Did you know that we offer a Private Medical Insurance (PMI) Scheme with BUPA?
This scheme provides access to private healthcare, allowing for faster medical treatment than you may receive on the NHS. The scheme covers a wide variety of consultations and treatments, from hospital visits to some complementary therapies.
The current costs of the scheme are detailed below.
2023/24 Annual cost
Under 65
- Single - £874.81
- Couple - £1,749.62
- Family - £2,186.96
- Single Parent - £1,312.15
Over 65
- Single - £2,099.46
PMI via Salary Sacrifice
We are making some changes to how these deductions are processed. Moving forwards, they will be processed via salary sacrifice, which means that the cost of the PMI will be deducted from gross pay, reducing the amount of National Insurance (NI) you pay. Most colleagues will be on NI category A, and the rates for this category are below (you can see your NI category on your payslip)-
- Monthly gross pay from £0-£1048 = 0%
- Monthly gross pay from £1049 = £3141 = £12%
- Monthly gross pay over £4189 = 2%
If you are on NI Category C, there will be no benefit to deducting the PMI amount via salary sacrifice, as the deduction will not be NIable, so will be deducted from Net pay.
Please note that if the deduction reduces your salary below National Minimum Wage, the deduction will be taken from net pay. In addition, salary sacrifice can affect a colleague’s entitlement to earnings related benefits such as Maternity Allowance and Additional State Pension. If you have any questions in relation to either of these, please contact Payroll
As this is a benefit, this amount is recorded on a P11d, so you will still be taxed on this amount. There is no benefit to the employer as the P11d amount is Class 1A NIable, so the employer will continue to pay 13.8% on the amount.
If you are interested in joining the scheme, then please contact HR Service Desk who can advise further.