5 Reasons Why Your Business Will Benefit From A Company Funded Health Plan

A health cash plan is a policy that can help to cover the cost of everyday healthcare, like visits to the dentist, opticians or physiotherapy, by reimbursing your employees for some or all of the cost of routine and/or unforeseen healthcare costs and appointments. More than this, it is a gateway to empower employees to take preventative actions and make healthy lifestyle health choices.

Unlike a new funded health insurance policy that can exclude existing and chronic conditions, a health plan can provide cashback for everyday health appointments and treatment for both existing and new conditions.

We know that there are likely to be waiting lists following the end of the pandemic. We know that mental health issues have and will continue to increase because of the anxiety and isolation that has been caused by the pandemic. We also know that 80% of the conditions presented to the NHS are conditions that are preventable by leading a healthier lifestyle.

Cash Plans are available for a monthly premium and are an affordable, simple and accessible way of helping your employees to manage the cost of everyday healthcare. See (my service page here for more info on this)

Reducing absence, But what are the key factors to consider?

The two main causes or reasons for absence in the U.K  are muscular-skeletal and mental health-related illness. Treatments for both are available within a standard company-funded health plan.

Allowing quicker access to diagnosis and cashback on private treatments.

Consider the cost of absence in the last 12 months to your business. If you have this information then great, if not you can use the national average per employee which is £522.00 per person per year.

The average health cash plan would cost approximately 10% of this per year (dependent on employee size.) If you reduce health-related absence - you save money, and the health cash plan can pay for itself. Ultimately the business can profit from introducing a health plan. 

Flexibility and Family Cover

Most health cash plans will cover your employee’s children with the option for you to include their partner on the cover or for the employee to fund their partner by upgrading their plan.

 Engagement/ Technology

The range and scope of the digital advancements are powerful and include virtual appointments, skin cancer monitoring apps, AI that helps provide employees with CBT digitally, online claiming and a lot more. Most health cash plan providers will provide you with a calendar of electronic promotional materials and resources, communications surrounding health and wellbeing days/events/topics. Easily accessed and distributed to raise awareness and promote the company’s health cash plan.

Recruitment/ Retention

Health cash plans have become more popular within industries that are looking to attract employees but are not able to offer above the average salary. Social care and education have a big issue with retention and the cost associated with losing qualified and trained staff - the introduction of a health cash plan has helped organisations with this.

Duty of care

Eye tests for VDU users (who doesn’t use a VDU these days?) are covered by health cash plans. Employers are required to take all necessary precautions to ensure the physical and mental wellbeing of staff. An employer’s duty of care also extends to their mental health. The Health and Safety at Work Act 1992  requires you to assess mental health work-related issues to measure the levels of risk to staff. A good EAP is usually available within a health cash plan.

Conclusion

I hope that this has been useful and gives you an idea of the benefits a company-sponsored cash plan can have for your business and your employees.

There are several different providers that offer health cash plans available and as an independent broker, Pegasus Benefits can review the best policies for you.

Providing you with a comprehensive report that looks at all the factors important when choosing a new provider. Saving you time and giving you peace of mind that the benefit you choose is going to best support your business.

If you would like to book a discovery call to discuss your options, please feel free to book a call by clicking here.