My Health Xtras

What My Health Xtras does

My Health Xtras Limited is a UK-based, FCA-authorised (FRN 833700) employee benefits company founded in 2011 and headquartered in Shrewsbury. Operating as a Lloyd's Coverholder with policies underwritten through the Lloyd's of London Insurance Market, the company distributes a portfolio of group health insurance products — a Health & Wellness Cash Plan (eight benefit areas including dental, optical, outpatient therapies, hospital cash, and parental/maternity benefits, priced from £4.97 per employee per month), an NHS Xtra Hospital Cash Plan (from £1.21 per week, no underwriting, pre-existing conditions covered), and Cancer Insurance (lump-sum payouts of £12,500–£50,000, from £2.48 per month). Products can be deployed as company-paid group schemes with 24-hour implementation or as voluntary employee-funded schemes collected via payroll deduction, addressing UK employers ranging from SMEs (minimum 5 employees) up to "some of the UK's largest employers."

The technology stack centres on a 24/7 online claims portal hosted within the My Staff Shop sister-company platform, supported by a human Customer Services operation that processes claims within two working days and pays approved claims within five working days, with a 99.4% acceptance rate reported for 2023. Underwriting is intentionally light: most schemes require no medical questionnaire and cover pre-existing conditions, with monthly billing recalculated against the current member list to avoid annual reconciliation. The company is part of a group of sister entities (My Staff Shop, My Money Xtras, Gee 7 Wealth Management) that together deliver benefits administration, lifestyle discounts, salary sacrifice, and Reward & Recognition programmes.

The business model is recurring subscription insurance premiums collected either directly from employers (company-paid schemes) or via payroll deduction (voluntary schemes), with no annual reconciliation and pricing set by headcount bands. Distribution is B2B direct sales through dedicated account managers, supported by content marketing (Insights Hub blog, LinkedIn) and published case studies, with a 2024 partnership with Perci Health adding virtual cancer care to the Cancer Insurance proposition. In late 2022 the company transitioned to an Employee Ownership Trust, becoming the only major UK employee benefits company owned by its employees, and operates exclusively in the United Kingdom.

Name

My Health Xtras

Legal name

My Health Xtras Limited

Website

https://myhealthxtras.co.uk

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

My Health Xtras is a UK-focused, FCA-authorised Lloyd's Coverholder (FRN 833700) that distributes group Health & Wellness Cash Plans, Hospital Cash Plans, and Cancer Insurance to employers and their employees via the My Staff Shop platform.

Ownership category

akta.pro rank

Product category

Employee Health Insurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321)

akta.pro primary industry

Ancillary Employer Benefits (Life/Disability/Accident/Critical Illness) (HLAEAAAK)

akta.pro secondary industries

Group/Employer-Sponsored Critical Illness & Hospital Indemnity (FSAIAKAD), Voluntary/Worksite Critical Illness & Hospital Indemnity (Employee-Paid) (FSAIAKAF)

Keywords

• Health cash plans
• Employee health benefits
• Group health insurance
• Cancer insurance coverage
• Hospital cash plans

Headquarters

HQ city

Shrewsbury

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Company Paid Health Insurance Premiums: Monthly premiums paid by employers for employee health insurance coverage. Pricing based on headcount bands with up to 10% leeway allowed on lower end of band once policy is live.
2. Voluntary/Individual Health Insurance Premiums: Monthly premiums paid by employees themselves for individual cover through employer-sponsored voluntary schemes. Employees benefit from group terms more favourable than individual cover.
3. Payroll Deduction Collection: Premiums can be collected through payroll deduction providing seamless experience for participating employees and guaranteed collection for the company.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

My Health Xtras sells group and voluntary workplace health insurance products to UK employers, including a Health and Wellness Cash Plan covering dental, optical, therapies, hospital stays, prescriptions, and parental benefits, a Hospital Cash Plan (NHS Xtra), and Cancer Insurance with lump-sum payouts. Policies are underwritten through Lloyd's of London, with no medical questionnaires required, and claims administered through an online portal with two-day processing.

Product overview

My Health Xtras is an employee benefits company offering a portfolio of health insurance products focused on workplace wellness. The core product suite consists of three main insurance products: the Health and Wellness Cash Plan (covering 8 areas including dental, optical, therapies, and hospital stays), the NHS Xtra Hospital Cash Plan (for inpatient and outpatient benefits), and Cancer Insurance (with lump sum payouts upon diagnosis). These products are offered through two delivery models: Company Paid Group Schemes (employer-funded) and Voluntary Health Insurance (employee-funded at group rates). The products are provided alongside the My Staff Shop employee benefits platform (operated by a sister company) which adds lifestyle discounts, salary sacrifice, and reward programmes. As a Lloyd's Coverholder and FCA-authorised company (FRN 833700), the policies are underwritten through Lloyd's of London Insurance Market.

Differentiator

Problem solved

Functional benefit

Brands

• NHS Xtra: Hospital Cash Plan product providing cash benefits for hospital inpatient stays and outpatient appointments.

