How do Health Cash Plans improve Employee Wellbeing?
How do Health Cash Plans improve Employee Wellbeing?
More than 11 Million UK adults have less than £1000 in savings. Now that is a pretty startling statistic.
In addition to this, UK Government statistics show that those least likely to go to the dentist for a routine check up are those in the lowest income bracket.
Whilst it’s horrible to think of people going without the treatment they need, the reality is that where individuals have to pay for it, often they go without.
Financial Wellbeing is a pain point for employees
CIPD state that employees who are worried about money are twice as likely to look for a new job and also have mental health issues that stem from financial stress.
Additionally, it is reported that a third of those who reported being in financial difficulty report loss of sleep as a symptom. From an employers perspective, it is highly likely that sleep deprivation is going to have an impact on an employees productivity in the workplace.
How can a Health Cash Plan help employees from a financial perspective?
Providing a Health Cash Plan to your employees is a low cost way of making sure they are able to access healthcare services, such as the dentist or opticians, without putting them out of pocket (once they have made a successful claim).
Even the most basic of Health Cash Plans will likely have an allowance for dental, optical and physiotherapy – often the three elements of a cash plan that get claimed for most frequently.
Whilst employees to still have to find the money to pay for the appointment or treatment they need, most Health Cash Plan providers aim to process claims as quickly as possible and have payments back with policyholders within a maximum of 5 working days.
Are the benefits only financial?
No!
In addition to the financial wellbeing benefits of installing a Health Cash Plan in your organisation, there are likely to be huge benefits to the physical and mental wellbeing of your employees.
Physical Wellbeing Benefits
Cash plans often offer refunds on therapies like physiotherapy and chiropody. With almost 20% of UK adults reporting a long term musculoskeletal issue there are obvious benefits to offering a cash plan which allows them to get refunds on things which can only serve to improve their physical health. Employees with an active lifestyle may also be more prone to injury and needing time off work – if they have a Health Cash Plan which covers them for therapies if they do get injured, they may be able to expedite their recovery through the therapies they can get cashback for.
Mental Wellbeing Benefits
It is becoming increasingly common for Health Cash Plan providers to offer an Assistance Programme as part of their cover. These services offer 24/7 counselling, debt and legal advice for the policyholder and their immediate family giving them support when they need it the most and improving their mental resilience.
How My Health Xtras can help improve your Employees Wellbeing?
My Health Xtras can provide cash plans on both a company paid and voluntary basis, being flexible to the needs of your organisation.
As standard, our Health and Wellness Cash Plan covers:
- Dental
- Optical
- Treatments, Therapies and Consultations
- Inpatient hospitalisation
- Home Recovery
- Parental Overnight Hospital Stays
- New Child Benefit
- Prescription Refund
Added Xtras!
As well as this, on our company paid policies, we include access to an Employee Assistance Programme which offers counselling, legal, family and debt advice as well as access to our online portal which houses our claims section as well as 100’s of discounts and savings from some of the UK’s largest retailers.
We can also work with you to create bespoke covers based on your company’s needs. This could be enhancing certain areas of cover or adding a cancer or funeral benefit to the policy.
Want to know more? Contact Us here or call 01743 452337 to speak to someone about how we can help your company with a Health Cash Plan