What are healthcare cash plans?
Here are three things you need to know about them:
- They are different to private medical insurance
Healthcare cash plans – or healthcare benefit plans – should not be confused with private medical insurance which covers you for unforeseen treatments or illnesses.
With healthcare cash plans, you pay your medical bills whether you’ve seen a health professional privately or on the NHS and your insurer reimburses you up to an agreed limit.
- Costs vary depending on your level of cover
Basic cash plans are relatively inexpensive. They can be as low as £10-20 a month. However, the more cover you have, the more expensive they become. You can tailor your cash plan to suit your needs.
A whole range of treatments are covered by these plans including: physiotherapy, chiropody, private x-rays and scans and inpatient hospital stays. You can even have hospital car park fees added to your plan.
- You’ll need to do your research
Unlike other types of insurance policy, healthcare cash plans don’t appear on comparison sites. This means you’ll have to shop around and do your research to find the best deal. There’s plenty of information out there on insurers’ websites. If you want to speak to a financial adviser, you can find one through the Association of Medical Insurers and Intermediaries.
But before you do anything, ask your employer if you already have a healthcare cash plan and find out what it covers you for. They are becoming an increasingly popular workplace benefit. Your employer may cover you for free, or for a small amount off your salary each month.
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