How to Make the Most of Your Business Health Insurance?

When looking at which type of health insurance to offer your employees, it’s very important to read the small print. Not all plans are equal.

The core cover provided by different insurers can vary enormously. For example, some plans will include mental health support in their core cover. But others only offer it as an extra. So, it pays to really understand what you’re buying.

In this guide we explain what business health insurance is and how Vitality adds value with their Personal Health Fund option.

What is Business Health Insurance?

Business health insurance provides employees with fast access to private healthcare. It’s also known as private medical insurance (PMI) or company health insurance. It’s available to all sizes of company. From sole traders up to corporates.

It covers a wide range of treatments. Such as seeing a private GP, physiotherapist or mental health professional. Plus, quick diagnosis and treatment, cancer care, stays in private hospitals, and access to specialist drugs.

Optional extras such as out-patient cover and an Employee Assistance Programme are also available. These additional options can really enhance the cover available to employees. And health insurance isn’t only for when your employees get sick. Many health insurance plans offer access to wellbeing programmes which aim to keep employees healthy.

Plans like Vitality’s, offer incentives for employees to manage their physical and mental health. Your employees get the tools to help understand their health risks and engage in healthy behaviour. And they’re incentivised to engage with their health with compelling discounts and rewards.

Altogether, this holistic approach to employee wellbeing provides many benefits.

Improved recruitment and retention

Giving employees access to private medical care shows that you care about their wellbeing. Companies that provide company health insurance are often considered employers of choice. And it can help with recruitment and retention.

Improved workplace efficiency

Company health insurance can help manage staff short-term absence. It gives employees access to non-urgent treatments at a time that’s convenient for both employee and employer. Plus, seeing a medical specialist quickly means that health issues can be treated before they become serious.

If an employee needs hospital treatment they won't need to wait long. Meaning they could be back to work more quickly following their recovery. The saving in lost productivity for your business can offset the cost of providing the benefit.

Improved staff morale and motivation

Employees can feel secure in the knowledge that if they need treatment they can see a practitioner quickly and conveniently. If cover is extended to family members, this can add another level of reassurance.

What is the Vitality Personal Health Fund?

This Fund helps pay for everyday healthcare bills that aren’t usually covered by private medical insurance. Such as dental check-ups, health screening and NHS prescriptions for chronic conditions.

It’s an optional extra that you can take out when you buy Vitality business health insurance. In some ways it’s similar to a health cash plan in that your employees can claim back certain expenses they’ve had to pay out for. But with the Vitality plan, we provide a fund they can draw from.

The more effort employees make to get healthy, the more money we pay in to their personal health fund. We’ll pay in up to a maximum of £225 per plan year. And employees can have a maximum of £1,000 in their personal health fund at any time.

All employees have to do to get a personal health fund is complete their health profile online. All employees start off on the bronze level with £75 towards their everyday healthcare bills in a year.

As your employees engage with the incentives offered by our scheme and improve their health, they’ll be eligible for more cash. So, when they reach silver they’ll get £125 towards everyday healthcare each year. And when they reach gold it goes up to £175 and platinum £225 each year.

Benefits of Using the Vitality Personal Health Fund

The Fund helps pay for everyday healthcare bills that aren’t usually covered by private medical insurance. Such as:

• Optical treatment - Includes fees for sight tests, fitting, spectacle repairs, prescription swimming or diving goggles. Employees can also claim for: glasses, lenses, spectacle frames, contact lenses, prescription sunglasses.
• Dentistry claims - Check-ups and treatment at a UK dentist, including fillings, crowns and bridges, plus hygienist fees.
• Health screening - Employees can claim back up to 50% of the cost of a health screen with an approved Vitality partner.
• NHS prescriptions - An employee can use their personal health fund to cover the cost of a prescription prepayment certificate.
• Private GP - They can use their PHF to pay for an appointment and minor diagnostic tests undertaken by the private GP.
• Medical aids and devices - Your employees will be able to claim back 50% of the costs of a range of medical aids and devices. Including hearing aids, blood pressure monitors and TENS machines. And they can use up to £100 towards a fitness device.

Access to a PHF means your employees can get money back on services they’re likely to use every year. It’s an optional extra that many employees find extremely useful and will engage with. 

And with the funds to pay for private services, employees can get appointments at a time that’s convenient for both employee and employer.

