Helping pay the escalating cost of healthcare
Clients with 500 employees or more can fund their company's private healthcare by setting up a Private Medical Trust. It can be a way to cut down on administration and cost.
There’s no Insurance Premium Tax to pay on the money your clients put into their fund
We take care of the day-to-day administration, but your client keeps full control over what benefits the Trust provides
Employees get access to healthcare experience and medical expertise, making for a healthier workforce
Why a Private Medical Trust?
Private Medical Trusts are becoming increasingly attractive to companies with 500 employees or more. That’s largely down to 2 factors - the reduced administrative burden and the potential savings that come from the Trust’s structure. As it’s not an insurance contract, your clients won’t pay Insurance Premium Tax (12% as at June 2019).
Essentially, a Private Medical Trust is a pot of money that a business can use to pay for eligible medical expenses incurred by their employees.
Your client – the business – makes payments into the fund, which we run on their behalf. We look after claims assessments, payments and all the paperwork. But because your client sets the rules of the Trust, they have complete control over the type and range of healthcare benefits it provides.
How it works?
Your client chooses which type of Trust to set up:
- Non-discretionary Trust - fully funded by the employing company
- Multi-contribution Trust - allows for voluntary contributions from employees (as beneficiaries of the trust)
The process can sometimes be daunting for clients who haven’t set up a Private Medical Trust this way before, so we recommend they take legal advice.
We then carry out all the administration on behalf of the trustees, in return for a fee. Your client's company makes contributions into the fund, which are used to pay for eligible medical expenses incurred by the Trust’s beneficiaries, their employees.
Our dedicated account-management team provides day-to-day support, from sending out new-joiner packs, to helping with tax queries or contributing to the analysis of management information in meetings with trustees and group administrators.
With us managing the membership on their behalf, your client can benefit from a long-term reduction in administration. Alternatively, they can manage the membership themselves. Either way, we set up a personalised claims service that can help people to return to work as soon as possible.
With a Private Medical Trust from Aviva, your clients will also have access to a wealth of healthcare experience and medical expertise - potentially helping improve employee health, and helping people to return to work more quickly when they’ve been off. All of which can raise productivity across the business.
We can also help to raise awareness of Aviva’s relationship with your client, promoting services such as:
- MyAviva - beneficiaries can see full details of their scheme, start and update their claims online and enjoy discounts on a selected range of Aviva products - these could help to enhance your client's profile and perception among employees
Our award-winning group PMI product that lets your clients flexibly choose benefits suited to their business needs.
An optional add-on to our Optimum product, designed to deliver a high standard of medical care for your clients’ employees on an open referral basis.
Mental Health Pathway
Optional mental health management add-ons for 250+ employees that involve tailoring the support employees receive for their mental health, with a focus on personalised clinical care.
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