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Protect by Paycare


Pros

Cons
HCP benefits for just over £50 a year per employee.Only covers larger small firms.
Benefits the employer too and is simple to set up and operate.Relatively low benefits.
Paycare Perks and optional low cost EAP.Just one plan level.

The Product

Protect by Paycare is a new entry-level plan aimed at helping businesses to effectively support their team’s mental, physical and financial wellbeing.

The plan is available to businesses employing over 20 employees and costs £4.18 a month per employee, offering 100% cashback on dental (max £50pa), optical (£50), chiropody and professional therapy bills, including physiotherapy, hypnotherapy and chiropractic (max £125pa). The plan also pays up to £150 for specialist consultations and tests, £55 for a health screen and includes an online Lifestyle Assessment

It also includes Redundancy Premium Protection for six months, free cover for any children under 18, and Paycare Perks — an online platform for individuals to access discounts, vouchers and rewards on everyday purchases such as insurance, travel and entertainment.

In addition, employers can choose to introduce an employee assistance programme for just 40p per employee a month as an additional benefit, which provides a completely confidential support service for any employees struggling with mental, physical or financial worries.

What They Say

Paycare CEO Kevin Rogers said: "We recognise that some businesses simply don’t have the budget to spend on employee packages with bells and whistles, or those new to the idea could think it’s something that only big corporates can do. However, smaller businesses are critical to the wider economy in terms of employment opportunities, and we wanted to launch a service that brings them benefits as employers too, by offering their staff cover for core healthcare services, including optical, dental, and professional therapies."

What We Say

"For just over £50 a year (add a fiver to include the EAP too) small firms can provide a range of useful benefits to their employees. Moreover, they should benefit too and help meet their duty of care obligations. "The plan is simple, easy to administer and to set up, so firms just have to weigh up whether to spend a grand a year to cover 20 employees. It’s a small price to pay. "One major downside though is that most small businesses are excluded, as the plan is designed for 20 member plus schemes and most small businesses are a lot smaller than that. There are also no choices (apart from adding the EAP) so firms can’t (on this plan) have differential benefits for more highly paid employees. But, on the other hand, it keeps the plan as simple as possible."