When January comes around, many of us use the New Year as an opportunity to set new goals, often based around our physical and mental wellbeing. However, due to the cost of living crisis many people are having to make sacrifices in relation to how and where they use disposable income.
According to the Office for National Statistics around 9 in 10 (87%) adults reported an increase in their cost of living over the previous month in March 2022 (16 to 27 March 2022), an increase of 25 percentage points compared with around 6 in 10 (62%) adults in November 2021 (3 to 14 November 2021).
A knock on effect of inflation is the impact to both physical and mental wellbeing. This creates an effect to businesses who will subsequently experience higher absenteeism within their work force due to poorer health.
Whilst we appreciate inflation is both an issue for businesses and employees, a low-cost solution to help minimise some of these issues is a Cash Plan. Low cost and simple to use Cash Plans are immediately accessible and perfect for reimbursing the cost of everyday healthcare appointments which can be pricey such as optical and dental care. Cash Plans can help with:
- Cost of eye tests, new frames and lenses; this will also cover your company’s requirement to provide optical tests for employees regularly using VDU’s;
- Routine dental check-ups and restorative treatment;
- Physiotherapy / chiropractic treatment; this benefit is particularly useful for minimising claims on other insurances as well as long term absenteeism for employees with back issues etc;
- Alternative therapies such as reflexology and acupuncture; a great way to increase employee wellbeing;
- Discounted health assessments / gym memberships.
Most Cash Plans also include Employee Assistance Programmes which provide advice and support on relationship issues, debt, bereavement etc with counselling sessions also available. With January widely considered the most depressing month of the year, and with mental health issues on the rise, ensuring employees have all the support and resources available to help manage any issues they have is a highly valued benefit.
As an employer paid benefit with a low P11D cost, a Cash Plan is an affordable healthcare solution for both the employee and employer. The reimbursement of the above treatments / appointments will also alleviate the financial pressure associated with these costs, which will be hugely valued in the current climate.
If you are interested in taking out a Cash Plan for your business or, gain more understanding of how your current Cash Plan can be used, please get in touch.