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Introduction: Salary Sacrifice in Private Health Insurance

Salary sacrifice, also known as salary exchange, offers a strategic approach for employees to access private health insurance while benefiting from tax advantages. By sacrificing a portion of their pre-tax salary, employees can fund health insurance premiums, providing them with essential coverage and financial savings. This arrangement not only empowers employees to prioritise their health but also enhances their overall financial well-being.

What is Salary Sacrifice?

Salary sacrifice involves employees giving up a portion of their pre-tax salary in exchange for various benefits. This reduction in salary results in lower Income Tax and National Insurance (NI) liabilities for the employee, while the employer benefits from reduced NI contributions. Common non-cash benefits obtained through salary sacrifice include pension contributions, childcare vouchers, and health insurance premiums.

Example of Salary Sacrifice with Health Insurance Premiums

For instance, an employee earning £2,500 per month may choose to sacrifice £125 of their salary to fund health insurance premiums. Employee take home pay increased by £15 per month due to reduced NI contribution. Employer NI contribution reduced by £17 per month per employee. In other words, this sacrifice reduces the employee's NI contributions, resulting in higher take-home pay. Meanwhile, the employer benefits from reduced NI contributions, making it a mutually beneficial arrangement.

Benefits of Salary Sacrifice

For Employees:

  • Reduction in National Insurance contributions and income tax liability
  • Access to private health insurance coverage, enhancing healthcare options
  • Financial savings through tax-efficient funding of premiums
  • Empowerment to prioritise health and well-being

For Businesses:

  • Reduction in employer National Insurance contributions, resulting in cost savings
  • Ability to offer valuable health insurance benefits to employees without incurring significant financial burden
  • Enhancement of employee satisfaction and retention through comprehensive benefits package

Drawbacks of Salary Sacrifice

For Employees:

  • Lower take-home pay, necessitating careful budgeting and financial planning
  • Potential reduction in value of other benefits linked to salary, such as bonuses or life insurance
  • Impact on creditworthiness for borrowing purposes due to lower gross salary

For Businesses:

  • Administrative complexity and increased cost of managing salary sacrifice arrangements
  • Requirement for ongoing communication and support for employees participating in the scheme
  • Potential implications on staff morale if not effectively communicated or managed

Is Salary Sacrifice Right for You?

Determining the suitability of salary sacrifice requires careful consideration of individual circumstances and objectives. Seeking guidance from financial advisors or HR professionals can provide valuable insights into the feasibility and implications of implementing a salary sacrifice scheme.
We have access to experts specialising in assisting businesses in navigating the complexities of employee benefits, including salary sacrifice arrangements. Our experienced partners can tailor bespoke solutions to align with your business goals while prioritising employee well-being, while we can help you find the best coverage plan for your employees.
In conclusion, salary sacrifice offers a strategic avenue for employees to access private health insurance coverage while enjoying tax advantages. However, thorough evaluation and expert guidance are essential to ensure its successful implementation and alignment with organisational objectives.

Why get private health insurance?

Health insurance allows you get back on your feet quicker:

✅ Avoid long NHS waiting lists of many weeks and get treated faster with private medical insurance, which can be really important for a successful recovery
✅ Get early diagnosis so you can get the treatment you need right away done privately
✅ Business owners can save on their tax bill with private medical insurance
✅ You are free to choose your surgeon or hospital to suit your needs by place and time
✅ You often get a private room with better facilities for your treatment or surgery
✅ With private medical health insurance you gain access to advanced treatments not available on the NHS

Benefits offered by private health insurance

Private medical health insurance is an insurance policy that covers the costs of private healthcare, from diagnosis to treatment. You just pay an affordable monthly premium that covers all or some of the cost of treatment for acute conditions that develop after your health insurance policy has begun.

Our mission is to put you in touch with not only the best, but the most suitable private medical health insurance companies. With even more risk on the rise for personal health today, it makes more sense than ever to have private medical health insurance cover.

👍 Many people are very thankful that they had their private medical health insurance cover in place before running into some serious health issues. Private medical health insurance is as important as life insurance for protecting your family's finances.

Important Fact!

Why increasing numbers of individuals and families opt for PMI insurance

👉 We insure our cars, houses, bicycles and even bags! Yet our health is one the most precious things we have.

People buy life, critical illness and private medical health insurance for a variety of reasons – easily one of the most important insurance purchases an individual or family can make in their lifetime. PMI insurance is still seen as a luxury in the UK. Indeed, only around 11% of the population has private medical insurance. However, an increasing number of people are taking out private medical insurance due to a number of reasons:
  • Avoid NHS waiting lists and be treated more quickly
  • Faster diagnosis (comprehensive cover)
  • More access to latest cancer drugs and treatments, some of which may be unavailable on the NHS
  • Greater choice over where and when your treatment takes place
  • Have a private room should you need treatment in hospital
Our award-winning FCA-authorised insurance partner experts are ready to provide you with a FREE Consultation.

👍 Simply get your affordable private medical health insurance plan in place for the necessary peace of mind! Just tap or click the button below to book a FREE call now! 👇

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Any questions?

Do I need Private Medical Insurance if I have Life Insurance?

Life Insurance and Private Medical Insurance cover you for two different purposes, so you will need to assess your needs but may wish to consider holding the two policies. Private Medical Insurance covers you if you get sick or need treatment and want or need to go privately. Life Insurance covers you in the case of death, giving a payout to family/those left behind.

If you prefer to get straight into treatment in the private sector without the long waiting times with the NHS, or you just prefer the private sector anyway, without having to pay it all yourself, then you would need to have Private Medical Insurance to cover it. Sometimes treatments and drugs that are not covered by the NHS can be covered by Private Medical Insurance.

It's free to use WeCovr to find health insurance - we never charge you for quotes. Health or private medical insurance is an investment that can pay for itself the first time you might need medical treatment.

It depends on your personal choice and preferences. If you are prepared to limit yourself to NHS-covered treatments only and can or want to endure long waiting times to get into treatment, then yes, NHS might work for you. Your cover there is free. If you don't want to be exposed to long waiting times or if your treatment is not covered by the NHS, then you would benefit from Private Medical Insurance.

Private Medical Insurance is an important financial product that insurance companies take a lot of care and diligence so speaking to real human beings ensures that they understand your requirements fully so that you can get the right cover.

All of our partners are carefully vetted and authorised by the FCA, which means they are held to the highest standards that the FCA expects from them and treat all customers fairly!

Our insurance partners give us a few pounds when you take out a policy with one of their experts.


Who Are WeCovr?

WeCovr is an insurance specialist for people valuing their peace of mind and a great service.

👍 WeCovr will help you get your life insurance, critical illness insurance, private medical health insurance, over-50s funeral insurance and senior life insurance quote in no time thanks to our wonderful super-friendly award-winning partners ready to assist you every step of the way.

Just a quick and simple form and an easy conversation with our FCA-authorised life insurance, critical illness insurance and private medical insurance partner experts and your valuable insurance policy is in place for that needed peace of mind!