Why buy private medical insurance?
- Every successful business needs a healthy team!
- Reducing sickness absence helps increase profit
- Attracting the right people with a great benefits package
- Allowable business expense
Every successful business needs a healthy team!
Within a business time off work due to sickness can be very costly. Not only are there the direct financial implications; team morale and performance may suffer due to increased work loads and demands on other members of the team. With medical insurance from
AXA PPP healthcare, you can be assured that employees have prompt access to consultants and private medical care in one of our quality assessed hospitals.
Back to top
Reducing sickness absence helps increase profit
Providing medical insurance for key employees in a business is essential. Time off work due to illness can greatly affect your profitability. The cost of absent employees to your business could be as much as £524 per employee, per year*. Add the increased effects absence has on team morale and the real cost to your business increases.
*CBI Absence and Labour Turnover report 2008
Back to top
Attracting the right people with a great benefits package
Providing an attractive benefits package will aid in your recruitment and retention helping you hold on to the best people, evoking a sense of pride to be working within your team. Of the many ‘perks’ around, private medical insurance is thought to be at the top of most employees ‘wish lists’, especially when it can also be extended to cover family members too - as ours can.
Back to top
Allowable business expense
If your company or business is subject to corporation tax or income tax on profits, then our health insurance is an allowable business expense.
Directors and employees are generally liable to tax on the premiums paid on their behalf. Note though that, typically part-time, employees earning less than £8,500** per annum including the value of all benefits may not be taxable on their cover. Employers' National Insurance contributions are also payable on the taxable private medical insurance benefits enjoyed by employees in a tax year. There is, of course, no tax on any benefits claimed, provided premiums are paid entirely from company resources. This is something that you will need to check with your accountant or local tax office.
** Current as at 11 July 2008.
Back to top
Corporate
