A major cash plan provider has seen sales rocket after it introduced “smaller, more manageable increments between coverage levels” to make enhanced health benefits more accessible.
The sales of provider Health Shield’s Select Health Cash Plan have grown 95 percent, it reported, after it launched a £6.50 Level 2 cover. This level of cover is now chosen by 62 percent of cash plan members.
The news comes as employers look to boost their health and wellbeing benefits within tight budgets.
In 2024, the average claim increased by 8.5 percent to £60.58, while the cash plan provider said that almost a third (28 percent) of members have protection for dependents.
Paul Shires, commercial director at Health Shield Friendly Society, said: “In the past year, 642 new businesses have joined our Select Health Cash Plan, extending valuable health benefits to thousands of employees and their families.
“The employer-funded health cash plan market has seen significant growth in recent years, with most organisations opting for entry-level coverage. Despite the challenges of high inflation, premiums have remained relatively stable, but so have the benefits. As employers seek to provide higher levels of coverage to their employees while staying within budget, we’ve responded to this need.
“Across the market, the gap between coverage levels has often been steep, with premiums usually doubling as coverage increases. To make enhanced benefits more accessible, we’ve introduced smaller, more manageable increments between coverage levels.”
The plan provides mental health support, virtual GP visits, and cashback on medical expenses. Further benefits available include discounts through the PERKS rewards platform, SkinVision, and My Gym Discounts.
Commenting on the take up of the new plan level, Alban Gregory, employee benefits consultant and account manager at Towergate Employee Benefits, said: “Select Health Cash Plan offers great return on investment for clients who want to go over and above supporting the everyday healthcare needs of their employees.
“The plan, especially Level 2 coverage, is positioned at a great price point and with the additional services available, clients can be assured that they are offering a comprehensive plan that gives their most important asset value for money.”
