Especially with everything that’s going on in the world, employees need health and wellbeing support. They’ve had a lot to adapt to, with many people working from home or being placed on furlough. The financial pressures of COVID-19 are likely to have impacted your employees as well as your business so finding a solution that caters for both is vital. This is where voluntary Health Cash Plans come in.
Voluntary Health Cash Plans are a great solution for businesses who want to support their staff but simply can’t afford it. The employer offers the plan to their employees, if the employee chooses to sign up, they will fund their plan via payroll deduction. That’s right – the plan doesn’t cost your business a penny!
With so many options available, we wanted to list the key ingredients of a good voluntary Health Cash Plan:
- Differing levels of cover
All employees are different and have varying circumstances. What one employee can afford is most likely going to be different to what another can afford. For that reason, a good voluntary Health Cash Plan will have a number of levels of cover, to suit the needs of all your employees. Providers have different benefits and services that in turn have different premiums, so shop around first.
- A wide range of benefits
The phrase ‘one size fits all’ is simply not relevant when it comes to voluntary Health Cash Plans, which is why a good one will provide a good mix of physical health and mental wellbeing benefits and services to meet the needs of all types of employees. Whilst most voluntary Health Cash Plans will include money back on every day healthcare costs, a great plan will provide more.
For example, Health Shield gives all Health Cash Plan members access to wellbeing services, known as MyWellness, with services including:
- My 24/7 Counselling
- My GP Anytime
- My On-Demand Physio
- My PERKS
- My Cancer Screening
Want to find out more about Health Shield’s Corporate Health Cash Plan? Get in touch.
- Option to add a partner and dependent children
A good voluntary Health Cash Plan will also give you the option to add partners or dependants. For example, the Corporate Health Cash Plan offers employees the choice to add a partner at an additional cost, and children up to the age of 21 who are in full-time education at no extra cost.
- Support from beginning to end
If you’re concerned about having the time to implement this, you don’t need to worry. A good provider will offer ongoing support from the get-go for both you and your employees. Some Health Cash Plan providers will have dedicated staff to help every step of the way.
Health Shield appoints an Employee Wellbeing Consultant (EWC) who will work with the employer at the beginning, arranging dates to speak to employees and talk to them about signing up for their Corporate Health Cash Plan. The EWC then gives out their contact information so employees can get in touch with them directly to ask any questions. This means the employer can get on with their day-to-day business knowing everything is in hand.
- Provides a marketing plan to support employers
In addition to the support mentioned above, a good Voluntary Health Cash Plan will come with a marketing plan to help encourage employees to join the scheme. Using Health Shield as an example, their EWCs will provide this for the employer to sign off before launch. It’s a collaborative approach that other providers may not offer.
Still unsure about whether a Voluntary Health Cash Plan is the right solution for your business or not? Download our FAQs: An Employer’s Guide to Voluntary Health Cash Plans.
This is a financial promotion.
Health Shield Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.