Does anyone currently operate both a PMI scheme and a Health Cash Plan?
We are considering offering a voluntary Health Cash Plan funded by employees alongside our fully funded PMI plan to open up an option to those who can't or don't want to take the tax liability on the PMI. We don't have the budget to fund the cash plan but it would be good to have a lower cost option available for those that would like it. I am interested as to whether operating the two plans has worked for others or if there is a clash which ends up impacting take up under both plans? Any insight would be welcome.
Hi Katie,
We offer a fully funded PMI plan including family cover and alongside this we offer the health cash plan through Medicash. We fund Medicash at a basic level up to family cover (children are free) but allow employees to increase the level of cover at their own cost through payroll deductions.
Like others here, the health cash plan covers the cost of the PMI excess and covers other out of pocket expenses not covered by the PMI plan e.g. prescriptions, dental, optical etc. So there isn't really much crossover apart from ancillary services such as EAP and digital GP. Choice is good but can be a bit of a nightmare trying to capture everything in the comms!
Hi - we also have PMI funded cover for manager level and above, but all colleagues can buy varying levels of cash back benefit starting at 78 pence per week. Cash Plan (as Samantha has noted) provides different cover to PMI schemes, but the PMI excess can be claimed back on cash plan, plus ours includes unlimited digital GP, and other add ons. Personal accident, dental, optical, wellbeing treatments and more are also covered. Spouse/partner can be added at a cost, but children are free. Benefit levels are reset annually.
I believe there is space for both benefits as they do cover very different aspects of healthcare.
Helen
Hi, we have just launched a Health Cash Plan (basic level company paid) and it seems to have gone down well as it will help with everyday healthcare costs such as dental. As we cover family on PMI for more senior employees (everyone gets single cover company paid), we've covered family (on the basic level) for our more junior employees. Everyone can pay to upgrade the level if they wish. We have also selected the PMI excess which was mentioned, I think this is great as makes the PMI more accessible too. The only clash we have is around the add-ons such as EAP and Digital GP as we've now got several providers...
Hi, yes, we offer both a company funded PMI and flex salary exchange cash plan. They tend to cover different healthcare expenses so there's not much cross-over. What is good is that your PMI excess can usually be claimed back under the 'private consultation' element of the cash plan. It's worth checking that out with the cash plan provider to make sure they're comfortable with the plan being used that way however the 2 I've used over the years have been fine with it.