With household budgets under pressure and the cost of healthcare rising, many people are beginning to consider health cash plans for the first time. This article aims to give you an overview of how a health cash plan works and how it could benefit you and your family.
A health cash plan is a form of health insurance which provides a safety net for people who are concerned about healthcare costs but unwilling or unable to pay for Private Medical Insurance (PMI). The cost of a health cash plan tends to be significantly lower than that of PMI, making it a more suitable option for many households. In addition, some health cash plans offer cover for spouses and dependent children at no extra cost, making them a sensible investment for families.
How does it work?
A health cash plan works by reimbursing your health costs after your treatment, in exchange for a monthly premium. These premiums can be as low as £1.23 per week, making health cash plans an affordable form of health insurance. The claiming process is straightforward and claims are often turned around more quickly than they can be with traditional health insurance, with some providers offering repayment within five working days of receiving a completed claim form. Many customers find it reassuring to know that they will be reimbursed quickly following any medical expenditure.
What are the benefits?
Most health cash plans will cover a wide variety of medical expenses and treatments including dental work and opticians’ bills, which are often the main costs associated with family healthcare. Many plans also include cover for therapy treatments such as acupuncture, homeopathy and physiotherapy and are available for people with pre-existing conditions, unlike many health insurance schemes.
There are also benefits for people looking for specialist consultations or second opinions, having day surgery or in-patient treatment or even planning to have a baby, as well as a range of telephone and online resources available to ensure peace of mind. These resources can enable families and individuals to proactively manage their healthcare and prevent minor ailments from turning into major problems.
For all these reasons, many individuals and families are finding that a health cash plan is better suited to their needs than conventional medical insurance. This is particularly true as families need to keep on top of their finances and make their budgets go further. Against this background, a health cash plan can offer complete peace of mind for a considerably lower cost than the majority of PMI schemes.