What is a Business Health Cash Plan?
A Business Health Cash Plan is a type of insurance which supports the routine health needs of employees. It usually includes things like: medical consultations, dentistry, eye care and physiotherapy. In our opinion, this type of insurance is criminally underrated as everyone can benefit from it, young and old alike!
A Cash Plan differs from a regular Health Insurance scheme which covers more serious medical problems such as heart attacks and cancers, including operations and hospital stays. A Health Cash Plan only covers everyday health needs, not urgent care.
We’re always keen to stress the importance of not just buying the first policy you come across. Policy terms vary depending on the insurance provider and the specific deal they’re offering, so it’s important to look at what’s included and excluded.
Not all Health Cash Plans are made equal!
That’s why we gather quotes from across the market to find the best deal for you and your business.
Note: You might also see a Business Health Cash Plan referred to as a Corporate or Company Health Cash Plan, but it’s all the same thing.
If you’d like FREE one-to-one advice about Business Health Cash Plans, then contact our friendly team of advisors. We’ll be happy to answer all your questions and we’ll never pressure you into purchasing a policy. Simply call 01273 222805 or use the chat function on the right.
How does a Business Health Cash Plan work?
There are two main types of policy: individual and group plan. Individual, as the name suggests, is simply a case of one person buying the policy for themselves (and perhaps their partner or child) while a group plan is purchased by businesses to cover their staff.
It works like other types of health insurance. You pay a fixed sum each month to the insurer which then allows to you to claim on the medical assistance outlined in the policy. You can choose to provide full cover or you can choose to cover part of the cost (essentially giving your staff discounted medical care). Offering full cover will make the insurance policy more expensive, but the upshot will be an even happier (and healthier!) team.
Another option is to offer a Business Health Cash Plan as a “voluntary benefit”. This means that the employee can choose to purchase the insurance via payroll. This is usually offered as part of a wider voluntary benefits scheme.
Need help working out if a cash plan is right for your small business? Contact the team at Hooray Health & Protection for friendly independent advice FREE of charge.
What does it cover?
One of the major benefits of a Business Health Cash Plan is that it will often cover pre-existing conditions too (though again, you’ll need to check the policy to be certain). As such you can usually avoid full medical background checks as required in other health insurance policies. This means all your staff are treated equally under the policy regardless of their medical history.
The type of healthcare you can access in a health cash plan may include:
- Dental check-ups
- Dental treatments
- Health checks/screenings
- Hearing aids
This is not an exhaustive list and an insurer may choose to include other routine health checks and treatments. Often insurance providers will add health and wellbeing apps or online portals to provide further advice and assistance to those covered by the policy.
What are the pros and cons of a health cash plan?
A Business Health Cash Plan provides the following advantages:
- You can avoid the usual medical background checks and provide some form of coverage to the whole team without having to discriminate against those with a more complicated medical history.
- It’s easier to implement than a Business Health Insurance plan – which will require background checks and a more complicated set of terms and conditions.
- Often it’s the routine health issues that people need help with most. For example, everyone benefits from regular dental appointments and eye checks.
- Routine health check-ups can help avoid more serious conditions developing in the future.
- You can tailor it to the needs of your business and employees – ensuring it’s going to offer genuine use.
- It’s an effective way of looking after you employees wellbeing and showing you care.
Drawbacks of a cash plan include:
- It’s restricted in what it can offer – a more comprehensive policy with a longer list of medical coverage can be found in a Business Health Insurance policy.
- Only worthwhile if your employees are going to make use of it (this emphasises the importance of communicating its value to employees and consulting them before instigating a policy).
- If your staff can already afford routine health checks and treatments, the policy may not be valued by employees nor provide any true worth to the company.
Hooray Health & Protection provides expert advice for small businesses looking for health insurance. If you need help finding the right insurance policy, ask our team today. We’ll be delighted to help!
How do I get a Business Health Cash Plan?
Many of the major UK health insurance providers offer Business Health Cash Plans, including:
There are two ways you can go about getting a deal for your business: navigate the market by yourself or employ a health insurance broker. The first option can leave you vulnerable to the persuasive sales patter of the insurer while the latter ensures you’re given an expert verdict on all the insurance providers and different deals available on the market.
Small business owners often find it difficult to access company-wide health insurance schemes. Insurance companies usually want to focus their insurance products on large businesses with big teams and big spending power. You might have trouble accessing any kind of deal as a small business owner, let alone a good one. Also, you might not know what a good deal looks like.
Speaking to different insurers and comparing the market takes a lot of time and effort. There are so many different add-ons and exceptions, it becomes infuriatingly difficult to calculate what provides the best value. That is of course, unless you know the market well.
The benefit of employing a specialist small business health insurance broker like Hooray Health & Protection is that we do all the work for you. We take away all the endless researching and weighing up the pros and cons of different schemes. We know the industry inside out. We have existing relationships with all the different insurance providers and are experienced in negotiating Business Health Cash Plans (and other insurance schemes) for small businesses like yours.
A good broker can also get deals that aren’t available on the market. After all, as a broker we have the potential to bring a lot of business in the direction of insurers. For that reason, they will try to out-compete one another to bring us a better deal.
If you’d like to pick our brains on business cash plans, give us a call on 01273 222805 or use the chatbox on the right!
Frequently Asked Questions about Business Health Cash Plan
How do insurance claims work?
If you receive a treatment that is covered by the insurance, all of the associated costs will be reimbursed by the insurer, usually within less than seven working days.
Should I get a Business Health Cash Plan or Business Health Insurance?
Business Health Insurance provides more value, but Business Health Cash Plans can be great for small businesses who may not be able to afford insurance, offering a wide range of health benefits.
How long do the policies cover employees for?
Businesses usually renew their health cash plans annually, to get the most competitive prices, but policies can be purchased that last for longer periods.
Can I decide which additional benefits to include?
Though there are many fixed products on the market, the terms of the policies are usually highly flexible, allowing business owners to include as many as they feel adequate.