| Revelation Healthcare |
Standard Private Medical Insurance |
| Flexibility of ownership: Tailered to suit your own requirements with minimal company administration. Company has full ownership of it's healthcare provision. |
Inflexible "off the peg" benefit schedule. Financial and administrative limitations often imosed by insurer especially on benefits such as consultant fee. |
| Simple to set up and administer. Approved and straightforward trust documentation with simple administration procedures. |
Often complicated or rigorous and flexible administration procedures requiring major company, or broker, input. |
| Lower healthcare costs by unique treatment procurement system of spot buying packaged priced treatment and pre-payment of hospital costs. Average savings of 20% but can be up to 30% compared to PMI. |
Annually agreed treatment costs with hospitals and other providers mean no real saving. Typical increases much higher than the current rate of inflation often in excess of 10% - 15%. |
| Company Trust Fund: Minimum 80% of contributions retained in an interest bearing account for the direct provision of healthcare. |
Client's costs gain no investment with no cost controls and high administration charges with no transparency of what is included.
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| Cost control, lower overheads, unique treatment procurement and investment, leads to better financial efficency and may even reduce contributions in future years. |
Costs rise due to client's claims record plus medical inflation (typical 9% or 10% per annum over recent years). Well above RPI. |
| Client company in control of its own funds for the benefit of its employees. Company only pays for what it uses. Surplus funds at annual review remain in trust fund and company retains its investment. |
No control of monies or surpluses once premiums are paid to the insurance company. If you claim say 70% of annual payment, the insurer keeps 30% balance.
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| No insurance premium tax. Lower P11D benefit in kind tax payments. |
Insurance Premium Tax currently 6% P11D payments on full premium & increase as premiums rise. |
| Fixed, realistic and transparent charges. |
High administration charges & intermediary fees with no transparency of what is included. |
