Employers faced with announcing pay freezes and cuts must look at new ways to reward their staff, look after their health and maintain morale, says cash plan provider Medicash.
Sue Weir of Medicash has seen a dramatic increase in approaches from employers keen for advice on how cash plans can be introduced to ensure that employees still feel valued, “Healthcare benefits are particularly popular; but there can be a misconception that health cover is expensive and may not cover NHS treatment such as dentistry. Cash plans provide real value for money and can make a really big difference to staff under financial strain. Employees can quickly claim back costs for a wide range of everyday healthcare such as visits to the dentist or optician, which is in addition to other benefits such as hospital stays or early specialist consultations. Employers paying the premiums of the employee as part of their benefit package recognise that the potential monetary value to the employee far outweighs their organisation’s contribution. Claims are paid directly to the employee, and so they really see the financial impact. Cash plans also encourage staff to take personal responsibility for their health and wellbeing and often means they take less time off work.”
Health cash plans: News update: 22 March 2010