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Corporate Healthcare Trust
What is a corporate Healthcare Trust?
A corporate Healthcare Trust is an HMRC approved alternative way of funding healthcare benefits for employees. Instead of paying premiums to an insurance company, the money is placed in a Healthcare Trust fund which is used to pay employee private medical claims.
If at year end there is any remaining fund balance then this can be used to help meet claims spend in future years and so reduce costs.
This level of flexibility and control has made Healthcare Trusts increasingly popular with companies who are looking for an effective and sustainable way to provide healthcare benefits for their employees.
Corporate Healthcare Trust vs private medical insurance
Paying into a corporate Healthcare Trust is very similar to what you’re used to, with a few noticeable differences:
You’ll have greater control over healthcare spend
A corporate Healthcare Trust with Healix gives you more control over what benefits your employees can claim for. We provide a range of healthcare and employee benefits which you can pick and choose from to create the best package for your colleagues.
More flexibility in design
When you arrange a corporate trust through Healix, we work with you to provide the services that you require, making the best possible use of your budget. By tailoring your healthcare package, we’re helping you to make the best use of the fund, aligning it with what your business is trying to achieve.
You can roll any unused claim spend into future years
You may be used to writing off any underspend on your projected claim fund. With a corporate trust, you won’t have to. That’s because any unused claims fund is kept within the trust to offset future healthcare costs.
When you arrange a corporate Healthcare Trust through Healix, we work with you to provide the services that you actually need, making a better use of your budget.
FAQs
New to Healthcare Trusts? We’re on hand to answer your questions, big and small. Have something specific to ask? Contact Healix today.
How will my healthcare budget be spent?
No one understands your business or its employees better than you. We can offer a fully-tailored solution giving you access to medical professionals to design a suite of benefits that will work for you and your employees. If you already have PMI set up, you can replicate your existing services so there’s a smooth transition for your employees.
Can I put my budget towards any complimentary services?
Yes. We also work with a range of partners to offer you complimentary services that are outside of the trust, giving you more control over the choices you make.
I already have a corporate trust set up. Can I still work with Healix?
Yes. Healix can simply step in as your trust’s administrator or we can implement a new trust.
Is a corporate trust more flexible than private medical insurance?
Yes. With a corporate trust, you are not restricted to insurance product rules and packages so you can tailor a solution that is bespoke to your business.
Aren’t private medical trusts difficult to set up?
Not with our help. Healix’s robust legal documentation makes setting up your trust no more difficult than buying an insurance contract.
Will there be a lot of paperwork to set up the trust?
No. Healix can help to make the process totally painless. We’ll work with you to put into place your healthcare plan, and set up the rules you’ll need to futureproof your programme. A specialist lawyer will then develop your supporting documents and set up your corporate healthcare trust.
What happens after the healthcare trust is set up?
Once your trust is set up, Healix is on hand to help you as much or as little as you’d like. You’ll be assigned a dedicated account manager to your trust, who’ll answer any questions and action your requests.
They’ll catch up with you every now and then to discuss how your trust is working, talking through the key points from the monthly, quarterly, or annual data report which we’ll send to you.
Our clinical team will also be in touch from time-to-time to discuss emerging trends in your claims, as well as any developments in healthcare and how these will affect your trust.
Are there any safeguards in place to manage expensive claims?
Yes. We can arrange Stop Loss insurance which protects you against the risk of claims exceeding the level anticipated.
Our clinician-led approach means that in the event of a big claim, we’ll be able to explore less expensive options. For instance, if the same treatment is offered by the NHS and there’s no waiting list, we may suggest that your employees take this alternative route.
What happens if I change my mind?
If once your fund is set up you decide that a corporate healthcare trust isn’t for you, it’s just as simple to move back to a corporate medical insurance scheme. Just let us know that you’ve changed your mind and we’ll arrange this for you.
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