What Is Small Business Health Insurance?
Small Business Health Insurance offers private drugs or treatment for the employees and owners of a business. Above all, you can get seen faster and with a choice of hospital and consultant.
Inpatient and Outpatient are normally included as standard, as is cover for cancer. Each policy is different though, so it is important to check that the cover you arrange is sufficient.
What Are The Advantages?
A lower cost way of rewarding staff instead of pay rises. Additionally, it can form part of a larger package of benefits designed to retain and attract new staff.
By offering Health Insurance, it helps your staff return to work quicker if they are in need of any treatment, this minimizes any impact on the business due to time off, furthermore, a Group Income Protection policy can be used to insure any longer term absences and insurers will help employees get back to work quickly.
A group of insured members is often cheaper to insure than on an individual policy. A ‘group’ is normally considered to be 3 members or more, with some insurers accepting 2 to meet the ‘group’ definition. In addition, as the size of the group increases, the cost per member tends to go down.
What’s Excluded?
Common things that are excluded are any elective or cosmetic procedures, as well as cover for chronic conditions. Health Insurance is mainly designed for medically necessary, acute treatment.
Each policy has different exclusions, it also depends on what sort of underwriting you have chosen with your plan.
What’s Underwriting?
Underwriting is the process in which the insurer will assess the application and decide whether to offer you cover. Fortunately, it is a simple process. On a new policy you will choose Full Medical Underwriting (FMU) – where a full disclosure of your medical history is made, a Moratorium (MORI) – where no disclosure is made but there are conditions on what is allowed as a claim, or finally, Medical History Disregarded (MHD) – where the insurer accepts your risk without looking at your medical history. Each Insurer has a slightly different wording for each of these underwriting types.
