Moore Kingston Smith slashes employer’s medical insurance premium – case study

Moore Kingston Smith recently saved a client nearly 50% on its private medical insurance premium. Through our access to the whole medical insurance market, we reviewed and then redesigned their cover. Here’s what we did:

1) Employee input

Working with the senior management team, we canvased opinion from the employees. The outcome was surprising. Many did not value the medical insurance benefit or even realise they were paying tax on the premium. This enabled the employer to be more targeted in their offering. There are various ways of doing this, depending on the size and preference of the employer.

2) Hospital coverage

Analysing the hospital usage showed which hospitals were used the most and which not at all. We removed these hospitals to give more suitable coverage for the employees.

3) Policy excess

The employer had no policy excess on its policy. By introducing a £100 excess, we reduced the premium by nearly 5%.

4) Family cover

The employer was paying for employees to add their partners and children at the company’s cost. We implemented a new process for adding partners and children to the policy. Those wanting this additional cover applied to pay for it through payroll deduction. We advised the employer to explain the change carefully to employees to ensure they understood the reason behind it.

5) Market negotiating power 

Following a market review and obtaining alternative quotations from other providers, the employee benefits team at Moore Kingston Smith negotiated a further reduction in the premium with the existing provider.

Help from the experts

The employee benefits team at Moore Kingston Smith can provide a no-obligation review of your cover to check if it is suitable for you. And we can potentially save you money!

Please contact us today