A cash plan is a low cost employee benefit. Offering you and your staff money back for everyday healthcare costs, it provides excellent value for money.
Cash Plans are not the same as private medical insurance. They offer cover for a different range of benefits. You can run the two policies side by side.
Pre-existing medical conditions are not excluded on company plans.
Corporate policies can be tailored to suit your requirements. You can pick and choose the benefits available to your staff. The monthly premium will reflect the cover levels you have chosen.
Which insurers provide Cash Plan cover?
In our panel of providers we use the following insurers for cash plans:
- Bupa
- The Exeter (One Fund)
- Healthshield
- Medicash
- Westfield Health
If you want to buy a personal policy, these are available for you. There may be qualifying time periods on certain benefits on a personal policy, for example:
You may have to hold your membership for 3 months prior to making a claim on the dental cover.
What type of benefits are covered on a Company Cash Plan?
There are a number of benefits available for your employees. Although each insurer has a different option, the core benefits tend to be comparable.
Your employees will have cover for:
- Dental
- Optical
- Therapies (such as physiotherapy & osteopathy)
- Alternative therapies (limited from some insurers)
- Chiropody/ podiatry
- Counselling
- Dental accident
- Diagnostic testing (limited from some insurers)
- Consultations
- PMI Excess cover
The above list is not exhaustive and cover is available up to your chosen benefit limit.
Cash plans really are a low cost option and therefore make an excellent value employee benefit. They are popular with staff because they get money back on treatment they would normally fund themselves.
Some insurers have the facility for members to claim via a fully functioning mobile app because this a a quick and easy way to process claims.
To ensure you have an eligible claim you will need to upload your payment receipt. This is because your insurer will need confirmation that you have paid for your treatment.
Eligible claims are generally paid within a couple of days. This means that the cash back is completed quickly and your staff are not out of pocket for long.
You must make sure that your therapist is registered with the correct governing body because if they are not, your claim may not be paid.
Each benefit category has it’s own terms and conditions.
As well as treatment for physical conditions, a cash plan will also offer cover for mental health issues via counselling. This can either be via telephone or face to face.
Consequently it is important to choose the right level of cover for your staff.
