Simplyhealth has extended the range of its Simply Cash plan by making its group version now available to SMEs (small and medium enterprises) with three to nine members.
The plan is available from £1.25 a week, which compares to the £1 a week charged to larger employers, reflecting the greater risk and smaller scale of SME schemes. However, any add-on benefits are priced the same as for larger groups.
The basic plan provides the following benefits:
- 100% of dental treatment costs up to £60 a year.
- 100% of optical costs up to £60 a year.
- 100% of the cost of selected therapies (physiotherapy; osteopathy; chiropody/podiatry; chiropractic; acupuncture, and homeopathy) up to £150 a year.
- 100% of consultation fees and scans up to £500 a year.
- 100% of health screening costs up to £100 a year.
Higher cover levels are also available at extra cost. SME clients may also choose to add any one or more of up to four additional options. These are:
- Choice 1 – Employee assistance programme. This provides up to six face-to-face counselling sessions a year and a 24/7 legal helpline for employees and freephone HR/manager support helpline. This option costs 15p a week to add on.
- Choice 2 – Hospital & Accident. This benefit pays £20 a night or day if the employee is hospitalised and also includes parental stays with children and £10,000 of personal accident insurance. This option costs 30p a week to add.
- Choice 3 – New Child Payment. This option pays a cash lump sum of £200 on the birth or adoption of a child and costs 20p a week to add.
- Choice 4 – Managing Absence. This option provides an absence management and pre-employment screening service and costs 50p a week.
What They Say
Sales and marketing director, employer, James Glover, said: “Over the past 12 months we have seen an increase in the number of smaller businesses requesting healthcare benefits for small numbers of employees. Based on this demand, we have developed a proposition that allows them to invest in the everyday healthcare needs of their employees. This is an affordable product that can be offered as a standalone benefit or used to complement private medical insurance.”
What We Say
"SMEs can find themselves disadvantaged by being offered the same benefits and pricing individuals get rather than the greater benefits larger employers can enjoy. Simplyhealth’s solution in this case is to offer SMEs the same options as larger employers at higher cost, but only for the basic plan. The extra cost is just 25p a week – or a 25% add-on depending on how you want to look at it.
"Many SMEs will not be able to afford full PMI (even if they do, this plan could still appeal as an add-on) and this plan can enable them not only to provide valuable health benefits that most employees can claim on at least once a year, but also help them meet their duty of care responsibilities too."