There’s no denying that employees are a vital part of any business. And so their health and well-being should be a top priority if you want to ensure your company runs as smoothly as possible. A health cash plan, also known as a medical cash plan, allows you to look after both your staff and your organisation at the same time.
What is a health cash plan?
A health cash plan is a simple money-back programme that allows your employees to look after their health, whilst also getting their money back in just a couple of easy steps. It works by allowing them to book and pay for their medical appointments as usual, but making sure they keep hold of any receipts so they can later submit a copy online (or through the post) to your health cash plan provider. All they have to do next is wait for their reimbursement, it’s as easy as that.
Although every health cash plan is different, most will allow your employees to claim on everyday healthcare costs like dentistry, opticians, physio and even specialists consultations. Other providers like Health Shield will even offer additional well-being services, such as counselling and 24/7 GP access. And subject to who you choose as your provider, you and your team will receive different options and levels of cover depending on your budget and the size of your business.
How will this benefit your employees?
By simply making healthcare more accessible and less costly, your employees will be more likely to look after themselves, resulting in a healthier team. This will inspire a more health-conscious culture at work, encouraging employees to more consistently get little niggles checked before they become bigger health concerns, helping to decrease your levels of absenteeism as well. Did you know that 70% of businesses in the UK say that absenteeism directly affects profitability? Making sure that your employees are healthy is something that every business should invest in, and a health cash plan is a simple and easy way to do this.
Healthiness leads to happiness. We’re not at our best when we’re injured, ill, or dealing with annoying health issues like toothache, so by having a healthier team you’ll have a happier team. This goes for both physical and mental health too! You’ll start to notice an increase in employee mental well-being when taking out a health cash plan, as it takes away the worries and stresses that come with the financial struggles of looking after your health. They can get a peaceful night’s rest knowing that any health concerns can be sorted easily and without draining their bank accounts.
Another benefit of happier and healthier workers is that they will be more productive and engaged during business hours, creating more good work for you and your business, but also gaining more job satisfaction for themselves. And when you’re less worried about your health and finances, you can afford to be more mindful. Mindfulness makes employees happier, which then makes them 12% more productive. Employee engagement statistics in 2021 show that mindfulness has a direct effect on employee engagement and productivity. When you practice mindfulness at work, it means that you focus on the task at hand rather than the intangible outcome.
There is a range of benefits on offer for both you and your employees when you opt for a health cash plan. You can significantly reduce your rate of absenteeism whilst building a happier healthier team who will in turn produce better work for your business. Take out a health cash plan today and start taking care of your staff and your company.
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