Employee welfare boosted by Health Cash Plans
Health Cash Plans help cover the cost of routine medical treatments for employees. Their popularity is on the rise, with 2.6 billion* individuals covered at the start of 2014. A Laing and Buisson Health Cover UK Market Report** shows significant growth of 15% in employers providing this cover. It’s understandable, as they cover the top treatments responsible for employee absence, including dentistry, opticians and complementary therapies.
Prevention before cure Cash plans provide the facility for employees to seek early diagnosis and treatment for medical conditions without worrying about the cost, reducing the likelihood of problems developing into a serious illness and reducing recovery times. Jane Carrington, Workwell Leadership team, Business in the Community states that: "we have to stop waiting for people to get sick and then helping them. Providing health and wellbeing in an organisation is an investment, not a cost".+ A small company funded contribution per week per employee ensures employees are covered for everyday health expenses. This promotes a positive image of a company’s dedication to employees’ health and wellbeing, therefore improving morale, motivation and productivity amongst staff.
With workplace healthcare and wellbeing becoming a new top priority for companies, how do you choose the right cash plan for your staff? Peter McAndrew sales director at Health Shield states that: "brokers help to promote our product. There’s a great demand out there for health cash plans - it’s about how they’re sold and communicated, and working with brokers helps to create a self-regulated market." ++ With over 30 providers offering different cash plan schemes, every provider will have their own plan with varied costs and options, cost is often a key driver but the cheapest options may not always cover certain health treatments. It’s worth seeking guidance, and talking specifically about the needs and issues of each workforce.