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What is a Health Cash Plan?

Even before COVID-19, looking after your employees was proving to be a key part of business success. In fact, Employee Benefits reported that 29% of UK employees said they are not motivated at work. This undoubtedly causes a knock on effect to productivity and quality of work. But what can employers do to support the health and wellbeing of employees? 

Introducing Health Cash Plans. 

What is a health cash plan?

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Put simply, Health Cash Plans are a money back scheme that allows your employees to claim money back on everyday healthcare costs such as dental, optical and physio. Whilst this is what they’re mainly recognised for, Health Cash Plans can vary depending on the provider, with some offering more than the traditional healthcare services. For example, some providers will offer additional wellbeing services such as a 24/7 GP service, physio support, counselling, not to mention deals and discounts on big brands. It’s also worth noting that most will have different levels of cover available so be sure to do your research before choosing the plan that’s right for your employees and your business. 

For those employers who feel they simply don’t have the time to set up a Health Cash Plan for their business, a good provider will offer ongoing support from the start. Meaning that in reality, there’s very little needed from the employer. 

Health Cash Plans differ, from what’s included, to the cost and payment method - there’s a lot to consider for example, whether they’re employer or employee paid. Health Shield has a Corporate Cash Plan available that is designed for employers who want to support their employees but don’t have the budget to do so. 

Especially with the effects of COVID-19, now more than ever, businesses want to look after their employees but unfortunately have taken a financial hit. The Corporate Health Cash Plan gives employers the opportunity to support their workforce without costing them a penny. As the plan is voluntary paid, employees are simply given the choice to sign up (payments are via payroll deduction).

What’s the difference between a Health Cash Plan and Private Medical Insurance?

A Health Cash Plan is an insurance policy that’s been designed to provide your employees with assistance with day-to-day spending on a variety of everyday healthcare bills. Your employees pay a monthly or weekly premium, pay for their treatment and then claim back the costs, up to their chosen annual benefit allowance.

Private Medical Insurance (PMI) on the other hand provides cover for diagnosing and treating a large range of illnesses privately. Though PMI schemes could be considered a more comprehensive insurance package, it is much more costly. A Health Cash Plan is therefore more preventative and is used on a day-to-day basis to help employees keep well, whereas PMI is reactive, used when an issue arises.

What do Health Shield’s Health Cash Plans include?

Health Shield has four cash plans available, targeted to different company needs and budget sizes. Whilst each plan differs from the next, you can claim up to 100% money back on everyday healthcare costs. Here are some examples of what could be included:

  • Dental
  • Optical
  • Chiropody
  • Prescriptions
  • Health and Wellbeing
  • Health Screening
  • Combined Physiotherapy
  • Hospital Benefits
  • Maternity / Adoption benefits
  • Plus much more!

Health Shield also provides an additional benefits package called MyWellness, that anyone who has a Health Cash Plan can access. This includes access to GP Anytime, 24/7 Counselling & Support Helpline and On-Demand Physio. There's also access to PERKS, a rewards portal with hundreds of deals and discounts from the brands your employees know and love. Not only does this give more to your employees but it ensures there’s support available to suit the needs of the whole workforce. To find out more you can speak to a member of the team here.

 

Think that a Voluntary Health Cash Plan could be the solution your business needs and want to know more? Download our FAQS: An Employer’s Guide to Voluntary Health Cash Plans.

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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.