Plus, with health screening, it’s possible to detect health problems before they become serious. This in turn can have a beneficial outcome for many employees.

Making the Most of the Vitality Personal Health Fund

When you take out the Vitality Personal Health Fund for your employees, it gives them access to the Vitality Programme. The programme provides tools, advice and discounted health checks. This can help employees understand their health better.

And they get Vitality points for taking simple healthy actions like having a dental check-up. As they build up Vitality points, they can improve their status from bronze through to platinum. As this happens, we’ll add more to their PHF. So, in many ways, it’s a win-win. Your employees improve their health and gain money in their fund to continue the good work.

So, how do employees make the most of their fund?

Complete a health profile

The first step is to complete an online health profile. Employees will need to answer questions about their height, weight and waist measurements. Plus, whether they smoke and if they have any long-term health conditions. We’ll also need to know about their current activity levels and mental wellbeing.

Employees will then receive immediate feedback on key health risks and which areas of their health they should focus on changing to have the biggest positive impact. So, if an area is highlighted as green, they can read the best ways to maintain that element of their health. Whereas if an area is amber or red they will see advice on how they can improve this, and where applicable, guidance on where Vitality can help them.

Make part in the Vitality Programme

All employees will get access to the Vitality Programme. By tracking their health habits with a smartphone or activity tracker – like Apple Watch – we can help them achieve their goals. Simply by being active, they’ll start earning Vitality points. And these contribute towards their Vitality Status.

Improve Vitality status

Everyone starts on bronze. As employees earn points they progress though silver to gold and eventually platinum.Most employees earn their points through steps and everyday activity but there’s lots of other ways to earn points too. It doesn’t have to be hard work.

Each Vitality status gives your employees access to additional benefits and rewards. Such as handcrafted drinks or smoothies, cinema tickets if eligible, and discounts on hotel stays.

Spend the personal health fund

When employees need a dental check-up or eyesight test, they can be reimbursed for the cost of the treatment from their personal fund. By keeping fit and building a fund of up to £1,000, your employees could save themselves hundreds of pounds each year.

Key takeaways

Business health insurance covers a wide range of treatments. Such as seeing a private GP, physiotherapist or mental health professional. Plus, quick diagnosis and treatment, cancer care, stays in private hospitals, and access to specialist drugs.

Optional extras can really enhance the cover available to employees. For example, a personal health fund. This helps pay for everyday healthcare bills that aren’t usually covered by private medical insurance. Such as dental check-ups, health screening and NHS prescriptions for chronic conditions.

The Vitality Personal Health Fund is an optional extra that you can take out when you buy Vitality  business health insurance. When employees make an effort to get healthy, we’ll add money to their personal health fund. We’ll pay in up to a maximum of £225 per plan year. And employees can have a maximum of £1,000 in their personal health fund at any time.

When you take out the Vitality Personal Health Fund for your employees, it gives them access to the Vitality Programme. They get Vitality points for taking simple healthy actions like having a dental check-up. When they build up Vitality points, they can improve their status from bronze through to platinum. As this happens, we’ll add more to their PHF. 

Vitality Personal Health Fund FAQs

What are the benefits of the Vitality Personal Health Fund?

For a small additional cost as an employer, your employees can build up a personal health fund of up to £1,000 without it costing them a penny. The more effort they make to get healthy, the more money we pay in to their personal health fund. We’ll pay in up to a maximum of £225 per plan year. And employees can have a maximum of £1,000 in their personal health fund at any time.

What are the benefits of providing private health insurance?

There are many benefits to providing private health insurance to your employees.

• Improved recruitment and retention - Companies that provide company health insurance are often considered employers of choice.
• Improved workplace efficiency - Company health insurance can help manage staff short-term absence. Plus, seeing a medical specialist quickly means that health issues can be treated before they become serious.
• Improved staff morale and motivation - Employees can feel secure in the knowledge that if they need treatment they can see a practitioner quickly and conveniently.

How much is the Vitality Personal Health Fund per month?

The cost of the PHF is wrapped up in your overall quote. So, it will depend on several factors including:

The number of employees in the scheme

• The age demographic of your employees
• Where you're located
• The optional extras you want to offer
• Claims history

To find out how much Vitality private health insurance could cost your business get a quote.