However, there are now a range of healthcare options catering for different needs, at what can be, reasonable costs. This can include tailoring health insurance products around your employees' individual needs, as well as Cash Plan products.
So, what's the difference?
Private Medical Insurance: is generally for the more unexpected and costly health claims that provide prompt access to non-emergency treatment as a private patient. If a member is diagnosed with a medical condition they will be referred to a private practitioner by their GP and will normally receive treatment in a private hospital. This can speed up the treatment process and can provide more choice over the location of where they will receive treatment. This however, always depends on the level of cover chosen by the employer.
Health Cash Plans: can provide reimbursements for everyday healthcare costs, such as vision (opticians), dental, prescription expenses etc. There is usually a limit on the amount that a member can claim back in a scheme year (can be set by the employer). Often employees can be given the option of 'topping up' their cover to a higher level. This type of scheme has the ability to save employees' money each year on medical costs. These plans are generally cheaper than providing Private Medical Insurance.
You may as an employer choose to pay for the total value of the benefit, part fund the benefit or just provide employees access to these benefits and they pay for it themselves.
You also have the option of providing these benefits to your employees as part of a salary exchange (sacrifice) program.
Different providers often have different key features, in respects of the plans and schemes they provide. Therefore, what is best for one employer, might not necessarily be the best for another. Expert advise can help you make these decisions for your business.
How can you decide what is best for your organisation and your budget?
DGS Chartered Financial Planners can advise you on the most appropriate health benefit provision for your business, taking into account your organisation’s objectives, specific requirements and budget.
They can undertake a thorough independent provider selection process based on your requirements. DGS will assist you with communicating this benefit to your employees, as well as providing on-going support and advice if you or your employee’s have any queries relating to the plan or scheme.
What next? Fancy a chat?
For more information, or to book an appointment with our Corporate Solutions Team, please contact Andy Selway MCIPD, Corporate Engagement Consultant at DGS on 07958 471021 or email: firstname.lastname@example.org