Health Insurance Cash Plans
Cash plans offer families and individuals a way to recoup the costs of ordinary medical consultations, such as dental, optical and physiotherapy appointments.
Premiums for healthcare cash plans can range from just a few pounds to £20 a month or more. This makes it an attractive option for people who can't afford full private medical insurance (PMI) but would like to cover their basic healthcare costs.
ActiveQuote deals directly with cash plan providers to ensure that you're able to access the most competitive quotes.
How do health cash plans work?
When you hold a health cash plan, you pay a monthly fee to your insurer. This entitles you to a cash refund for the cost of medical appointments stipulated in your plan. For example, if you pay £7.50 a month you will usually be able to claim for the cost of dental or optical appointments. If you are willing to pay a bit more, you can often claim money back for physiotherapy, osteopathy and chiropractic consultations.
Unlike health insurance, once you've paid for your appointment, you will need to retain your bill in order to file a claim. Upon receipt of this, your insurer may refund you with a cheque or pay the sum directly into your bank account. Depending on your cash plan, this may be for the full cost of your appointment or a certain percentage - for instance, 70 or 80 per cent of the total.
Benefits of a cash plan
- Small monthly pay-outs often make cash plans more affordable than PMI.
- There's usually no need to undergo a medical check-up before applying for a cash plan, unlike with health insurance.
- Your age does not usually affect the premiums you pay for a cash plan.
- You may be able to extend cover to your family for a minimal premium increase.
- Your money is safe: medical cash plans are protected by the Financial Services Compensation Scheme, which covers up to 90 per cent of your pay-outs.
- Many companies offer cash plan as an employee benefit, so you may already be covered for free.
Call ActiveQuote free on 0800 862 0373 for more information about cash plans, or get a quote for health insurance online.