Your 21st Century Private Healthcare Solution

Transcription

1 Your 21st Century Private Healthcare Solution The self-funding in trust specialists!

2 In Good Company... Don t just take our word for it; here s what some of our clients have to say about working with New Vision Healthcare. New Vision Healthcare presented us with a rescue package with vastly reduced subscription costs compared to our previous healthcare provider. Their careful stewardship of our funds has presented us with a healthy, thriving scheme. As a staff association for an emergency service, we value these features greatly. Bob Pitt, Chairman, South Yorkshire Police Federation Controlling costs is crucially important to us, while continuing to offer the best possible level of cover for our staff. The trust based concept has certainly worked for us. Peter Casey, Managing Director, Casey Group Call us on or us at enquiries@newvisionhealthcare.co.uk We re looking forward to hearing from you.

3 Who we are New Vision Healthcare was created by a team of Harley Street specialists, together with experienced private healthcare benefits professionals to provide the medium and larger sized company with the most tax efficient, cost-effective and flexible solution to the problem of ever rising private medical insurance costs. We are also pleased to provide our services to smaller companies who have a genuine desire to self-fund their employee s private medical treatment in trust. We specialise in the management of employee healthcare schemes operating under discretionary trust. This allows a more flexible approach to benefit provision as well as providing bespoke benefit structures, claims management and administration that ultimately delivers significantly better value for your company s healthcare budget.

4 New Vision Healthcare Limited embraces a number of first class facilities and services: Health Negotiator Ltd - a medical services procurement facility set up to source the most suitable treatment at the most favourable terms, in both the UK and worldwide Multiplex Healthtrust Ltd - an independent healthcare scheme administrator offering state of the art, on-line administration facilities for self-funded healthcare trusts Call a Doctor Ltd - the world wide telephone GP consultation service provider Your Excellent Health Service Ltd - team headed by Dr Charlie Easmon at No 1 Harley Street, leading occupational healthcare advisor Our associated companies have many leading brand companies in the following industries: Oil, Gas, Mining Retail Engineering Banking & Finance Insurance Legal Media Telecommunications We have been administering selffunding private medical treatment in trust for companies, private and public sector organisations and affinity groups as well as professional sports clubs and colleges since 1985.

5 Self-funding in trust v Private medical insurance 170 Self-funding Medical insurance Contributions ( 000) st 2nd 3rd Years 4th 5th This graph clearly illustrates that the effective claims management and cost control of self-funding employee s private medical treatment will stabilise your company s private healthcare benefit costs in both the short and long term. In the USA, 90% of large companies choose to use self-funding private medical treatment in trust as the preferred funding option, and now you can see why.

6 What is self-funding in trust? Self-funding employees private medical treatment in trust is really straightforward. In fact, about 80% is the same as for private medical insurance. For example: Employees can be covered for existing and on-going medical conditions Your company can choose to transfer the existing benefits into trust The claims process is the same with bills settled direct with the medical provider The reporting of group joiners and leavers is the same The claims reporting and analysis is much better because your company can see the up to date picture as at the previous days close of business

7 Why is selffunding in trust better for your company? Although self-funding in trust is 80% the same as for private medical insurance, for the remaining 20%, please forget everything you know about private medical insurance. Self-funding in trust is as close as your company can be to having your own internal department looking after the private medical treatment needs of your employees. Apart from being tax efficient, selffunding employee s private medical treatment in trust can be tailor made straight away or over time to your own company s specification until it fits like a hand made glove. Self-funding in trust management charges are always lower than medical insurance charges and our charges include: The trust deed Service level agreement Providing bespoke membership handbooks Providing trustees Claims administration On-line trust administration On-line claims reporting and analysis Your human resources department can look forward to spending less time on dealing with the company s private healthcare benefits and your company can enjoy long term stability of private medical costs.

8 How do we reduce your company s private medical costs? Private hospitals around the country always have plenty of empty beds to fill and our experienced team can negotiate a fixed price that will deliver a substantial discount off private hospital charges. Your company s private healthcare requirements could be: To provide employees private medical benefits without paying insurance premium tax currently 6% To substantially reduce the cost of administration and management charges To benefit from the lowest cost of private medical treatment available within the employee s local area The ability to have a tailor made benefits schedule to suit your company s specific needs or retain the existing benefits - its your client s choice To enjoy a tailor made service that fully meets your client company s own high quality standards We also attract additional discounts for pre-admission payment of the hospital s bills. When high cost claims such as cancer occur then, subject to your company s instructions, we can case manage the treatment into NHS centres of excellence, saving your company s trust fund substantial costs. We can build effective cost containment measures into the benefit design, to your company s exact specification. The benefit design can also build in affordable preventative treatment to reduce the incidence of more expensive acute claims. All this adds up to a substantial saving for your client company of up to 25% - including re-admission to hospital for any complications.

9 Our aim is to achieve the lowest possible private hospital charges every time your company s employee needs private hospital treatment. The private medical insurance companies do none of the above! The advantages of self-funding in trust are: No insurance premium tax to pay Ability to design bespoke benefit package Cost of claims typically up to 25% lower than equivalent medical insurance cover Interest paid on surplus funds held in trust Client company branded literature Maximum claims liability limit available High quality product and service proposition for your client company s staff Nurse led claims management Web access for Group Administrators for up to the minute claims and policy information, 24-hours per day Employee access via web to policy and claims information, documentation and information

10 Your company s trust can buy insurance protection The good news is almost all companies that buy private medical treatment in trust operate a surplus of funds over a typical five-year period but there will always be a year when several catastrophe claims occur and claims exceed expectations. For companies running a surplus balance carried forward from previous years the impact of catastrophe claims can be absorbed. If there are insufficient or no surplus funds held in trust then an insurance stop loss policy can limit the trust s liability to a known maximum. Either way, the risk can be contained to the client company s satisfaction. Your company trust can: Hold the surplus funds in trust to reduce both the renewal costs and the employee s benefit in kind tax Use the surplus funds to buy additional benefits Retain the surplus funds in trust as a provision against a future higher than average claims experience The company can have a contribution holiday until the surplus funds have all been used to pay claims

11 On-line administration Your company will be able to add or remove employees by . The latest claims, medical management information and claims analysis will be available on-line. All information will be up to date from the previous working day. There will be secure access to claims and medical management information for authorized persons. Self-funding private medical treatment in trust is the only growth area in the private medical benefits industry as confirmed by independent experts Laing & Buisson. If you find your medical insurance company is failing to contain costs then discussing with New Vision Healthcare the advantages of using our services will be the first step to effective and long term cost management. If you would prefer your advisors to talk to us about why our 21st century approach to the tax efficient and cost effective methods we use then, please pass this brochure on.

12 To enjoy a tailor made service that fully meets your own company s high standards. Contact us now for a no obligation meeting! Booths Park No1, Booths Park, Chelford Road, Knutsford, Cheshire WA16 8GS t: +44 (0) f: +44(0) e: enquiries@newvisionhealthcare.co.uk