The Product

A fifth, new option has been added by Simplyhealth to its company-paid health cash plan, which is called Simply Cash Plan.

The new option is called PMI Excess Cover and is designed to pay out if the insured employee has to pay an excess under their private medical insurance (PMI) benefit. Three levels of cover are offered:

• Level 1 pays up to £100 a year and costs 25p per employee per week.
• Level 2 costs 50p a week for £200 of annual cover.
• Level 3 costs 75p a week for £300 of annual cover.

In effect, if an employee claims on their PMI policy and has to pay the full excess more than once every four years, the benefit will pay for itself.

The new module is another option that can be chosen on the Simply Cash Plan. That plan includes:

• The core plan costs £1 a week per employee and covers dental, optical, health screening, alternative therapies and consultations and scans. Helplines are also included. To this can now be added one or more of five options:
• Choice 1 is a 15p a week employee assistance programme (EAP) option.
• Choice 2 is a 30p a week Hospital and accident benefit option.
• Choice 3 is a 20p a week New-child payment option.
• Choice 4 is a 25p a week Managing Absence benefit option.
• Choice 5 is the new PMI excess benefit option.

If all options are chosen, the plan would cost £2.65 a week per employee if all options were chosen at the highest level available.