Slash your staff medical insurance costs

You are probably, like many businesses, concerned with cutting your overall costs. By strategically reviewing your employee medical insurance, you can potentially make significant savings. Through our access to the whole medical insurance market, we can help you evaluate and redesign your cover to get your overall premium down. 

Here, we cover the five most common areas that we are currently helping clients with.  

1) Ask your people 

Working with you, we canvas opinion from your employees. You might be surprised by the outcome. We often find that many staff members do not actually value the medical insurance benefit. Some don’t even realise they are paying tax on it. Getting employee input will enable you to be more targeted in your offering. There are various ways of doing this, depending on your size and preference as an employer. 

2) Look at hospital demographics 

We analyse hospital usage to see which hospitals are used the most and which not at all. By removing the unused hospitals, you can give more suitable coverage to your people. 

3) Amend your policy excess 

You can make surprising savings on your premium by amending your excess policy. This will depend on the size of your business and other factors that we talk you through. 

4) Consider cover for partners and children 

Some businesses we have worked with were paying for employees to add their partners and children at the business’s cost. A more cost-efficient way is to get those wanting this additional cover to pay for it through payroll deduction. Be very careful before making any changes to your family cover. You need to be transparent and communicate it clearly, so not to contravene any legal requirements. 

5) Negotiate a better rate  

We review the market get alternative quotes from other providers. We can probably negotiate a further reduction in the premium with your existing provider for you. 

Help from the experts 

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