Multiplex Healthtrust
Multiplex Healthtrust Management Services is part of Perspective Financial Group, one of the largest advisory groups in the UK and was founded by chief executive Peter Murray in 1988 and is based in Knutsford, Cheshire.
Healthtrust is a bespoke corporate healthcare programme offering similar benefits to group private medical insurance (PMI) schemes. However, instead of premiums being paid to an insurance company, the client forms a trust. Money is paid into the trust’s bank account to meet qualifying private medical fees incurred by the scheme’s members. In this way, health trusts avoid insurance premium tax (IPT) as there are no premiums being paid (unless the trust also has stop loss insurance, when only premiums for that would be subject to IPT).
Multiplex has now added a range of new services to its existing scheme:
• On-site health screening. Four options are available, from limited to comprehensive screens, conducted on the employer’s premises.
• Call a Doctor Service. A GP helpline that gives worldwide access to an English-speaking GP.
• Dentistry plans. A range of options are available.
• Accident & Emergency cover.
• Options to cover the use of private ambulances.
Multiplex says that as well as saving tax, its schemes have lower administration costs, the opportunity to create bespoke schemes, total flexibility and cheaper care costs. It says that while up to a third of PMI costs are absorbed by admin costs, for Healthtrust the figure is around 10%.
Employers can create a Healthtrust ‘shell’ to which they add benefits to create the scheme they want. So, they could start with basic benefits and then add more as the scheme proves itself and as part of a package of rolling out better employee benefits over time.
Plus points: As long as they are properly set up and managed, health trusts are an effective and now long-established alternative to PMI (many PMI providers offer their own solutions, often through a subsidiary); As well as avoiding IPT, other benefits can include lower admin costs, greater benefit options (and ease of changing benefits) and lower costs through effective healthcare buying too; Can also appeal to employers who want to build up a scheme over time and may be an alternative for firms who have had recent or planned big PMI premium increases, perhaps due to a poor recent claims history; Multiplex is well-established in this field and its latest changes can be useful add-ons.
Not so plus points: The almost total flexibility of health trusts means that buying such a scheme can be a difficult choice; The key is to secure the right blend of expertise, costs and ability to meet service and other requirements consistently; We also thought that the literature lacks detail and there was no mention of possible stop loss insurance options.
Website: http://www.multiplex.org.uk.
Rating (max 10): Innovation: 6. Overall: 7. Silver.