Following market demand, Simplyhealth is adding a new module to its corporate cash plan to cover private medical insurance excess. Simply Cash Plan starts from just £1 per employee per week for the basic plan, and from 1 April 2012, employers can choose up to five different modules, to help support their employees’ healthcare needs.
Howard Hughes, Head of Employer Marketing says: “Over the past 12 months we have seen an increase in demand for cash plans to cover PMI excess. In response to this we have developed a new module to sit alongside the other paid for modules we offer on Simply Cash Plan. This module will provide greater choice and flexibility for employers, while providing clarity on how Simplyhealth pays private medical insurance excess claims.
“We understand that offering to cover private medical insurance excess claims as a paid for option is unique but we believe it’s the right thing to do. As the UK’s leading cash plan provider, our experience suggests that cash plans are not designed to meet the cost of private medical insurance excess claims. Cash plans are based on ‘community pricing’ which means that in the long term they cannot withstand this sort of claiming behaviour, and if not paid for, will drive up premiums for everyone. Offering ‘private medical insurance excess’ as a paid for module helps ensure cash plans remain affordable, sustainable and fair to all.”
Simply Cash Plan starts from just £1 per employee per week and under the ‘basic plan’ provides cover for dental, optical consultations and scans, health screening and complementary therapies. The plan also includes a 24 hour helpline. For a small additional cost, employers can add on the following ‘choices’: employee assistance programme (15p per employee per week), hospital and accident (30p per employee per week), new child benefit (20p per employee per week), managing absence (25p per employee per week) and PMI excess (Level 1 £100 at 25p per employee per week, Level 2 £200 at 50p per employee per week and Level 3 £300 at 75p per employee per week).
As published on simplyhealth.co.uk on 1st March 2012