DOWNLOAD THE BENEFITS EXPERT GUIDE TO CASH PLANS JANUARY 2025
In the evolving world of employee health and wellbeing benefits, cash plans are a rising star offering employers a versatile and cost-effective option.
With their practicality and relatively low-price point, cash plan providers have seen rapid expansion.
In 2023, employees with access to this health and wellbeing benefit grew 14.8 percent.
But this expansion hasn’t been without its challenges.
High employee uptake, particularly for virtual GP services, has led to increased appointment waiting times and rising premiums. Despite these challenges, employers remain committed to cash plans, appreciating their affordability and the visible value they bring to staff wellbeing.
As providers continue to develop their products and services, adding innovative extras and adopting modular pricing models, cash plans are cementing their place as a key pillar of modern employee benefits.
More than 200,000 employees were added to these plans in 2023, with 1.6 million workers covered. When you factor in family members covered by these plans the number of people exceeds 2 million.
DOWNLOAD THE BENEFITS EXPERT GUIDE TO CASH PLANS JANUARY 2025
In terms of attracting talent, cash plans offer employers a practical and budget-friendly way to stand out. They’re not just about ticking boxes—they’re about demonstrating genuine care for employees, fostering loyalty, and enhancing company reputation.
Cash plans shine in their own right, but they can also bolster an employer’s offer by complementing other benefits. Bundled alongside group life insurance, critical illness cover, or private medical insurance (PMI), they form a well-rounded offer that prioritises employee health and wellbeing without breaking the bank.
Employers are also leveraging their flexibility, tailoring plans to fit their workforce and budget. Modular options allow companies to remove overlapping services—such as virtual GP access—if these are already included in other benefits. This adaptability underpins ongoing growth and developments in the sector.
