Find out more about health cash plans and how they differ from private medical insurance policies – though both offer numerous advantages for businesses.
The purpose of health cash plans is essentially to cover your more everyday medical needs and costs – such as dental check-ups and optical appointments.
Of course, cash plans and private medical insurance (PMI) policies allow patients access to high-quality medical treatment, but they are certainly not one and the same. This guide will help you to better distinguish between the two and their different advantages.
It might sound like a fairly new concept, but health cash plans in fact emerged around the middle of the Victorian era. One of our leading providers, Health Shield, formed in 1877, in order to provide a healthcare option for those who could not have otherwise afforded it – such as blue-collar workers.
By paying these premiums (usually on a weekly basis), the worker would thereby have access to free – or at least subsidised – healthcare. Once the NHS came about in the late 1940s, cash plans had to be changed slightly in order to still appeal to workers – it was decided that the patient would pay a small cash sum for each night they spent in hospital.
With medical advancements over the years came a steady decrease in the average patient’s stay, and thus plans were expanded in order to offer more benefits – such as a certain degree of dental and optical cover.
Cash plans help people budget for the cost of their everyday health needs, such as glasses and dental check-ups or fillings, which can often be surprisingly expensive. Some additional costs are also covered by cash plans, such as charges for reflexology therapy and sports massages.
Private medical insurance policies, on the other hand, are designed to cover the less frequent but more acute and impactful medical conditions – generally ones which require hospital stays.
Cash plans are not an alternative to PMI policies, as they do not cover the same conditions or treatments. However, they make work in conjunction with one another. Many companies take out health cash plans to cover the cost of any excesses in their business PMI policies; this can result in an overall reduction in premium, while also ensuring that the everyday health concerns of employees are taken care of.
Cash plans are low in cost compared to PMI policies, but are valued highly by companies looking to recruit and retain good staff.
It is not uncommon for the following to be covered in a health cash plan:
Health cash plans are ideal for businesses that want to look after their employees – which should be every business.
Health and wellbeing benefits are becoming increasingly popular in workplaces, and it has been proven that healthy workforces are far more productive than unhealthy ones.
As well as improving productivity and tackling absenteeism, good business health cover can also enhance your company’s staff retention and even help to attract new staff, as a health plan is one of the best ways to show your employees that they are truly valued.
At Chase Templeton we specialise in providing businesses with health plans that meet their needs. As we have established strong working relationships with some of the UK’s leading healthcare providers, we offer you great policies at advantageous rates.
To find out more about the health cash plans we can provide for your business, contact Chase Templeton today.