No-one wants to pay more for their private healthcare than they have to and yet there are many corporate businesses that would benefit and save significantly on their annual budget for healthcare by implementing a Healthcare Trust rather than remaining on the traditional private medical insurance scheme’s.
What is a healthcare trust?
A Healthcare trust is a recognised alternative to private medical insurance and operate in a very similar way however with a healthcare trust you have greater flexibility on cover and have the ability to make considerable cost savings.
How do you set up a healthcare trust?
In order to make sure everything is correct with your healthcare trust it is essential that you consult an expert in the trust market to help set the scheme up in the initial stages. They should work with you and help you to establish the range of benefit entitlements and scheme rules you would like to apply and also provide the following:
- Liaise with specialist solicitors on your behalf and arrange for the Trust Deed to be drafted
- Provide Trustee responsibility through a professional trust company
- Provide you with guidance on approval from the local tax office
When the trust fund has been put in place you may want your healthcare trust provider to administer the scheme and deal with the claims management aspect and negotiation with providers on your behalf. You should also consider the implementing stop-loss insurance to negate any risks for the future.
All of the information above has been sourced from a leading expert in Healthcare Trusts
Healix Group of Companies are well known in this market and have won the Best Healthcare Trust Provider again at the Health Insurance Awards 2016. This is the 5th time in 6 years they have reached the top spot for their services.
Other providers include: AVIVA and WPA and ProAmica Ltd (part of the General and Medical Group of Companies.