I was reading an article recently in a professional publication targeted at HR specialists. It was headed ÂHealthy Options and it was arguing the case for healthcare cash plans or, as they are sometimes called, corporate health insurance plans.
As a provider of such plans, I am not going to say that this was a Âeureka moment for me because, as chief executive of Paycare it didnÂt tell me anything I didnÂt already know. However, it helped me to reflect on just how valued health cash plans have become, both to employees and employers.
A healthcare cash plan is an insurance policy that reimburses the partial or full cost of an employeeÂs health treatment. The plans are a cost-effective benefit that enables employers to offer their employees a wide range of workplace health and wellbeing support.
Are they appreciated? Well yes, according to research, 61 percent of HR respondents said that cash plans help them to feel well perceived by staff.*  ItÂs widely accepted too, that 35 percent of full-time staff ranked health cash plans in their top three preferred staff perks. ItÂs a benefit that is undoubtedly valued by employees. Â
For little more than £1 per week, per employee, healthcare cash plans provide a wide range of benefits. Employees can reclaim 100% of any money spent on healthcare - up to an annual limit. It could be anything from, dental treatment and optical services including new glasses, day surgery, a new child payment, health screening, consultation and tests, or professional therapies - like physiotherapy, chiropody and osteopathy and much more.
Some of the lesser known benefits of cash plans include the ability to combine them with hospital treatment insurance, which enables employees to access continuous healthcare treatment and avoid National Health Service waiting lists. Employees get quicker access to treatment allowing them to return to work sooner.
Employers are using health cash plans to tackle the causes of staff/employee sickness absence  a huge issue in business which has cost over 130 million lost days in the UK during 2013. Â
The plans encourage employee engagement and help meet the duty of care requirements around staff health and wellbeing. Health cash plans also fit in well with EAPs (Employee Assistance Programmes). In this brief article, I have only scratched the surface of how health cash plans can benefit a business and its employees. If you would like to know more, get in touch with Paycare, based in Wolverhampton or visit our website at www.paycare.org
