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Cash Plan – The One Stop Shop.
From the days of the Hospital Saturday fund to the current all-encompassing Cash plan, it seems this type of product has been around forever. Companies who are looking for a low-cost but robust benefit are attracted by the “one stop shop” approach a Cash plan can offer.
Whether it is offering this to their employees as a voluntary, company paid or a flexible benefit. The overall scheme itself can offer a wide range of everyday health & wellbeing services. With providers offering claims and community rated products you can generally look to get a level 1 cover available for as little as £1 per week (per employee) there has never been a better time to explore what is on offer.
Gone are the days when Cash plans would just typically cover optical, dental, several therapies and consultations. Most providers are now likely to include more value-added services such as 24/7 Virtual GPs, Employee Assistance Programs, Maternity and Adoption Benefits, Alternative Therapies AND with advancements in technology they are moving to grow propositions even wider over the coming years.
These plans are now much more wide ranging with as much focus on Health and Wellbeing as money back in the pocket of the employee – adding discounted gym memberships and everyday shopping discounts and perks!
Claiming is straightforward with most providers now offering an app or web based online form (Postal forms are still accepted if this is your preference). The employee pays for their treatment and are reimbursed within a few days by providing a receipt direct to the provider.
It is as simple as that!
Two of the main key attractions of a implementing a Cash plan into your organisation is that firstly you are ensuring your employees can get support with quicker access to diagnosis and treatment when they are sick which in turn leads to absence reduction and less costs for you. Secondly you are covering DSE Legislation when it comes to VDU obligations and associated costs – All built into one robust plan!
We will look at the additional benefits provided by Cash Plans in future articles as this is an ever growing area that can really make the difference to your employees.
If you would like to learn more, please contact a member of the team
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