Permanent employees with 12 months service are eligible to join the private medical insurance scheme.
CISI pays the premium for the employee, their partner, and children (subject to the scheme rules), and as this is classed as a taxable benefit the employee pays tax (at their normal tax rate) on the premium.
For employees who have arranged their own private medical insurance cover, and are unable to move schemes, for example due to pre-existing medical conditions, the Private medical insurance allowance can be offered.
The private medical insurance allowance is
- Based on the annual premium for the employee to join CISI’s private medical insurance scheme, after any shared responsibility discount is applied
- The premium is paid as a monthly amount via the payroll and subject to statutory deductions
- The employee can opt to join CISI’s scheme at any time
- If the employee cancels their private medical insurance cover, they need to inform CISI and the allowance will stop
- As the employee will pay tax on the allowance via the payroll, it will not appear on their annual P11d form
If you would like to apply for this allowance, please send the following information to HR:
| Name | |
| Who is covered by your scheme (we need this information as the allowance is based on the annual premium, with CISI’s current provider): | |
| Proof of your PMI cover for the current tax year | |
| Date of application | |