With private medical insurance a stretch for many firms, Lee Andre makes the case for introducing cash plans into the workplace.
COST BENEFITS
Because cash plans are so cost effective, they are ideal for employers to offer the general employee base as benefits.
They are a good option for companies, which may for example, wish to offer directors PMI, and would like to offer healthcare cover to the rest of the workforce.
Employer-paid subscriptions continue to show this trend, growing strongly by 11.2% to reach 0.45 million policies in 2010-11, confirming that employers regard them as an increasingly important part of remuneration packages.
Health cash plans are attractive to employers due to their sheer flexibility. Employers can it themselves, share the cost with employees or offer them to staff on a voluntary basis.
In addition, health cash plans as an employee benefit can be a distinct advantage to both employers and employees.
The latter have the security of knowing unforeseen costs are taken care of, encouraging them to schedule regular health checks at a time to suit them and their work schedule, making any absence planned and accountable.
Regular checks also have the benefit of picking up and monitoring minor health conditions, and with the financial cover, employees can seek treatment at an earlier stage before the condition causes long-term absence.
This makes the plans extremely attractive to employers at companies of any size.
Another quality of health cash plans is that, as the range of different options available differ so dramatically, they can be tailored to meet the requirements of any company or individual who may wish to employ them.
Many products offer additional bonuses which may be of particular interest to specific companies and individuals.
For example, HSF health plan provides within the scheme an employee assistance programme, which includes a GP advice line, giving contributors and their families access to a team of GPs who can offer diagnosis and advice, along with a stress and a legal helpline.
These sorts of benefits may not be well known among those who may be looking to buy cash plans and can make all the difference.
Cash plans are a great alternative or complement to PMI.
The plans provide a middle ground between PMI and public health services, and employers who believe that healthcare cover for employees underpins the financial health of the company are increasingly turning to them.
Lee Andre is marketing manager at HSF health plan
