Health Cash Plans - UK - November 2016
“There is a clear need to improve consumer awareness and understanding of health cash plans, as many people confuse them with PMI and few consider them good value for money. Only by overcoming these obstacles can providers significantly increase take-up.”
– Sarah Hitchcock, Senior Finance Analyst
This report examines the following issues:
- Increase visibility on price comparison sites to help educate consumers
- Develop propositions that allow employers to tailor benefits to suit the specific needs of their business
The health cash plan market in the UK is mature and stable, with little change in the market shares of the leading players from year to year. It is largely served by not-for-profit organisations, which specialise in offering cash plans and other related healthcare products.
In recent years, overall market performance has been rather uninspiring, although this disguises some variation between individual companies. The sluggish growth is mainly due to flat sales in the personal sector (ie cash plans bought independently by consumers). The corporate sector has seen growth, but this has yet to translate into a significant rise in total market value.
Nevertheless, the key market fundamentals remain sound. Demographic and lifestyle changes are putting an increasing financial strain on public health services, while NHS spending is set to slow over the next few years. These factors, along with sustained interest from employers and intermediaries, will continue to underpin demand for healthcare insurance products, including cash plans.
Mintel’s market analysis, therefore, not only looks at recent performance but also considers its prospects for future growth. Complementing this analysis are the results of our consumer research. The online survey reveals current penetration rates and examines attitudes towards the product, along with levels of consumer awareness and engagement. It also identifies the main market barriers, and offers strategies to overcome these for consideration.
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