If reducing your premiums would help you to meet your budget, you can of course, choose a lower level of cover, for example by choosing Altus instead of Altus Plus or by restricting your hospital choice to First Choice only. You can also significantly reduce your premiums by adding an excess to your scheme.
Business Health Insurance Policy Excess
An excess is an amount agreed in advance that each member on your scheme pays towards the cost of a claim. For example, if you choose a £250 excess per claim and treatment for one eligible claim costs £5,000, the member would pay the first £250 and we would pay the rest.
You can add an excess of £75, £100, £150, £200, £250, £500, £1000, £2000 or £3000. At the start of the scheme, you choose whether the excess applies once per policy year or to each claim. If you choose an excess per policy year and treatment for an eligible claim carries on into the next policy year, another excess will apply.
Remember - the higher the excess, the lower your monthly premium. For example, even an excess of £250 per claim could reduce your monthly premium by over 20%!
The important thing is to choose a level of excess that is both affordable for members and which helps you control the cost of the scheme to meet your budget.