Cash Plans vs Health Insurance
Cash plans and health insurance may both offer financial help for healthcare, but they work in very different ways. If you’re wondering whether a healthcare cash plan is right for you, WHA Healthcare is here to help. Our cash plans provide affordable, everyday health cover for routine needs like dental care, glasses, physio and more. It’s an easy way to stay on top of health costs, without the high price tag of private insurance.
The rising costs of Private Medical Insurance (PMI) have led many businesses to seek more affordable healthcare solutions. Health cash plans have emerged as a popular alternative, offering significant benefits at a fraction of the cost of traditional health insurance. We explore the differences between cash plans and health insurance, highlighting why cash plans are a viable and cost-effective option for both employers and employees. Also, to individuals and their partners who are looking for private health cover.
Understanding Cash Plans Vs Health Insurance
Health cash plans are designed to cover routine healthcare expenses, such as dental check-ups, optical care, and physiotherapy, by providing cash back on these services. Unlike traditional health insurance, which covers significant medical events and treatments, WHA healthcare cash plans focus on everyday health needs, making them a practical option for regular healthcare expenses.
Key Benefits Of WHA Health Cash Plans
- Monthly premiums for cash plans can be as low as £6.28 covering up to 12 healthcare benefits under one cash plan.
- Our affordable and transparent cash plans typically offer fixed reimbursements for specific services, allowing users to manage and predict their healthcare expenses more effectively.
- WHA Healthcare cash plans are renowned to offer cover for a variety of services, including hospital inpatient/outpatient, dental, optical, physiotherapy, specialist consultations and even alternative therapies all under one cash sum benefit.
Health Insurance – Comprehensive but Costly
Health insurance provides cover for more significant medical events, including surgeries, hospital stays, and specialist treatments. While comprehensive, health insurance policies come with higher premiums, which can be a burden for businesses and particularly individuals looking to manage costs.
Key Features Of Health Insurance:
- Extensive Cover – Can include extensive cover for medical treatments, including inpatient and outpatient procedures, specialist consultations, and post-surgery rehabilitation. You may be paying for these but never need any of them.
- Higher Costs – Monthly premiums are significantly higher compared to cash plans, often making them less accessible for small to medium-sized businesses.
- Additional Benefits – Some policies include access to private GP services, mental health support, and extended hospital lists, though these often come at an additional cost.
Cash Plans – A Cheaper Alternative With Great Benefits
Given the rising costs of PMI, cash plans offer a compelling alternative. They provide essential healthcare support without the high premiums associated with health insurance. Here’s why cash plans are increasingly attractive to businesses:
- With premiums starting as low as £6.28 per month, cash plans are a budget-friendly option for businesses looking to provide healthcare benefits to their employees without incurring high costs. Plus WHA Healthcare have been mentioned on popular Martin Lewis’ Top Pick Healthcare Cash plan website.
- Cash plans allow employees to claim back costs on a range of services, from dental and optical care to physiotherapy and chiropractic treatments. This flexibility ensures that employees can select the healthcare services that best meet their needs.
- By offering health cash plans, businesses can enhance employee satisfaction and retention. Employees appreciate the support for routine healthcare expenses, which can significantly improve their overall wellbeing and productivity.
A Practical Example Of WHA Healthcare Cash Plans
A notable provider of health cash plans in the UK is WHA Healthcare.
- Offers cover for businesses and individuals with transparent pricing and a wide range of treatments.
- Includes counselling cover and physiotherapy treatments and the usual dental checkups, optical care and more under one benefit scheme.
- Includes alternative therapies such as acupuncture and chiropody, which may not be typically covered by other plans.
The Financial Impact on Businesses
Employers are increasingly recognising the financial benefits of offering health cash plans. According to a report by LaingBuisson, total spending on health cash plans in the UK was £411 million at the end of 2020, with £146 million of this coming from employer-paid plans. This indicates a growing trend among businesses to opt for more affordable healthcare solutions that still provide substantial benefits to employees.
Moreover, the cost of private health insurance continues to rise. According to industry data, businesses are looking at annual premiums that can significantly impact their budgets. Health cash plans, on the other hand, offer a sustainable alternative that allows businesses to provide essential healthcare benefits without the financial strain associated with PMI.
Choosing the Right Plan for Your Business
When deciding between health cash plans and private health insurance, individuals and businesses must consider their budget, the needs of their employees, and the level of cover required. While health insurance offers comprehensive cover for major medical events, the high premiums can be a deterrent for many businesses. Health cash plans, with their affordability and focus on routine healthcare, provide a practical and cost effective solution.
As healthcare costs continue to rise, cash plans offer a way for businesses to support employees’ health and wellbeing without breaking the bank. By carefully selecting the right plan, we will meet the needs of both the business and its employees. Companies can ensure they provide valuable healthcare benefits that enhance employee satisfaction and productivity.
If you’re looking for a simple, reliable way to manage everyday medical costs, a WHA Healthcare cash plan could be the answer. It gives you money back for the care you already use, without needing GP referrals or waiting periods. Health insurance might suit some, but for many people, a cash plan offers the affordable health cover they need.
Frequently Asked Questions on Cash Plans vs Health Insurance
What is a healthcare cash plan?
A healthcare cash plan is a type of health cover that lets you claim back money on everyday healthcare costs, like dental check-ups, eye tests, physio, and alternative therapies.
Is a cash plan better than health insurance?
That depends on your needs. If you want to cover routine healthcare costs affordably, a cash plan may suit you. If you’re looking for cover for private hospital treatment or surgery, health insurance might be more appropriate.
Can I have both a cash plan and health insurance?
Yes, many people choose to have both. A cash plan can help with everyday costs like dental or glasses (up to 10 more other benefits included in one plan), while health insurance covers more serious medical treatments.
How much can I claim back with a WHA Healthcare cash plan?
Depending on your chosen level of cover, you can claim back up to 100% of the cost of many routine treatments, up to annual limits. Visit our benefits of a cash plan page to see full details.
Is a cash plan the same as private health insurance?
No, they work differently. Health insurance typically covers one off events like operations or hospital stays. A cash plan helps you stay well day-to-day by covering costs you’re likely to use more regularly.
