Cost efficient
LangBuisson's 2022 report showed that there are over 3.3 Million peoples covered by 2,531,000 cash plans at the end of 2020, 42% of which are employer paid. The Cash plan market continues to show strong demand offering a low cost option to help attract and retain staff.
Its easy to see why, when you consider that the costs can be as low as £5 per month per employee for very tangible benefits that all your staff can use such as physiotherapy, dental and optical cover. Additionally, a cash plan can be used alongside a PMI plan to help control claims.
How can my employees benefit?
Dental, optical and physiotherapy tend to be the most popular benefits on a cash plan and the most widely used, although many providers are now offering a range of employee wellbeing services such as cancer screening, mental health coaching, and health assessments.
With the recent restrictions due to Covid 19, all major providers of online or virtual GP services have seen a massive increase in their use, which in many cases includes sending out private prescriptions so you don’t even need to leave the house if you are unwell. This is particular useful for those shielding.
Early intervention
Stress is common in many workplaces, where an Employee Assistance Programme (EAP) can offer early support and intervention.
In its latest benefits and allowances survey XpertHR reveals 90% of businesses offer counselling or an Employee Assistance Programme as part of their benefits package.
An EAP can provide support for stress and mental heath conditions as well as face to face counselling should employees require it. A cash plan is a good way to offer an EAP as they are usually one of the key benefits available.
Flexible options
The minimum requirement is for an employer to pay for the employee, however many cash plans are so popular that staff add their partners and family into cover with the extra amount being deducted through payroll. Additionally, on many plans staff can increase their cover levels to make the most of this benefit.
Larger group schemes also have more flexible options you can add to match your company requirements, and dedicated account managers can help support your business to make implementation and administration of plan smooth and easy.