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Why are more employers looking at healthcare cover?
There are around 35m employees in the UK, but only about 6m of them have healthcare through their workplace, be it private medical insurance, a cash plan or dental insurance. But we are seeing a growing number1 of employers looking to offer this cover, not only to help attract and retain talent, but also to address the growing problems of absenteeism, presenteeism and staff burnout in the workplace.
It is estimated that absenteeism alone costs the UK around £150bn2 a year in terms of lost economic output, with £35bn of this due to mental health-related absences. Employers want healthcare plans that can help them offer effective prevention and treatment options. Cash plans, with their focus on support for everyday health, have a vital role to play in this.
How can cash plans support employee wellbeing?
Cash plans are designed to help employees cover regular healthcare costs, be it dental and optician charges, as well more specialist osteopathy, physiotherapy, chiropractic or podiatry treatment fees. This financial help is more important than ever, given the rising cost of living.
As part of this focus on everyday health, Simplyhealth also offers a virtual GP service on its cash plan, helping employees get prompt appointments and referrals, reducing stress and anxiety, not only about their own symptoms, but those of family members who can also be covered on these plans.
Cash plans also offer support for mental health via EAPs and counselling services, as well as promoting proactive health measures, for example offering discounted gym membership, helping keep employees fit and well.
What do employers see as the key attractions of cash plans?
For employers one of the key benefits is scalability, with cash plans offering a cost-effective way to provide healthcare benefits for all employees.
Employers also value the fact that cash plans can address some of the most common causes of employee absence, with around half of all cases due to taking time off to visit a GP, mental health problems and musculoskeletal issues.
Cash plans services like virtual GPs, counselling and physiotherapy help employees get treatment quickly, reducing the number of sick days and boosting productivity.
How do cash plans complement PMI?
The two products are geared towards different parts of the healthcare market. Private medical insurance can provide a vital safety net for when things go seriously wrong with your health; cash plans are focused on keeping people healthy by making a financial contribution to day-to-day healthcare needs. Employers may offer both as part of a comprehensive healthcare policy. The relatively low cost of a cash plan, compared to a comprehensive PMI policy, means it can help employers take a more inclusive and preventative approach to healthcare, offering the same benefits across their workforce.
How are digital solutions transforming the way patients access healthcare?
Covid changed the way people access and use healthcare services, and we’ve seen a huge increase in digital options since then. At Simplyhealth we have been expanding digital health access, offering 10 new digital services in the last year. So alongside our popular virtual GP we now also offer digital physiotherapy for example. It’s important to stress though that these virtual services are offered alongside telephone and face-to-face options.
Artificial intelligence (AI) is helping improve the services we offer members, but to date this has primarily been used to provide better customer service to members. We will be offering a new skin doctor app though, which will highlight if members should seek further medical advice about skin moles or freckles. Our view is that AI should encourage people to seek advice from medically-trained staff, rather than offering a definitive clinical diagnosis.
How is Simplyhealth evolving its cash plan proposition?
Cash plans have traditionally helped people fund everyday healthcare costs. This is still a crucial part of our offering, but we also want to help members find and access the healthcare they need. We can put members in touch with a network of clinically-validated organisations, offering a range of healthcare services.
In many cases we have partnered with these organisations to offer discounts. For example, members who use one of the opticians in our EyeMed network can get a discount on eye tests, frames and prescription lenses. These partnerships help us deliver value for money for employees, without increasing claims costs, keeping premiums under control.
For employees this means accessing treatment more quickly. From a corporate perspective this helps keep employees healthier and happier at work and in work.