Group health insurance – also called corporate health insurance – is like having a fast pass to healthcare for your team. Typically aimed at larger companies of 250+ employees, it’s a type of private medical cover that gives your team quicker access to many of the treatments, consultations and diagnostics they need, often without the wait times that come with the NHS.

Think of it as a safety net, catching your team when illness or injury strikes and helping them bounce back faster. Not only does it support their wellbeing, it can address the issue of days lost due to illness for your business.

It’s growing in popularity too. The Association of British Insurers reports that a record 4.7 million people got Private Medical Insurance through their employer in 2023, marking the highest number in over 30 years.

Group medical insurance ticks a lot of boxes when it comes to keeping your team healthy and ready to tackle their day. Here’s a breakdown of what you can access, depending on the insurer, plan and extras you choose:

• Consultations with specialists: Your employees can get faster access to specialists for expert advice and tailored care.

• Diagnostic tests, like scans and blood tests: Whether it’s an X-ray, MRI or a quick blood test, your team can get the answers they need without NHS delays, helping them move towards recovery faster.

• Treatment for acute medical conditions: From treating infections to resolving injuries, employee health insurance helps your team bounce back from shorter-term conditions without unnecessary waits.

• Mental health support: With access to counselling, therapy or mental health resources, your team can get the support they need to feel their best inside and out.

• Physiotherapy: For those aches, pains, or injuries, physiotherapy can be added as an extra with some insurers, getting your employees moving comfortably again and back to full strength.

• Access to health advice helplines: Sometimes a little advice goes a long way. 24/7 helplines let your employees talk to health experts for guidance and reassurance whenever they need it.

• Virtual GP services: Who wants to spend hours trying to book a doctor’s appointment or sitting in a crowded waiting room? With virtual GP services, your team members can chat with a doctor quickly and conveniently wherever they are.

By offering this kind of support, you’re not just improving your team’s health: you’re showing them that their wellbeing matters. It’s about reducing the time they spend waiting for treatment and getting them back on their feet as soon as possible.

The cost of group medical insurance for larger companies can vary widely depending on certain factors. For instance, your team’s size, the level of cover you want, the underwriting you choose, and even where your business is based will all make a difference.

Here are the key factors that will be considered:

• Age: Insurers base your premium on the average age of your team. A younger average generally means lower costs, while an older mix can push premiums up.

• Work environment: If your employees work in high-risk or physically demanding roles, you might see higher premiums.

• Location: Based in Central London? Expect a slight premium increase compared to other parts of the UK, due to higher costs for treatment in the capital.

• Group size: More employees generally means a lower cost per head.

• Excess: The lower the excess, the higher the premiums will be.

As prices differ significantly between providers, the best way to find out how much group health insurance will cost is to compare quotes from leading health insurance companies.