Products and services

• Health and Wellness Cash Plan Affordable health cash plan providing refunds and cash payments for everyday medical expenses including dental, optical, therapies, hospital stays, prescriptions, and parental/new child benefits. Covers 8 standard areas with flexible cover levels starting from £4.97 per employee per month on company paid policies. No medical questionnaire required.
• NHS Xtra Hospital Cash Plan Hospital cash plan providing cash benefits for inpatient hospital stays and outpatient appointments, plus accidental death cover. No health questionnaires required and pre-existing conditions are covered, with premiums starting from £1.21 per week.
• Cancer Insurance Cancer insurance providing cash lump sum payments (20% on first diagnosis, remaining 80% if terminal) with three coverage levels of £12,500, £25,000, and £50,000. Premiums start at £0.57 per week on company paid basis. Children under age 22 can be included free of charge. Perci Health partnership provides multidisciplinary cancer support team access at no additional cost.
• Company Paid Group Health Insurance Group health insurance schemes where employers pay monthly premiums as part of employee remuneration. Offers Health and Wellness or Cancer Insurance with no or limited underwriting terms, allowing access without detailed health questionnaires. Schemes can be implemented within 24 hours.
• Voluntary Health Insurance Opt-in individual health insurance benefits where employees fund their own cover at group rates more favourable than individual purchase. Employers sponsor sales through workplace promotion with no or minimal underwriting, and premiums are collected via payroll deduction.
• Employee Benefit Platforms (My Staff Shop) An employee benefits platform provided through sister company My Staff Shop, offering lifestyle and discount benefits, salary sacrifice schemes, and Reward and Recognition programmes alongside the insured health benefits, with a 24/7 online claims portal.

Quantifiable outcome

• 99.4% claims acceptance rate in 2023
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Perci HealthcoreStrategic or Co-development Partner · 1 May 2024Partnership enhances Cancer Insurance solution by providing policyholders with rapid access to UK broadest multidisciplinary cancer team. Includes dedicated cancer nurse, personalised care plan, access to psychologists, physiotherapists, dietitians, cancer coaches, and video-based learning programmes. Available to all Cancer Insurance policyholders at no additional cost upon making a successful claim.
• My Staff ShopcoreTechnology or IntegrationSister company providing employee benefits platform. Hosts My Health Xtras services, provides claims portal, lifestyle discounts, salary sacrifice schemes, and Reward & Recognition programmes. Provides communication support to maximise benefit visibility in employee communities.
• My Money XtrascoreChannel Partner/ Reseller/ DistributorSister company and appointed representative of My Health Xtras Limited. Arranges insurance products and assists with promoting voluntary benefits packages to employees.
• Gee 7 Wealth ManagementminorOthersSister company part of the group that transitioned to Employee Ownership Trust alongside My Health Xtras and My Staff Shop in late 2022.
• Lloyd's of LondoncoreOthersPolicies insured through Lloyd's of London Insurance Market via company's Lloyd's Coverholder status. Underwriters rated highly with Fitch Ratings and Standards and Poor's, providing financial strength backing for policyholder claims.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Vitality Health: Major UK private medical insurer with employer-sponsored group schemes and wellbeing incentives. Larger incumbent that overlaps with My Health Xtras in the corporate health benefits space.
• Aviva UK Health: Large UK insurer providing group private medical and health-related cover as part of broader employee benefits offerings. Significant incumbent overlap on employer-sponsored distribution.
• Bupa UK: UK's largest private health insurer offering PMI, dental, and cash plans. While operating in the same employer-sponsored health benefits space, Bupa's scale and PMI focus make it an incumbent competitor rather than direct head-to-head.
• Mercer: Global employee benefits consultant and broker advising UK employers on health and group benefits strategy. Adjacent incumbent that shapes purchasing decisions and could disintermediate specialist cash plan providers.

Direct peers

• Health Shield Friendly Society: Friendly society providing health cash plans and employee wellbeing benefits to UK employers. Closely comparable on product mix, employer-sponsored distribution model, and target SME segment.
• BHSF: Provider of corporate health cash plans, employee assistance programmes, and wellbeing services in the UK. Direct competitor in the employer benefits segment with overlapping product portfolio.
• Westfield Health: UK non-profit provider of corporate health cash plans and wellbeing services. Competes head-on with My Health Xtras in the employer-sponsored cash plan segment with similar product structure and SME focus.
• Simplyhealth: One of the UK's largest health cash plan providers, offering dental, optical, therapy, and hospital cash plans to individuals and employers. Direct competitor to My Health Xtras across both company-paid and voluntary schemes.
• HSF Health Plan: UK health cash plan provider focused on employer-sponsored schemes covering dental, optical, and hospital benefits. Comparable pricing structure and B2B distribution model to My Health Xtras.

Regional players

• WPA (Western Provident Association): UK-focused mutual private health insurer offering PMI and ancillary health products to individuals and employers. Comparable UK-only operating scope but more weighted toward PMI than cash plans.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/my-health-xtras

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about My Health Xtras