Cash Plans
Historically, employers have provided Cash Plans in place of
Private Medical Insurance. However, more recently insurers have
witnessed an increase in take up of these policies as an additional
top up to their existing Private Medical Insurance cover.
For example, some companies are purchasing a Cash Plan to
protect private medical insurance premium rates, by encouraging
members to reimburse minor claims through the Cash Plan. In this
way, the plan can also be used to refund the excess payable against
the private medical insurance scheme.
This has sparked a newly found interest in the traditional Cash
Plan market. Some providers such as BUPA and Westfield, have
created plans that cover certain costs, such as dental and optical
costs, that employees would normally have to bear.
Cash Plans also have several other benefits:
- they are a low cost benefit
- can be provided on a part-funded basis
- employees can upgrade at their own cost on privileged
rates
- the optical benefit payment may help to reduce your
occupational health costs, by meeting the company's legal
requirement in reimbursing sight tests for VDU users
- cash reimbursement for a range of out-patient services i.e.
therapies, consultations etc
- may help to reduce sickness absence costs by allowing your
employees to obtain treatment privately, ensuring a speedy return
to the workplace.
For further information on cash plan covers, Please contact our
Winnersh branch.
Tel: 0118 912 5901
Email: HCE@tlrisksolutions.com
Address: TL Risk Solutions Healthcare, 120 Wharfedale Road,
Winnersh, Wokingham, RG41 5RB.