The myths that surround the provision of cash plans could mean you’re missing out on revenue opportunities. More and more corporate clients are seeing the benefits of offering cash plans to employees to keep them fit, healthy and at work. Simplyhealth is the biggest cash plan provider in the UK. We have more than a million cash plan customers and pay out around 15,000 claims a day.
Myth 1: Cash plans and private medical insurance don’t mix
This is the most common misconception, but when you think about the differences between cash plans and private medical insurance it’s clear to see they complement each other perfectly. By using a mix of both, your clients can ensure they cover more of their employees’ healthcare needs. Cash plans cover everyday healthcare costs, such as dental check-ups and trips to the physiotherapist, while private medical insurance covers acute surgical treatment.
Fact 1: Cash plans are a cost-effective way to provide health benefits
Normally appealing to a wider audience and membership than traditional PMI, cash plans are a cost effective way to provide a benefit to staff that they will use time and time again. Simplyhealth’s cash plans can start from just £1 per employee per week and are designed to offer benefits that will look after your clients’ business as well as its employees.
Back pain and stress are two major causes of sickness absence in the workplace. With a cash plan employees can visit a chiropractor or physiotherapist for treatment. They can also speak to a counsellor over the phone or face to face, to help deal with any personal or workplace issues they are experiencing.
Myth 2: Cash plans don’t provide flexibility for corporate clients
Products in the marketplace are extremely versatile and can be used by most businesses in most sectors. Your client may choose to make a cash plan available to all staff, while reserving private medical insurance for specific groups of employees. In recent times it is has become more common for cash plans to reduce exposure under a PMI policy, particularly in the event of cover restrictions or when an excess is payable.
Your client can select a modular plan from Simplyhealth which gives them total control over the benefits they provide. Standard benefits include optical, dental and complementary therapies, with the option of adding extra levels of cover. Clients may decide to give access to counselling, cover the costs of unexpected hospital stays, or even choose to provide a new child benefit which gives staff a cash payment following the birth of a new child, or when they adopt. HR Managers can also obtain extra support and advice to help negotiate a successful return to work for employees absent for long periods.
Fact 2: Cash plans help employers meet duty of care responsibilities
All employers need to provide optical care to staff regularly using visual display units. The advantage of providing a cash plan to staff is that there is no need to pay separately for eye care. Employees can claim back the cost of eye tests and glasses on their plan, up to annual limits. They can also provide access to helplines and face to face counselling sessions to help employees suffering from stress.
If you want to find out more about our cash plans, such as the Simply Cash Plan and Simply Dental Plan please call 0800 294 7303, email us at forintermediaries@simplyhealth.co.uk or visit www.simplyhealth.co.uk.