A Cash Plan scheme allows employees to claim money back for regular and routine treatment such as Routine and Emergency Dental Treatment / Glasses and contact lenses/ Consultant Appointments / Chiropody / Therapy treatments such as physiotherapy, chiropractic, and osteopathic treatment / scans including MRI, CT and PET scan / Maternity payment on the birth of a child. Terms and conditions apply.
There are a range of 4 levels of cover to choose from, starting at less than £5 per month. The higher the level of cover the greater the amount the employee can claim back for their treatment. Family members can also be included on the scheme and children covered for less than £1 pence per month extra. Premiums do not increase with age, cover is immediate and pre-existing medical conditions are covered. Terms and conditions apply.
After your employees receive treatment they simply submit the receipt to the Cash Plan Provider (either online or in the post) and they will reimburse them directly up to the allowance permitted under their policy. The claims process is extremely rapid with most claims usually settled within 3-5 working days and the money transferred directly into their current account.
How is it paid for?
There are three options for how you can offer this benefit to your employees. The first option is a fully company paid scheme. You can choose to give all employees the same level of cover or increase cover for some, dependent on your company reward criteria/remuneration policy. The second option is your business pays for a base level of cover with employees paying themselves if they want to increase their cover. Amongst our clients this is the most popular option, with the cost to the employer for the base level of cover starting at less than £5 per employee per month. In relative terms, a small cost to provide a highly valued benefit. The final option is the employee pays all of the cost with the monthly premium deduction from their salary. The employee saves National Insurance on the premium cost, 12% as a basic rate taxpayer, 2% as a higher rate taxpayer.
WHY CONSIDER THIS BENEFIT?
A Health Cash Plan encourages your employees to think proactively about their health, helping prevent more minor health becoming more serious with the often associated time away from work. The most used part of the Cash Plan is the dental care element, even the Level One Cash Plan (less than £5ppm) will often allow full reimbursement of at least one check-up and hygiene visit per year. A study by Cigna Dental stated that dental problems have caused up to 17% of employees to take unplanned leave from work. Affordability was the main reason for this, 40% claiming it was the cost that put them off [going to a dentist]. Sometimes an unexpected healthcare cost can have a very detrimental short time impact on your employees finances, leaving employees struggling to pay bills or affording the cost of communting to work.