Hi,
My company provides health care cover as part of my benefits package. (For myself/family). According to my p11d, the cost of this (and therefore the amount liable for tax), is about 3000 pounds/year.
Looking at an equivalent policy available privately for the same company, it seems I could buy this cover for about 2000 pounds/year.
I realise that at the most (40%), I could actually pay 1200 pounds/year for the company provided cover , saving 800 pounds in the process.
What I dont understand is:
- Should my company really have negociated a better deal?
- Is it standard for the big medical companies (BUPA, PPP, Standard Life) to make company group policies more expensive, knowing that the employees will choose the company option as it is cheaper overall?
Sorry if it is a dumb question - had a bit of a search and couldnt find any good answers.
thanks j