Company Cash Plans are a low cost, affordable way to for you to let your staff know that they are valued. Providing cash back on everyday healthcare costs such as Dental and Optical cover so that your employees can claim money back for medical treatment. This really is a popular choice of employee benefit.
As an employer a Company cash plans are a great way for you to achieve a number of things such as:
- Improving staff morale
- Promoting Health and well-being
- Reduce absenteeism and Presenteeism within the workplace
- Support your duty of care
Schemes run from as few as 3 employees and offer many different plans and cover levels. Corporate plans can be tailored to your requirements enabling you to choose the benefits most important to you. For larger plans you can have different cover levels in place. In other words you can adjust the cover level in line with the benefits appropriate to a specific job role. Directors, Managers and General staff can all have a category of membership and the costs of membership would reflect this.
What type of benefits are covered on company cash plans?
- Dental
- Dental Accident
- Optical
- Chiropody
- Therapies such as physiotherapy and osteopathy
- Well-being therapies such as reiki and reflexology
- Counselling
- Hospital consultation including x-rays & pathology fees
- PMI excess
A company Cash Plan is simple to set up and most importantly very easy to use. Pre-existing conditions are generally covered and furthermore there are no complicated medical history forms to complete. Claiming on a company cash plan is easy. The majority are now completed by phone or mobile app. Providers pay the cash back direct to the employee within short time scales, in some cases within 48 hours.
The Cost of Company Cash Plans
A cash plan is not Private Medical Insurance and although there are some cross over benefits the two products are not comparable. Company cash plans cost from as little as £1 per employee per week making them a very popular choice of the employee benefit options available in today’s market. The annual renewal increase on a cash plan is generally minimal and in many cases the premium remains the same until the provider produces a rate review.
Is there a catch?
The feedback we receive most is that a cash plan is simply too good to be true. People find it difficult to understand how such a great value policy can be offered at such a low cost. The simple truth is that within a company scheme not everyone will make a claim. The benefits are broad which makes it unlikely that one person would claim on every category. On this basis, the cash plan providers are able to keep the premiums low year on year.
We think it is time that everyone knew the great options available within the cash plan market. We would be happy to help you find the policy that best suits your needs. If you would like to work with an experienced Health Insurance broker please get in touch. You can email us at enquiries@smphealthcare.com or by telephone on 0800 047 0127/ 01245 929129. We look forward to working with you soon.