Health Cash Plans (HCP)
AKA: Cashplan/HCP
Support employee's health costs for a healthier, happier workforce.
£1-£15 p.w
Typical per member premium range.
What is a Cash Plan?
Provides reimbursement towards everyday health costs and medical treatments.
A cash refund plan as opposed to a fully funded medical insurance policy.
Often includes not just healthcare but contributions towards routine dental and optical costs.
Why HCP for your employees?
Reduce sickness and absence periods.
Enhance recruitment and retention.
Save money - group cover is typically lower cost than individual.
Drive employee loyalty through provision of a highly valued employee benefit.
Maintain a healthier, happier, more secure workforce.
Be a better employer and fulfil your ‘Duty of Care’.
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Policy terms that you can choose
Cash plan providers typically offer a few set products with fixed levels of cover for each of the ‘cover categories’. Within each product there will be an annual limit for amount that the plan will contribute towards the cost of treatment. Typical limits will lie in the ranges illustrated below.
Variable Annual Limit
Dental limit £100 - £250
Optical limit £100 - £250
Therapies limit £50 - £250
Chiropody inclusion £0 - £150
Diagnostic consultations £150 - £400
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Tax treatment
Typical tax treatment of these insurances, subject to your tax advisors and tax controller.
For employers
Corporation tax
Health Cash Plan premiums do qualify for corporation tax relief as a business expense.
Insurance premium tax
Insurance Premium Tax is applied to Health Cash Plan premiums. Quotes include IPT (currently at 12%).
For employees
P11d tax
PMI premiums do qualify for corporation tax Employer paid Health Cash Plans are subject to P11d benefit in kind tax.
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