What is a Healthcare Cash Plan ?

A Healthcare Cash Plan is a small and relatively inexpensive way of protecting those day to day healthcare bills such as dentistry, opticians’ fees and spectacles, prescription costs and typically a cash allowance whilst requiring hospital treatment.

There are a number of providers in the UK that offer these benefits and each companies benefit range differs slightly. This page discusses Cash Plans in a generic manner, if you have specific needs; we recommend speaking to a policy advisor. Click here.

In many circumstances if you make two or three claims on your policy each year you could quite easily recover the cost of the policy, in many cases, simply using the Optical and Dental benefits with enable this.

How do they work ?

In most circumstances, you will pay for the treatment concerned yourself and then send the receipts to the plan provider for reimbursement.
It is possible to purchase some plans that settle direct with the service provider, meaning that you do not have to meet the initial cost yourself. Plans vary considerably dependant on a number of factors, below we have listed a few:

Some providers reimburse / cover a percentage of the overall cost; eg. 75%, this means if you incur costs totalling £100 and send the invoices to your insurer, they will reimburse you £75.

* Qualifying periods
Cash Plan policies are not restricted by complicated underwriting methods like other insurance products. Instead they rely on a waiting period or qualifying period before you can make a claim. Once this criterion has been met, benefits are paid irrespective whether it is anew or existing condition.

* Transferring from another provider
Due to the highly competitive nature of the Cash Plan market, many providers are competing for business and therefore happy to offer existing insured policyholders the opportunity to join with the qualifying period waived.

* Family Benefits / Senior Citizen benefits
Providers also vary the array of benefits they offer to suit different age groups and family circumstances. It is fair to say that the needs of a young single professional differ from those of a family and indeed those of someone aged 65+.

Who are they designed for ?

Cash plans are ideal for any age or circumstance if you have identified a need for such benefits. Dependant on the level of cover and type of plan, such policies are perfect for;

•  Individuals and families of any age
•  Self employed persons
•  The elderly who have a fixed budget
•  Someone with basic Medical Insurance – an ideal accompaniment