Easing healthcare costs, enhancing employee lives: The benefits of an Everyday Health Cash Plan

With everything that is going on in the world, employees need health and wellbeing support. 

They’ve had a lot to adapt to over the last few years with the cost of living increasing, difficulties accessing GP and NHS services, having to cope with working from home and hybrid work arrangements. 

On top of this a staggering 29% of employees, totalling around 8.2 million people, report that financial concerns stemming from the cost-of-living crisis are hindering their performance at work. 

But what if there was a solution that not only eased their costs but also improved their overall wellbeing and productivity? 

Enter the Everyday Health Cash Plan. 

Let's explore how this innovative benefit isn't just about saving money on healthcare expenses but about transforming the lives of your employees for the better.

What is an Everyday Health Cash Plan?

An Everyday Health Cash Plan is a benefit you can offer your employees to help them manage their healthcare costs better. 

There are two types of plans available:

• Voluntary Everyday Health Cash Plan. 
• Employer-funded Health Cash Plan

Employer-Funded Health Cash Plans

With this scheme, you as the employer fund the plan. You’re responsible for managing the plan, offering it as part of your employee benefits package.

Employees are automatically enrolled and receive the benefits without having to pay for the plan out of their own pocket. The plan includes a variety of healthcare benefits, such as reimbursements for dental, optical, physiotherapy and other health-related expenses, up to a set amount. You can put in place different levels of cover for different groups of employees that way you can manage the cost. A good plan can also provide a good mix of physical health benefits as mentioned above but also importantly mental wellbeing benefits, such as counselling services, GP support and some screening services.

A Health Cash Plan is a great solution for businesses who want to support their staff's health needs but simply can’t afford a private medical insurance plan.

Voluntary Everyday Health Cash Plans

In contrast, voluntary everyday health cash plans are opt-in. Employees pay the premiums themselves. 

Although you facilitate the process by partnering with a health cash plan provider, the plan is primarily managed by the employee. This is a great way of supporting staff but in a completely cost-free way from the company’s point of view. The cost of these plans is less for the employees than if they went to a provider themselves as the company is offering a large target audience for the provider to sell to. 

As all employees are different having varying circumstances they can choose to the benefits that most apply to them selecting from various levels of coverage based on their healthcare needs and financial situation.

Supporting employee financial wellbeing

One of the most significant benefits of an Everyday Health Cash Plan is its ability to support the financial wellbeing of your employees. 

With rising healthcare costs and long waiting times, employees can rest assured knowing they have a safety net to fall back on, reducing financial stress and anxiety.

Plus, when you show you care about their financial wellbeing, they're more likely to feel happy and loyal to your company. And that’s not all, read on to find out how your business can benefit.