Nov
2
Organisations wishing to provide health cover for a group of 50 people or more may find that a scheme operated under a Trust is the most efficient and cost effective means of funding a scheme.
What is a trust?
A Trust is an arrangement by which, through a deed and the appointment of Trustees, a legal entity is created entirely separate from the company or organisation. Money to provide healthcare security for the use of the company, association or affinity group is lodged in the Trust Fund. The Trustees are appointed to manage the fund on behalf of the individual or the group and are bound by the Deed of Trust and governed by UK Trust Laws.
Self Funded Trusts
A Healthcare Trust Fund will enable you to take advantage of the UK Trust Laws to manage your healthcare provision and to control increasing premium costs levied by insurance companies, instead of paying insurance premiums, your money is lodged securely in a trust fund account earning interest for the Healthcare Trust Fund. Self funded trusts can offer an organisation a number of cashflow benefits and avoid insurance premuim taxation. As a result, self funded trusts are growing in popularity by over 10% a year.
If you are a UK based organisation with 50 or more employees, it is certainly worth investigating whether or not a self funded healthcare trust could work for you. Most Private Medical Insurance companies have access to trusts, hence there may be no need to change your supplier, simply the product they provide. Ask your Health Insurance provider about self funded health care trusts.
More about Self Funded Trusts - visit http://www.premierchoicehealthcareltd.co.uk/trusts.php
Article Source: How can a Self Funded Trust enhance your Corporate Health Insurance scheme?