Health Insurance is classed as a Benefit in Kind which means that you will pay tax on this benefit should you choose to sign up, and this will be deducted from your monthly salary in the same way as your income tax and national insurance.
The amount of tax you pay is dependent on two things:
For example; If Automata pays £30 per month for your plan and you are on a 20% salary tax bracket, £5 per month will be deducted from your salary in taxes.
👨👩👧👦 You have the option to add any family members/dependents to your plan.
This cost however will not be covered by the company and instead deducted from your monthly salary. Dependents must live at the same address as the policyholder. There is a set formula for how premiums for family members are calculated.
Example calculation: Employee 1 costs £30 per month Partner of Employee 1 will also be £30 per month (matching the main policy holder) Child 1 insured (under the age of 21) for Employee 1 as a dependant, will be 50% of the parent Employee 1 premium Additional children insured under the age of 21 for Employee 1 will be free