Health Shield’s Select Health Cash Plan sales rose 95 per cent after launching a £6.50 Level 2 cover, now chosen by 62 per cent of members.
Over the previous year, the average claim increased by 8.5 per cent to £60.58. 28 per cent of members are protected by insurance for dependents. The plan provides discounts through the PERKS rewards platform, mental health support, virtual GP visits, and cashback on medical expenses.
Other examples of features are SkinVision, which identified 62 possible cases of skin cancer, and My Gym Discounts, which provides discounts at more than 3,600 gyms in the UK.
Health Shield Friendly Society commercial director Paul Shires says: “In the past year, 642 new businesses have joined our Select Health Cash Plan, extending valuable health benefits to thousands of employees and their families.
“The employer-funded health cash plan market has seen significant growth in recent years, with most organisations opting for entry-level coverage. Despite the challenges of high inflation, premiums have remained relatively stable, but so have the benefits. As employers seek to provide higher levels of coverage to their employees while staying within budget, we’ve responded to this need.
“Across the market, the gap between coverage levels has often been steep, with premiums usually doubling as coverage increases. To make enhanced benefits more accessible, we’ve introduced smaller, more manageable increments between coverage levels.”
Towergate Employee Benefits employee benefits consultant and account manager Alban Gregory says: “Select Health Cash Plan offers great return on investment for clients who want to go over and above supporting the everyday healthcare needs of their employees.
“The plan, especially Level 2 coverage, is positioned at a great price point and with the additional services available, clients can be assured that they are offering a comprehensive plan that gives their most important asset value for money.”
Lewis Investment employee benefits co-ordinator Cindy Slade says: “Our clients have given great feedback on Health Shield’s Select Health Cash Plan which now includes a new Level 2 option as well as added benefits such as Skin Vision and Gym discounts.
“As employers are looking to retain and recruit good people, the cash plan is a great benefit to include in their overall benefit package.”