This sales data from Health Shield highlights the opportunity ahead from insurance brands;
An innovative health cash plan launched by Health Shield Friendly Society has seen sales double, as a result of offering Level 2 cover at a more affordable price point.
Sales of the Select Health Cash Plan, designed for the SME market, soared by 95 per cent like-for-like when compared to the original Classic Cash Plan, after Health Shield introduced a market-first new Level 2 of cover with a much smaller price jump between Levels 1 and 2.
Select’s Level 2 is now the most popular choice, with 46 per cent of members covered and is accessed from just £6.50 per employee per month. Twice as many Select Health Cash Plan members – 62 per cent– now enjoy Level 2 cover or above.
Paul Shires, commercial director at Health Shield Friendly Society, said: “In the past year, 642 new businesses have joined our Select Health Cash Plan, extending valuable health benefits to thousands of employees and their families.
“The employer-funded health cash plan market has seen significant growth in recent years, with most organisations opting for entry-level coverage. Despite the challenges of high inflation, premiums have remained relatively stable, but so have the benefits. As employers seek to provide higher levels of coverage to their employees while staying within budget, we’ve responded to this need.
“Across the market, the gap between coverage levels has often been steep, with premiums usually doubling as coverage increases. To make enhanced benefits more accessible, we’ve introduced smaller, more manageable increments between coverage levels.”
In the 12 months to January 2025, the average claim for the Select Health Cash Plan stood at £60.58, up 8.5 per cent compared to the previous Classic Plan.
Health Shield Friendly Society said the new product was also supporting employees’ partners and children, with 28 per cent of members having dependants registered.
Alban Gregory, employee benefits consultant and account manager at Towergate Employee Benefits, said: “Select Health Cash Plan offers great return on investment for clients who want to go over and above supporting the everyday healthcare needs of their employees.
“The plan, especially Level 2 coverage, is positioned at a great price point and with the additional services available, clients can be assured that they are offering a comprehensive plan that gives their most important asset value for money.”
Cindy Slade, employee benefits co-ordinator, Lewis Investment added: “Our clients have given great feedback on Health Shield’s Select Health Cash Plan which now includes a new Level 2 option as well as added benefits such as Skin Vision and Gym discounts.
“As employers are looking to retain and recruit good people, the cash plan is a great benefit to include in their overall benefit package.”
The Select Health Cash Plan provides members with access via the Breeze app, offering them an easy way to claim money back on everyday healthcare costs, access support services such as virtual GP consultations, mental health support, exclusive shopping deals and discounts via the PERKS rewards platform.
The Select Health Cash Plan has five levels of cover to appeal to companies of various sizes, needs and budget, with two new additional benefits.
New benefit SkinVision, which provides accurate and timely skin cancer detection, has already identified 62 cases with a high suspicion of skin cancer. These members are now being supported through the NHS or a private pathway with SkinVision dermatologists.
It also includes My Gym Discounts which deliver significant savings on gym memberships at over 3,600 locations across the UK, alongside discounts on digital fitness subscriptions.
For more information go to: https://www.healthshield.co.uk/
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