What Is A Health Cash Plan And Its Benefits For Your Business?

Health cash plans help to form a healthy well-being strategy within a company by allowing employees to claim back any medical expenses that they may need, such as a dental check-up.

There are so many advantages to a business by offering such benefits, these include low-cost options, improved employee wellbeing, support duty of care, shows that staff is valued and plans can be tailored to suit the individual needs of the workforce, along with company requirements. There are many reputable businesses that offer effective plans, are you interested in a healthcare cash plan?

What is a healthcare cash plan?

Health cash plans are convenient plans, that allow users to claim back any medical expenses, whether it be physiotherapy, a dental check-up, eye test, prescriptions and so much more. Many plans can offer a level of flexibility, or can even be tailored to your employees. Although the majority of the time, health cash plans are offered by employers, there is also the opportunity to sign up as an individual to suit personal needs.

The way they work is the individual will book an appointment, for example, a dentist appointment or optician, and pay for the treatment but keep the receipt. Then a claim should be made by scanning the receipt online or sending it in the post. Once it has been approved, the individual will then be reimbursed directly to their bank account within a few days.

What are the benefits for your business?

Health Cash Plan

There are many benefits for a business that offers its employees the opportunity to sign up for a health cash plan. These benefits include:

  • Low cost: there are many plan levels that a business can choose from to suit company needs and budget. Different levels offer a range of benefits to employees and the amount that they can claim varies. For example, on the lowest level, the monthly premium may be around £65 for dental claims, whereas higher levels may have a monthly premium of around £230.
  • Improved employee wellbeing: offering benefits to support employee health is great for both the business and employees. When individuals are in better health, they will also be in a better position to work effectively within their roles. Employees are able to take control of their own health better and there will likely be less financial stress placed on them.
  • Shows that staff is valued: when staff feels valued there will be a lower turnover rate, improved morale, and improved retention. This is needed for a successful business and to get the desired results.
  • Supports duty of care: offering health cash plans supports staff members and shows you care about them. Putting their physical, mental, and financial health first is a great way to keep them on your team and make them feel rewarded.
  • Plans can be tailored: many health cash plans can be tailored to suit the needs of the business, as well as the workforce’s specific needs. Therefore, you will be making the most of your money and employees will really appreciate that their pay is going further and the assistance they need is available.

No matter your business size, whether it be 5 people or 500 people, offering a health cash plan is a fantastic way to make staff feel valued and retain them within the business. Plans can be tailored to suit the company budget and personal needs of each individual, meaning there is something for everyone.

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