Health Shield has announced that it will absorb the impact of the increase in the insurance premium tax (IPT) for members until the end of 2016.
The announcement of the increase in IPT by 3.5% to 9.5% was made in the summer budget.
Jonathan Burton, CEO of Health Shield, said: "Following the recent 3.5% increase in IPT announced in the Summer budget, Health Shield is pleased to announce that we will absorb the impact of the IPT increase for all members until the end of 2016.
"This means that our premiums will not be impacted by the IPT increase for at least the next 17 months.
"We are aware that insurance can sometimes be the first thing to be sacrificed when budgets are tight and so we believe this is the right thing to do for our members.
"While we cannot comment on any future changes the Government may make in regards to IPT, our members and brokers can be confident knowing that we will continue to do all we can to treat our members fairly."
Further Reading:
Jelf urges employers to ‘act now' following IPT increase
IPT increase is a ‘retrograde measure' to health and wellbeing - AXA PPP
