The corporate cash plan market continued its growth trajectory last year, increasing by 9 per cent, according to Corporate Adviser’s latest Cash and Dental Plans report.
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In total more than two million employees are now covered by these company-paid schemes, with 2.3m able to access cash plan benefits when voluntary benefits are also included.
The report sources data from across the industry. It found Medicash was the largest provider of company-paid cash plans in terms of employees covered. Meanwhile, Westfield Health has the largest number of employers on its books and Simplyhealth has the largest slice of the voluntary market.
The report found that across the corporate cash plan market dental is the most claimed benefit, accounting for 30 per cent or more of each provider’s claims. With the two other top three claimed benefits – therapies and optical – these make up more than three quarters of all claims at most providers.
Additional wellbeing services continued to prove popular, particularly virtual GPs, with Simplyhealth reporting a 29 per cent increase in consultations in 2024. Thre has been a growth in the number of wellbeing services offered in recent years, with skin cancer detection apps now commonplace. All providers included in the report now offer this, with the exception of Benenden Health.
Claims ratios continue to vary significantly between providers — ranging from 0.77 at Benenden Health to 2.42 at BHSF. This may be indicative of their customer books, especially at BHSF, which has more employees on voluntary schemes
Looking ahead the report found that digital and product innovation are the key focuses for cash plan providers for the next 12 months. As well as looking to add more digital functionality, several providers are planning a product review.
