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NAOMI SMITH and MIKE WARBURTON take a detailed look at the taxation of private medical insurance benefits provided to former employees
KEY POINTS
- Employer-financed retirement benefit schemes.
- Calculating benefit under a group scheme.
- Reporting requirements for retired employees.
- Termination payment rules.
Having medical insurance is still viewed as one of the most useful benefits an employee can receive and has the attraction of being relatively simple to administer for current employees.
What however if an employer continues to provide private medical insurance to former employees?
The picture begins to look far more complicated and as is shown below the problems may begin to outweigh the benefits.
Benefiting former employees
A number of large employers offer private medical insurance for life. This used to be especially popular for senior executives but some larger organisations now provide such lifetime cover for...
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