Standard Life is extending its healthcare cash plan to the corporate market.
The corporate health cash plan is available for groups of three or more employees. It has 24 cash benefits including dental, optical and hospital stay and has four levels of cover. Premiums can be paid monthly or annually on a single or joint life basis.
Single cover ranges from £6.30-£18.27 a month or £71.82-£208 a year. Joint cover is £11.70-£35.10 a month or £133.38-£400.14 a year.
The Medicash health benefits scheme for corporate members is a similar plan that also has four levels of cover bronze, silver, gold and gold plus but is more expensive than Standard Life. Premiums are £8.67-£26.00 a month or £104.04-£312 a year for single cover. Joint cover is £15.17-£45.40 a month or £182.04-£546.
Although the Standard Life plan is cheaper than Medicash, many of its benefits are lower and would be more suitable for people at the lower end of the benefit scale. Under Standard Life's plan, 100 per cent of optical costs are paid up to £25 a year for level one cover and £100 a year for level four cover. The Medicash plan only pays 50 per cent towards optical costs, but this is up to £72 for the lowest level of cover. For the highest level of cover, a 100 per cent contribution is made up to £216 more than double the amount under Standard Life.
However, Standard Life pays up to £400 a year when employees are off work through sickness. This could be an attractive benefit for some employees that is not available under the Medicash plan.