The Healthcare Focus Group of the British Insurance Brokers’ Association (BIBA) is to set up a working group to tackle the position of personal tax around Private Medical Insurance (PMI).
According to the BIBA, the working group will review the issues related to tax concessions for the over 60s and how the removal of concessions have impacted sales of PMI.
The new group will be lead by Stuart Scullion, marketing director of Private Health Partnership, who has 30 years of industry experience.
BIBA head of technical services Peter Staddon said, the last government withdrew the over 60’s tax concession and there was a dramatic reduction in the sales of PMI cover.
With the increase in insurance premium tax (IPT) due in a little over 10 weeks this could again have an affect on the purchasing of cover. As a committee BIBA is keen to investigate if tax concessions are a possible solution to encourage future sales, Staddon said.
Scullion said, the group will be looking at both the individual and also the SME tax implications.
“The Insurance sector provides great support which relieves some of the pressures in the NHS. There has never been a better time to express to treasury the important benefits of health insurance protection to the customer that insurance brokers can bring,” Scullion said.