Cash Plans
What is a cash plan?
A Cash Plan is an insurance policy that can help to cover the cost of everyday healthcare, such as visits to the dentist, opticians or physiotherapy, by reimbursing you for some or all of the cost of routine and/or unforeseen healthcare costs and appointments. Cash Plans are available for a monthly premium and are an affordable, simple and accessible way of helping you to manage the cost of everyday healthcare.
How is a cash plan different to Private Medical Insurance?
Whereas Private Medical Insurance can help you when the unexpected happens, cash plans are designed to be an affordable way of help you manage the day to day costs of healthcare - the costs of which can all add up. If you are looking for cover to help with operations, hospital visits and treatment for serious conditions such as cancer, private medical insurance may be more appropriate. If you are looking for cover that helps you keep the costs of dental treatment, visits to a physio and eye appointments, cash plans may be a way to help you manage the costs.
Why buy a cash plan?
The costs of everyday healthcare, such as dental check-ups, a visit to the opticians or buying prescription medicines, are ever increasing and can all add up. A Cash Plan is designed to help you meet these costs, so that you do not have to worry about paying for treatment when health issues arise.
There are many benefits to taking out a Cash Plan, such as:
- Help to budget for everyday health care expenses
- Low monthly premium
- Choice to cover the whole family for added peace of mind
- Choice of the healthcare practitioner that you want to see, plus there is no need for a GP referral
- Cover for pre-existing medical conditions
- Access to a range of benefits such as medical helplines and 24/7 GP access
Different Cash Plans have enhanced levels of cover for different treatments so you can choose the right cover that suits your needs to make the most of your Cash Plan. For instance, musculoskeletal problems affect many of us at some time of our lives, so if you want to ensure that you are prepared should this affect you, then you could choose a Cash Plan that offers you more cover for physiotherapy, osteopathy or chiropractic treatment.
If you go for annual dental checkups and regular hygienist visits, you could choose a Cash Plan that offers you more dental cover on an annual basis or choose a dental cash plan which is specific to dental care and maintenance only.
The majority of plans will also cover preexisting conditions, but make sure that you check this before you buy the policy.
Cash Plans typically do not reimburse you for treatments such as cosmetic surgery, laser eye surgery, professional sports injuries and non-prescription medicines or glasses. Remember to check the terms and conditions of your policy to see which treatment your Cash Plan will reimburse you for.
How can I get a policy?
When you buy insurance, you will be asked to fill in an application. This may be online, over the telephone or by completing a paper application form. Once your application has been accepted you will be told when cover will start. It is important to take reasonable care to answer the insurer’s questions as fully and as accurately as you can. If you are unsure whether something is important, it is best to tell your insurer. If you do not, your insurer may reduce your claim or refuse to pay and cancel your policy.
Types of policy
Individual policy:
When you buy an individual policy you may also have the option to cover your partner and/or your children under the same policy. Assess the healthcare needs of your family before shopping around for a Cash Plan as some policies may offer separate allowances for children or have a shared overall family allowance.
Group policy:
Your employer may offer group Cash Plans allowing you to claim money back on many everyday health expenses. If you join your employer Cash Plan scheme you may not need to fill in an application. Check with your employer if they have a healthcare plan and find out what it covers you for. You may be able to include cover for your family under an employer Cash Plan scheme.
Confidentiality
In line with the Data Protection Act 1998, all insurers treat personal sensitive information confidentially, including medical details. When you are asked for information, you will be told what it will be used for, who it may be given to and in what circumstances. You can ask to see any information an insurer has about you.
Making a Claim
When you receive treatment you pay the cost of that service upfront and then you send your insurer the receipts, showing the costs you have incurred.
If the costs are covered, the insurer will reimburse you directly within a few days for either a part of that cost or the full cost, depending on how much cover your particular Cash Plan provides.
Take a look at our guide to health insurance here.