Health Insurance - BUPA

[Lewis]

p.s. Another reason I wanted it personally was so that if/when I change employer/ltd company i don't have to change membership and hence start introducing "pre-exsiting conditions". Have heard so many horror stories of people changing jobs and then losing all cover for previous conditions when they are forced to change plans.

[Lewis]

I can find a "ball park figure" and PM you.

No worries. I was under the impression that it was most cost effective doing it personally. I read a few historical threads on here before joining BUPA. Am not planning on changing the way I do it so it was just out of curiosity. But don't spend any time digging up figures.

[Bengal]

What do you pay as a Benefit in Kind each year?

M8, you can work that out quite easily. Whatever the annual cost of the insurance is, that is the benefit-in-kind value. Multiply that figure by your marginal tax rate (ie 22% if you are a basic rate taxpayer or 40% if highr rate) and that's the tax you will pay. The company will pay an amount of 12.8% of the cost of the insurance in Class 1A NIC.

The company can then claim a deduction, for corporation tax purposes, for the cost of the insurance and the Class 1A NIC it pays.

[Mustang]

What do you pay as a Benefit in Kind each year?

I can find a "ball park figure" and PM you.

[Lewis]

I think its more efficient to pay through the company rather than to draw an increased salary every month to cover the cost. It's only about £100/month anyway.

HTH

What do you pay as a Benefit in Kind each year?

[Mustang]

Has anybody emse gone down this route, and do Bupa treat you differently if you are covered via a Company policy rather than a Individual Policy?

Thanks

MyCo pays for PHI for both me and the Co Secretary. The Co Secretary does do some book work for me too!! :-) BUPA are one of the few companies that run a co sheme with only 2 employees.

Not treated any differently - the service provider don't care as long as you have insurance. I have claimed a few times for both me and my son.

IMHO I think its more efficient to pay through the company rather than to draw an increased salary every month to cover the cost. It's only about £100/month anyway.

HTH

[Lewis]

I pay for BUPA but not from company. Freelancers can get 25% discount - contact them via shout99 or pcg both have negotiated discounts.

[Bluebird]

If I pay for this through MyLtd, then I get hit as a BIK - but does this still make it cost effective to do so this way?

On the upside I avoid paying either pull paye or CT before my payment to BUPA, on the downside I pay addtional NI on the amount, but whichever way I look at it it still makes me about 10% better off of the premium value.

Is / are my assumptions correct or it is pennies different and not worth the hassle.

Has anybody emse gone down this route, and do Bupa treat you differently if you are covered via a Company policy rather than a Individual Policy?

Thanks