The ultimate employee benefit is the Health Cash Plan

For organisations to retain and attract top talent in today’s competitive hiring market, offering desirable employee benefits is a must. It also helps with creating a positive culture where happy employees can thrive. 

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One valuable employee benefit to offer is a health cash plan. According to B2B energy and insurance provider, Bionic^[1], 27.6% of employees cited private healthcare plans as a top incentive. Health cash plans offer a similar benefit to private medical insurance. They cover routine health treatments without the need to carry out background medical checks on employees to calculate premiums. 

In this blog, we’ll explore what health cash plans are and why they might just be the ultimate cost-effective employee benefit.

What are Health Cash Plans?

Health cash plans offer coverage for everyday healthcare expenses. Employees get an allowance for these costs, which they can use to claim money back online. They give employees peace of mind knowing that their everyday healthcare costs are covered, without having to worry about unexpected, out-of-pocket expenses. While solutions like dental plans support with dental costs alone, Health Shield’s health cash plans offer coverage for eye tests, virtual GP appointments, physiotherapy and much more, as well as treatments and check-ups. 

Considering the current cost of living crisis, health cash plans have never been a more in-demand employee benefit. On average, Health Shield customers are £568 better off using their health cash plan through a combination of and money back on treatments and savings through PERKS*. A health cash plan ensures that the costs associated with healthcare aren’t a deterrent for employees seeking medical treatment. 

Are Health Cash Plans the ultimate employee benefit? 

Health cash plans are such a valuable benefit because they hold mutual appeal for both employers and employees. They help with…

Creating a positive, productive workplace culture

A positive workplace culture benefits everyone; employees feel happier, more engaged and more motivated, while employers see improved work performance. If employees are preoccupied with concerns about their health and finances, they may not be performing at their best. 

Health cash plans provide employees with the support needed to lead happy lives both inside and outside of work, shaping your overall workplace culture in a positive way. 

Attracting top talent

In today's competitive hiring market, attracting top talent is crucial for every company. To be able to compete with leading companies for highly qualified candidates, offering attractive benefits is key. A strong benefits package is a powerful recruitment tool.

A health cash plan really helps to set your organisation apart during the recruitment process. Demonstrating your commitment to supporting your people will entice talented candidates who can help take your company to new heights.

Lowering staff turnover and absenteeism

High staff turnover and absenteeism can quickly cause big problems for companies. If your organisation is not matching the employee benefits offered by your competitors, your high-performing employees could be coaxed away with better offers. 

Constantly recruiting and training new employees is costly, and takes time and resources away from other business-critical areas. Not to mention if employees leave the organisation and you’re unable to recruit new staff right away, it can leave your team feeling overstretched when covering the workload. This can pose a big issue for the wellbeing of these employees, who may start feeling burnt out and needing time off work. 

Making employee benefits a priority will show your staff they’re valued, allowing you to boost morale and retain your employees. 

Providing a cost-effective solution

Pay rises, company cars and team retreats are attractive work perks for many, but health cash plans can be a more cost-effective solution for employers. At Health Shield, we offer a range of flexible health cash plans, including employee-paid or employer-paid options. 

When it comes to staff wellbeing support, sometimes there’s no replacement for talking to a real person. While solutions like Perkbox give online access to digital wellbeing resources, our health cash plans offer counselling and remote GP appointments so staff can talk directly to a professional. Staff also get dental, optical, and physiotherapy coverage, to support them in living healthy lives every day. Our employee-paid plans don’t cost employers a penny. 

Ready to implement your own health cash plan? Get in touch with Health Shield today and let’s create a healthy, happy workforce, together.

*Health Shield Insights based on ONS household spend, claims rates and common NHS or treatment costs. PERKS benefits available as at July 2023

^[1] Bionic Research, July 2022