What is a Health Cash Plan?
Nothing in life is more important, yet more fragile, than good health. Providing easy access to prompt, comprehensive and high-quality healthcare has to be one of the best ways of showing your employees just how committed you are to their health and welfare.
Why is a Health Cash Plan so Important?
Good health can often be taken for granted. For this reason, we have created our Advantage Health Cash Plan which has been specifically designed to aid retention, assist recruitment, reduce absenteeism, and improve staff loyalty. It can help employees return to work quickly thereby having a direct impact on business success, and has been developed to bring a positive approach to employee well-being in the workplace.
Designed to help claim money back towards everyday healthcare expenses, Advantage Health Cash Plan allows your employees to spread the cost of their everyday health expenses for a regular, monthly premium, and should be a core part of any employee benefit package. With Advantage Health, members have the ability to claim back some of the costs of a number of routine health expenses, such as dental treatments and check-ups, alongside optical tests and prescription eyewear, laser eye treatment and physiotherapy.
In addition to the core health and treatment related benefits, a 24 Hour Video Doctor Service and Employee Assistance Programme may be included within the HCP as embedded additional benefits.
Advantage Health can be administered through the Advantage Vault portal, allowing for significant savings in both cost and administration when compared to running the sign-up process by way of flex platform or via internal administration, and qualify for a multi-product discount when offered alongside additional Advantage benefit products and services.
Four levels of cover are available under the Advantage Health Cash Plan. Full details can be downloaded here:
Before deciding whether Advantage Health is right for your employees, or whether you should be considering the Advantage Medical Plan, you should review both and consider which is more applicable to your company's circumstances. Please view here for assistance in making this choice.
Offering a saving of up to 25% on the cost of purchasing a comparable health insurance policy as an individual without the premium reductions offered by a group-purchase arrangement, Advantage Health Cash Plan can be provided on either a company funded basis, employee funded basis, or a combination of the two with both both the employee and the employer funding a proportion of the cost. Where the employee funds the whole, or an element of the premium, the employer would usually collect this by way of deduction from salary.