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How a voluntary Health Cash Plan could benefit your whole business

After the year we’ve had, businesses across the globe are looking for ways to pick up where they left off. For many employers, their businesses have gone from being well connected, sociable and routine-based to working in silo with little communication between teams. It’s been tough for everyone. However, as we’ve entered a new year, businesses are shifting gear into recovery mode. 

Unfortunately, the impact of COVID-19 on businesses has meant budgets have been cut and whilst employers understand the importance of employee wellbeing, they feel they can’t fit health and wellbeing strategies into their budgets.

How a voluntary health cash plan could benefit your whole business

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How can a voluntary Health Cash Plan help?

A voluntary Health Cash Plan simply gives employees the option to join. The plan is funded by the employee via payroll deduction, meaning the plan doesn’t cost the business a penny. So, if you’re struggling to find a way to support your employees with a limited budget, a voluntary Health Cash Plan could be the ideal solution.

With so many benefits to the employee, including money back on everyday healthcare costs and a whole host of additional wellbeing benefits, it becomes a benefit that employees want to be a part of. Research shows that 32% of UK employees value health cash plans within their benefits package. The fact that employees will be paying for the cash plan themselves will encourage them to really make use of the benefits available to them. What’s more, a reputable provider will typically give the option to add family members to the scheme (most likely at an additional cost), providing healthcare benefits to employees’ loved ones. In fact, on some Health Shield plans, if members have children, they’re covered up to the age of 21 whilst in full-time education and living at home – at no extra cost.

Some providers such as Health Shield, also give all Health Cash Plan members access to their wellbeing benefits package. Meaning employees will receive great health benefits from their Corporate Health Cash Plan as well as impressive wellbeing services, ensuring all types of employees and budgets are catered for.

Although, it’s not just employees who’ll benefit. And whilst the key attraction to the business is that the plan doesn’t cost them a penny, the long-term benefits you’ll see is an added bonus. 

Firstly, you’re likely to see a decrease in absenteeism.

Of course, healthier employees are less likely to take time off, but the benefits to providing money back on healthcare costs are another driver and act as a great preventative method. In fact, it’s been shown that workplace wellness programmes reduce absenteeism for a number of reasons, including lowering stress among workers and promoting positive, long-term health behaviours. 

Equally, for employees who have a limited budget, everyday healthcare costs could cause additional stress and could lead to mental health challenges such as depression and anxiety. Research shows that 12.7% of sickness days in the UK can be attributed to mental health conditions. With a Health Cash Plan, employees can have some of that stress taken away with many healthcare costs taken care of.

Secondly, it’s a known fact that a healthier workforce is more productive.

That’s right, it’s been proven that having happy, healthy staff contributes to overall business success. Employees who lead a healthier lifestyle, eat well and get the recommended amount of sleep (6-9 hours a night) are much more engaged in their role and are motivated to do well, leading to an increase in productivity.

 

Ready to take the next step and find out more about a Voluntary Health Cash Plan? Our FAQs: An Employer’s Guide to Voluntary Health Cash Plans answers the most common questions to help you find the right solution for your business.

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Health Shield Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.