Cash plans have stood up well to the pandemic, with the number of workers covered through corporate arrangements, combining both corporate-paid and voluntary-paid through corporate schemes up by 3.7 per cent through 2020, based on data from providers who have supplied consecutive years’ figures. However there has been significant market movement.
Westfield Health saw an 8.8 per cent year on year fall, and not a 24.8 per cent fall as previously stated. We apologise to Westfield Health for this data error.
Cash plans have traditionally supported lower income workers, many of whom work in sectors such as hospitality and retail which have been devastated by Covid-19 lockdowns. Some providers have seen their corporate cash plan book hit considerably more than others.
Health Shield remains the biggest provider in the sector in terms of number of employees covered by corporate- paid plans, with a market share of 2 per cent. Its book shrank by 1.3 per cent, when voluntary-paid members through corporate schemes are factored in. Three providers have grown their book by a double-digit percentage – Bupa increased its employees covered by over 18 per cent in 2020, albeit from a lower base level than most other providers in the sector, while Simplyhealth grew by 17.7 per cent and Medicash grew by 12.5 per cent.
Revised figures reflect employees covered by corporate cash plan providers, including voluntary-paid plans.
EMPLOYEES COVERED BY CORPORATE CASH PLANS 2020
| Employees covered 31.12.20 (incl vol paid) | Employees covered 31.12.19 (incl vol paid) | % change (incl vol paid figures) | |
| Health Shield | 333,782 | 338,433 | -1.3% |
| Simplyhealth | 300,091* | 255,000 | +17.7 |
| Westfield Health | 293,500 | 321,924 | -8.8% |
| BHSF | 280,000 | 280,000 | 0 |
| Medicash | 264,300 | 235,000 | +12.5% |
| Bupa | 89,000 | 75,000 | +18.6% |
| WPA | 50,000 | Not supplied | – |
| Total | 1,560,673 | 1,505,357 | +3.7%** |
*Plus 1,703 dental
**% change of providers supplying consecutive data
