New year, new benefits?
Well, at last 2020 is behind us and 2021 can hopefully bring a return to normality.
In the world of Employee Benefits, we recommend that employers set an agenda to look at the structure of the plans, to ensure that they are meeting their requirements.
It is very easy to simply renew the plans and put the new policy documents in the drawer until next year unless they are needed for a claim, or if an employee asks a question. There are many reasons to do this and to list all of them here is not possible, however, here are a few just to get the mind focussed!
Group Life Assurance: have you checked if a claim will take employees over the Lifetime Allowance triggering a potential 55% tax liability on any excess?
Income Protection: are you using the services to ensure absences are managed and return to work opportunities taken?
Private Medical: now is the time to look to add in a Cashplan to cover the excess and potentially reduce claims for procedures such as physiotherapy and scans?
Cashplan: one of the best plans out there for all employees. This can cost as little as £1.00 per week per employee and offer a range of benefits from eye tests and dentist costs through to physiotherapy and scans. This is a fantastic engagement tool and can really help with the return to the new normal!
Occupational Health Strategy: what does this mean to most employers? In our experience, it is a knee jerk reaction to either an accident at work or a troublesome absentee where you need some medical evidence to dismiss! We look at this from a different angle and look to provide a comprehensive solution to manage key requirements like pre-employment screening, safety critical reviews, mental health strategy as well as the usual reporting. We have access to a unique package allowing these services to be provided for a single annual charge which in many cases is less than having to buy a service as a one off!
Now is the time to review your strategy and take decisive action, call our Head of Employee Benefits, Stephen Ellis on 01423 223640 to discuss your strategy.
