Healthcare will be the increasing focus for many organisations and their HR departments in 2014, according to Jelf Employee Benefits.
The benefit consultancy predicts that organisations, particularly larger ones who now have AE behind them, will redress a necessary swing to a focus on pensions and now spend time reviewing other benefits, particularly health and wellbeing.
Iain Laws, director of UK healthcare at Jelf Employee Benefits, said: "Unsurprisingly, we expect budgets will remain tight and so we foresee a continued growth in the health cashplan sector, with employers making provision for those not provided with healthcare benefits or health management systems.
"Similarly ‘value' will be a buzzword with a greater demand for an evidenced return on investment in the healthcare arena - particularly from more experienced and sophisticated employers."
A selection of key influences Jelf Employee Benefits expects in 2014 are:
• The government-funded Health & Work Service will allow employers to claim tax relief on expenditure up to £500. With the musculoskeletal conditions accounting for a large proportion of PMI claims and employee absence, there is likely to be an increased demand for tax-efficient ways to address this issue.
• With Auto Enrolment now part of the mainstream benefits vernacular, HR and reward communities may now take a different attitude to their thinking on health & protection policies. Specifically considering the needs of all employees, longer-term strategy and seeking broader advice from their advisers.
• Research shows that 93% of employers believe it is appropriate to promote better health (including health benefits) to employees. HR departments will be putting greater emphasis on an evidenced return from their own investment in healthcare benefits & services.
• There will be continued growth in the health cashplan sector. Expect to see an increased likelihood of reduced excess discounts for PMI schemes where a company-paid cash plan is also provided.
• As there are fewer NHS dentists available there will be an increased demand for private dental plans.
