Hybrid option to save costs

Brokers should have cash plans to hand when advising clients looking to review their existing health...

Brokers should have cash plans to hand when advising clients looking to review their existing health benefits offering, according to HealthSure.

The healthcare provider said brokers could suggest a proactive approach that combines the ongoing use of private medical insurance (PMI) with the introduction of a health cash plan.

According to intermediary manager, David Wilson, brokers helping companies make savings could steer employers toward a hybrid PMI and cash plan option, where they opt for a higher excess on the PMI and use the cash plan to supplement this.

He explained that taking out a health cash plan in addition to PMI does not mean an employer will incur additional expense.

"When a business renews its PMI, a discount is offered on the renewal of its premiums when an excess is added," he said. "This extra discount can be used to purchase a health cash plan, which is a low cost option to supplement the PMI."