‘Health for all – the right of everyone to access the health services they need when and where they need them without financial hardship.’
This year’s World Health Day theme, celebrating 75 years of the World Health Organisation, couldn’t be closer to our ethos here at Medicash. Improving the accessibility and affordability of everyday healthcare has been at the heart of everything we do for more than 150 years – and it’s how we know that when it comes to employee benefits, health is where it really does matter most.
Our survey of more than 2,000 UK employees showed that health plans and wellbeing benefits are among the top five most important work benefits for employees. In fact, employees surveyed ranked health plans and wellbeing benefits second only to pay rises when it comes to cost of living support from their employer. With this in mind, we’ve put together the ultimate guide to health cash plans – the how’s, why’s, and what’s that you need to know when it comes to providing an employee benefit that actually benefits employees.
What is a health cash plan?
Simply put, a health cash plan is a super-accessible form of health insurance that can be used every day. Whereas traditional private medical insurance (PMI) can come with high premiums and is typically used to cover large, expensive private treatments such as surgeries and long-term care, health cash plans combine lower costs with higher usability. That’s not to say one is better than the other – in fact, health cash plans like those offered by Medicash, can work alongside PMI plans and even be used to cover the excess cost when making a PMI claim, allowing for a complete healthcare solution.
Why are health cash plans a good investment for my business?
Let’s cut to the chase – good health is directly linked to improved output, satisfaction, and teamwork when it comes to your workforce. In addition, when you take care of your employees’ wellbeing, you gain the confidence that your business has the best interests of its employees at heart, making your organisation a truly supportive, employee-focused environment.
In today’s highly competitive recruitment landscape, both prospective and existing employees are on the lookout for benefits that make a genuine impact on their lives. With savvy recruits more aware than ever before of what they want from a job, a health cash plan adds a useable, relevant benefit to your recruitment toolkit.
How can health cash plans benefit my employees?
If you’re looking for a new addition to your employee benefits package, a cash plan can offer a range of practical, applicable support networks for your whole workforce.
- Meaningful cost of living support – Did you know that 60% of employees reported an increased need for corporate health and wellbeing benefits due to the cost of living crisis? With everyday costs and household bills increasing, many of the UK’s workforce are finding their budgets struggling to cover their everyday healthcare bills. With research from Healthwatch England showing an increase in the number of people avoiding dental treatment, travelling to NHS appointments, and even collecting necessary prescriptions has increased as a result of the ongoing financial uncertainty. With a health cash plan, your team can rest easy that many of these costs are covered by their employer, allowing them the breathing room they need to manage both their health and their budget.
- Provide additional cover for partners and families – With many health cash plan providers, including Medicash, a health cash plan can be tailored to cover not just your employee, but their partner and/or children too. By looking out for those your employees care about, your cash plan provides peace of mind both in work and at home.
- Reduce your employees’ waiting times – With NHS wait times at an all-time high, many people are unfortunately leaving their illnesses and conditions undiagnosed and untreated. By providing access to services such as Virtual GP, digital healthcare tools like Phio, and cover for private diagnostic tests and treatments, your health cash plan is able to reduce the time your employees have to wait for their treatment and improve their overall access to healthcare. In addition, by alleviating the burden on NHS services by utilising different paths to healthcare, health cash plans allow organisations to do their bit in supporting the NHS to provide lifesaving care to those most in need.
- Foster a proactive approach to everyday health – As the common joke goes, the British ‘stiff upper lip’ can be a real hindrance to many of us when it comes to our health! With presenteeism becoming an increasing concern for HR departments across the country, encouraging a proactive approach to health is essential. By offering not just financial cover but also a range of digital tools to use at home and on-the-go, a health cash plan is the ideal way to encourage your employees to take control of their everyday wellbeing and make a positive change in their lives.
- Improve overall standards of mental wellbeing – Many cash plans such as those offered by Medicash provide dedicated mental health support services. In addition to this immediate support, knowing that their employer provides them with simple, free routes toward diagnosis and treatment for both everyday and serious health concerns can go a long way in reducing your employees’ stress.
How can I get a health cash plan?
If you’re looking to invest in a cash plan for the first time or looking to switch provider, simply reach out to us today to find out how we can provide a whole-of-workforce benefits solution for your business.