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    Below you will find answers to questions we frequently get asked about our health care cash plans for businesses. If you need any more help, give us a call on 01274 841 127 or enquire online. Lines are open Monday to Thursday from 9am to 5pm, and Fridays from 9am to 4pm.

    What is a health care cash plan?

    Sovereign Health Care’s cash plans are there to help individuals financially when they need to access health care. By paying a small amount each month, either on an employer paid or employee paid basis, 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.

    Why should my employees have a health care cash plan?

    Our health is the most important thing we will ever possess, although sometimes we only realise this when it has deteriorated. The financial burden associated with everyday health care can often prevent people from having treatment. However having a cash plan in place can help take away that burden and encourage employees to seek treatment early on, resulting in fewer days off work and a happier, healthier workforce.

    Plus, 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.

    What is the difference between employer paid and employee paid health care cash plans?

    With an employer paid health care cash plan, such as Asset and Merit 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 helping meet duty of care or DSE requirements. The employee is the policyholder and they can claim back costs they have incurred for a range of benefits up to the policy cover level.

    Where a business isn’t in a position to pay for cover, they might still want to give their employees access to a health care benefit. To do this they could link up with Sovereign Health Care and offer access to our Good All Round cash plan on an employee paid basis. Employers can also support their employees by arranging for premiums to be deducted directly from their salary – that way the employee doesn’t have to worry about another Direct Debit.

    What are the tax implications for employees should employers fund the scheme?

    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 claimed 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. For example the premium for the Merit cash plan is £56.40 per annum so basic rate tax can be as little as £11.28 per annum or 94p per month, and higher rate tax £22.56 per annum or £1.88 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.

    How is the employee paid scheme promoted to employees?

    To help you make the most of your Good All Round cash plan scheme, we can offer marketing activity to suit your needs. We have a range of marketing activities, these include:

    • Posters and leaflets to display in your workplace
    • Information for your corporate intranet or benefits portal
    • Payslip messages or attachments
    • Induction packs for new starters
    • Recommend a colleague/friend incentive once a scheme is established

    We have a dedicated worksite team who can visit your locations 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 work digitally with short videos, online joining by payroll deduction and online claiming. Watch our short video to find out more

    Sovereign Health Care will cover the cost of this marketing and we can tailor the launch of your scheme to your business.

    Are children covered?

    Asset – employer paid
    Yes, up to four dependent children, aged under 18, are covered at the same level as the employee at no extra cost for optical and dental benefits only.

    Merit – employer paid
    There is no cover for dependent children with Merit.

    Good All Round cash plan – employee paid
    Yes, up to four dependent children, aged under 18, are covered at the same level as the policyholder at no extra cost for all benefits except birth/adoption.

    What is the best health cash plan for the self-employed business owner?

    The most appropriate cash plan for your business will depend upon your aims and objectives as a business. Whatever your circumstances, Sovereign Health Care has a range of cash plans designed to meet a variety of business needs.

    Can employees also cover another adult?

    Yes, your employees also have the option of paying to cover another adult.

    Will my employer know the details of my health problem if they are paying for my cash plan?

    No, everything is completely confidential. When you make a claim you will deal directly with Sovereign Health Care and we will not disclose any information about individual claims to your employer.

    Sovereign Health Care and its group companies comply with the General Data Protection Regulation (EU) 2016/679 and any national laws which relate to the processing of personal information. Sovereign Health Care is committed to keeping your personal information secure, including sensitive personal information relating to health or medical conditions.

    Employer paid

    From £4.70 per employee, per month

    Find out more

    Employee paid

    At no cost to your business

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