If you work via your own company and no longer receive any of the ‘perks’ associated with traditional employment, you may be worried about the cost of potential medical care for you or your family.

This is where Private Medical Insurance (PMI) comes in.

For a monthly fee, you can protect your family against a wide range of ailments – but with a bewildering choice of suppliers in the market, what should you look out for?

What is Private Medical (Health) Insurance?

If you don’t have private cover, you are restricted to treatments offered by the NHS. Unfortunately, you will have little choice over when and where you will be provided with treatment, and may well have a long wait before you are given an appointment.

In the private sector, subject to the terms of your cover, you can choose when and where you receive treatment and the obvious benefits of being treated in a private hospital.

If your GP has identified a medical problem, you will be referred to see a specialist. At this stage, you can contact your insurer who will provide you with the help you need to resolve the problem.

Which Medical Insurance Provider should I choose?

Like many other types of service (such as utilities), many of us find it hard to objectively compare providers. The medical terms used are often unfamiliar, policies are often fairly restrictive, and it is very difficult to accurately compare the real cost of policies, as there are so many different options and variables.

As a result, we have worked with specialist provider WPA for over a decade. They don’t have a ‘one size fits all’ philosophy, and will tailor cover to your specific needs. And, importantly, unlike many other insurers, WPA is a not-for-profit organisation.

In addition, here are some other reasons why we work with them:

• WPA has been providing medical cover for over 100 years.
• The company is well-known for its high levels of customer service.
• The company has won many awards.
• WPA provides access to 600+ private hospitals.
• In a recent survey of over 1000 medical professionals, 74% of doctors surveyed say they would commend WPA to family, friends, and colleagues over other leading health insurers.

Special 25% discount for Limited Company Owners

Thanks to our long-standing relationship with WPA, we have access to favourable introductory terms for our users.

WPA’s special offer from 30th April 2020 onwards, provides a negotiated affinity discount, as follows:

• 25% discount on new policies during the first year.
• Plus receive a 15% discount in the second year.
• Plus a further 5% discount in the third year.

To get a personalised quote or to ask any questions, please fill in this form, and our dedicated representative, Steve Sargent, will get back to you right away.

You can also contact Steve via email (Steve.Sargent@hcp-plc.org.uk).

Can I pay for private health insurance via my company?

Yes, you can. However, you would not be able to claim the costs back against Corporation Tax, as it is not a ‘business’ expense, and so you will be taxed personally on the benefit.

You’ll also have to complete a P11D return, together with any other ‘benefits in kind’ you may have received during the tax year. You will pay income tax on the value of the benefit, and your company would have to pay Employers’ National Insurance Contributions (NICs) on the same amount.

You should ask your accountant which is the most cost-effective route to take, as this will depend on your own personal circumstances.

It is worth considering that some medical insurance providers will offer better details to corporate clients (‘the self-employed’), which should be borne in mind when making comparisons.

Read more in our dedicated guide: who should pay for my health insurance expenses?