A health care cash plan is a type of insurance policy but it's designed to be used.

Sovereign Health Care's cash plans are designed to help individuals financially when they need to access health care. By paying a small amount each month, either on a voluntary basis or funded by the employer, individuals will get cash back towards treatment they have received. It can help your employees to budget for the everyday costs of health care - cost no longer has to be a reason for delaying treatment.

Sovereign Health Care has a range of affordable health care cash plans which allow you to offer cost effective health care benefits to all employees, support your absence management policies and improve your remuneration package.

Our health is the most important thing we will ever possess although sometimes we only realise this when our health has deteriorated. Often the financial burden associated with health care can discourage people from seeking treatment. However having a health care cash plan in place can help to alleviate the burden and thus encourage people to seek treatment early on, resulting in fewer days off work and a happier, healthier workforce.

In addition to this, providing your employees with access to a Sovereign Health Care cash plan increases the value of your overall staff benefits package making your organisation more attractive to your staff.

With a company funded health care cash plan, such as Asset from Sovereign Health Care, the employer pays the monthly premiums for their employees. They might do this for a variety of reasons ranging from wanting to enhance remuneration packages to meeting duty of care or DSE requirements. The employee is the policy holder and they can claim back costs they have incurred for a range of benefits up to the policy cover level. Find out more about Asset

Where a company isn't in a position to fund cover, they might still want to give their employees access to a health care benefit. To do this you could link up with Sovereign Health Care and offer access to our cash plan on a voluntary basis i.e. the employee pays for cover themselves. Employers can further support their employees by facilitating premiums being deducted from the employee's salary - that way the employee doesn't have to worry about another Direct Debit. Individuals choose to take out a health care cash plan normally because they want to manage the costs of everyday health care and they know they will use the policy.

To find out how Sovereign Health Care could assist your company, book an appointment today.

The premiums paid by the employer are a potential P11D benefit for all directors and employees earning at least £8,500 per annum. The value of benefit is determined by the premiums paid and not the benefits derived from the cash plan policy. Tax is charged at the normal rate of tax for each individual employee i.e. either basic or higher rate. Because of the relatively small nature of premiums per employee £60 per annum on level 1, basic rate tax can be as little as £12 per annum or £1 per month, and high rate tax £24 per annum or £2 per month. This is based on tax rates of 20% and 40% respectively. Premiums funded by the employer are normally considered as a business expense and this should be confirmed with the local tax office.

To help maximise the uptake of your Sovereign Health Care cash plan we will tailor marketing activity to suit your needs. We have a range of marketing activities, these include:

• Direct mail to your employees either at their work or home address
• Direct mail and/or emails to staff every 6 to 12 months to remind them of the benefits they could be enjoying
• Promotional messages on pay slips or leaflet distribution with payslips
• Information for permanent display on your corporate intranet and notice boards
• "Refer a colleague/friend" initiatives once the scheme is established

We also have a dedicated work site team who will visit your office(s) and meet with your staff face-to-face. Onsite promotion is a great way of introducing Sovereign Health Care to your staff and gives them the opportunity to ask any questions and establish if a health care cash plan is right for them. Our account executives can meet with staff individually, as a group or simply be on hand in the staff canteen. We also have a range of incentives to encourage staff to join on the day from high street vouchers to electric toothbrushes.

The cost of marketing is borne by Sovereign Health Care. We will tailor the launch of your Sovereign Health Care cash plan to suit your requirements. We will discuss this with you in more detail if you proceed with launching a scheme to your employees.

Anyone under the age of 76 can join Sovereign Health Care and your employees can remain in the scheme for as long as they wish, subject to premiums being kept up to date

Yes, your employees have the option of covering their dependant children under the age of 17 and also their partner.