New research has shown the UK health cash plan market to have strong resilience in the recession with the sector witnessing a 1.2% increase according to UK Healthcare Cash Plans 2010 report. Datamonitor reported the health cash plan market to have generated £570 million in 2009.
Analysts at Datamonitor believe this is down to a rise in product innovation in the market and the affordability of the product, making plans attractive to organisations looking to keep costs down. The report also showed the rise in corporate products allowing brokers to pay more attention to the market with many seeing the employer-paid sector as fundamental in driving market growth.
Health cash plans provide a monetary limit against which individuals can claim back everyday healthcare expenses such as dental check-ups, eye tests and physiotherapy.
They are very different to health insurance, which covers treatment for acute conditions. Health cash plans simply act as a rebate system to claim back your health care costs.
Whether you are reviewing your existing offering or are looking to introduce new benefits to staff we are here to provide you with the necessary information and guidance to ensure your employees truly value their reward package.