Engage Mutual widens appeal of corporate health cash plans with employee paid one fund launch

Posted in: Products Last updated: 20 Aug 2012

Engage Mutual has launched a voluntary option of its one fund health cash plan, to fuel the employee benefit market and widen the appeal of corporate cash plans to employers of all sizes.

In response to market demand, Engage Mutual will now offer its corporate one fundhealth cash plan as an employee-paid option as well.  This will open it up to employers, who are keen to offer healthcare to their employees, but don’t have the budget to fund it, so they provide access to a benefit for their workforce.

One fund is a unique cash plan, which provides a single pot of money which can be used on a selection of the most popular and relevant benefits, or towards one single benefit, depending on the needs of the individual.  The simple, flexible plan helps people to budget for everyday healthcare costs and its introduction by employers can help boost morale, retention and the bottom line, without a significant investment.

Helen Smith, Head of Engage Mutual Health said:

“Health cash plans are growing in popularity as they provide an appealing and increasingly affordable product for both employers and consumers alike, and our first step into the corporate  health cash plan market has been incredibly well received since we launched one fund in 2011.

“Following corporate and broker feedback, we’ve recognised that employers continue to value the benefits that health cash plans provide, but some have a limited budget, so we’re delighted to make one fund even more flexible and to provide employers with a choice.”
The launch of the voluntary one fund is the latest development that customer-owned Engage Mutual is making to its corporate offering following the acquisition of the one fund plan in 2011.

Engage Mutual has also invested in the product and its roll-out with its six strong sales team.  The team will support Commercial Sales Manager, David Castling, in developing its select panel of brokers and bolstering the corporate offering of Engage Mutual.

The one fund employee paid plan is available from £10 – £20 per month.  It provides access to one pot of money to offer cash back on the cost of treatment across a range of the most popular benefits:  dental, optical, health screenings, consultations, counselling plus physiotherapy, osteopathy, chiropractic, acupuncture and homeopathy.

Engage Mutual’s one fund offers a choice of six premiums, which provide an annual fund, up to £1,000 per year, which can be used in a flexible way towards healthcare costs. The annual fund can be used on one benefit or across a number of benefits, depending on the need of the individual, with each benefit category subject to a £25 excess.