The Health Cover UK Market Report 2013 has revealed that the non-profit-making Friendly Society is the fourth-largest health cash plan provider, with 5.5 per cent of the market. It shows that Health Shield’s overall turnover increased by £1m to £27m in 2012, strengthening its position.
According to the report, the number of health cash plans funded by companies rose strongly in 2012 by 15.4 per cent, with businesses spending £58m on group schemes. This follows similar strong growth in 2011 (up 13.5 per cent) and 2010 (up 11.2 per cent) — more than doubling in the past six years and growing by an estimated 153 per cent between 2007 and 2012.
This compares with demand for individual health cash plans, which remained largely static, increasing by 0.1 per cent to reach a total of 2,601,000 contributors at the end of 2012. It follows consecutive annual falls in the preceding four years.
The Health Cover UK Market Report is published annually by Laing & Buisson — a provider of information and market intelligence on the independent health, community care and childcare sectors.
It stated that key factors driving very strong growth in company-paid subscribers included the widening appeal of cash plan benefits as workplace health solutions for employers coupled with the strong flexibility of cash plan cover and increased interest in company-paid business by intermediaries.
The report follows another successful year for Health Shield. The 2012 annual results revealed that the organisation increased overall active membership by a further eight per cent. It now provides cover to more than 150,000 members plus their families.
Alternatively for more information about our Health Cash Plans call us on 01270 588 555.