Group Private Medical Insurance
What is Group Private Medical Insurance (PMI)?
Group Private Medical Insurance (PMI) is a policy taken out by an employer to enable their employees to receive medical treatment privately and quickly with the minimum disruption to their day to day lives, thereby helping to reduce the cost of sickness absence and promoting a healthy workforce
Employer Benefits
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Employees are probably the most important asset a company has, so looking after their health is crucial to your business.
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Group PMI provides a high-value benefit and peace-of-mind to attract and retain experienced employees.
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PMI is typically corporation tax deductible as a business expense (under current HMRC rules).
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Group PMI can help to reduce the cost of sickness absence by enabling the employee to be seen straight away rather than them having to wait to receive the appropriate treatment via the NHS.
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Other benefits such as travel insurance, group dental insurance can be added to the policy as an additional perk.
Employee Benefits
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Peace of mind - they will not have to wait on the NHS for eligible treatment
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Employees can choose where and when they are treated to ensure their treatment fits in with home and business schedules.
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Receive the best treatment available.
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Own private room in most cases.
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Cover can often be extended to their family as well (either company paid or on a voluntary basis).
Taxation
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If the monthly/annual premium is paid for by the employer then it is a “benefit in kind”, this means the employee will have to pay tax (at their marginal rate) on the cost of the cover to the their employer.
What do Quest Financial Solutions do for you?
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Implement a cost effective scheme to suit the needs of you the employer and its work force.
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Constantly review to make sure the scheme continues to be cost effective and market leading.
