Soaring energy cost and inflation further the case for cash plans and comprehensive employee assistance programmes, according to Marcia Reid, non-executive director at Sherwood Healthcare.
Earlier today regulator Ofgem announced its new energy price cap which will mean millions of households across the country face an 80% increase in their energy costs in October, taking a typical bill to £3,549 a year.
Commenting on the price hike, Reid (pictured) told Health & Protection while soaring energy costs and general inflation will have a direct impact on ‘non-essential’ purchases for individuals and companies, for employee benefits, there has never been a stronger case for cash plans and comprehensive employee assistance programmes.
“As we know – cash plans can assist members with everyday healthcare costs such as optical and dental services and these are a good way to supplement salary increases which may be especially challenging for employers,” Reid said.
“There has been much discussion about the detrimental effect that money worries can have on mental health and an EAP which includes debt counselling is particularly valuable at this time.
“As inflation continues to bite, this is an opportunity for intermediaries to continue to work closely with the clients to support them and demonstrate the value of health and protection services.”