“As insurance premiums continue to rise across all health and wellbeing protection, the smarter employers are choosing to ‘pool’ their provision within one trust”, advises Richard Saunders, Sales Director, Healix Health Services.
Cover included can be truly bespoke to the employer with benefits ranging through Cash Plan benefits, Restricted PMI, Full PMI, Expat PMI, Critical Illness, Dental, EAP, Occupational Health, gym membership and even flu jabs.
Employers can also have different levels of benefit for different grades of employee or choose just one level of cover for all, depending on their healthcare budget.
Healix’s medical and insurance expertise, combined with extensive experience in medical claims management and detailed knowledge of healthcare trusts, means it is ideally placed to provide such a comprehensive service, tailored to the needs of each employer.
“The real advantage of this approach is that the employer retains any underspend if claims are lower than anticipated, rather than an insurance company taking extra profit”, explains Richard, “and with Stop Loss insurance arranged through Lloyds, the employer is protected against any risk of claims exceeding their estimated combined annual spend.”
“This is particularly relevant for certain types of health and risk protection which typically run at low claims ratios”, explained Richard. “For example corporate cash plans running at around 45%, or some critical illness policies that are rarely claimed on but don’t give a return to the employer. By combining all these benefits in one corporate healthcare trust, employers can make really significant savings.”
Integrated Healthcare Trusts offer other advantages too, including only having one contract instead of several policies and contracts to manage, and just one payment facility required for all health benefits.
“An Integrated Healthcare Trust also provides more insightful management information with a window on an employer’s total health and wellbeing spend,” explained Richard. “Most employers using a healthcare trust in this way have seen a reduction in their annual spend because an Insurer is no longer keeping the upside of performance.”