Financial Services > Health lnsurance > Dental Insurance Guide

Cash Plan Insurance

Click here to appy for a HSA Cashplan

Everyday health costs are gradually rising, and choosing the right insurance plan can make all the difference. Keeping healthy is incredibly important, and the ability to choose when and where you want to be treated is invaluable. One inexpensive way of ensuring that you are covered for medical problems is to take out a health cash plan.

What are cash plans?

Cash Plans are cheap insurance policies that pay out a sum towards the cost of a variety of treatments. Cash sums will be paid to you should you have to go to hospital, need to see a specialist, visit a dentist or an optician, give birth to a child, or seek alternative therapies. Cash plans are aimed at helping with the daily health expenses that many of us need.

Exactly what is covered varies between plans, but on the whole they encourage the policyholder to seek and receive early investigation and treatment of medical problems. Some policies will be more specialised, and may be individually expanded to include things like home illness treatment.

A cash plan policy requires a monthly premium payment, often using direct debit.

What are the advantages of a cash plan?

Cash plans do not require the would-be policyholder to have a full medical examination before joining. Cash plans may also be used to contribute towards dental and optical treatment, as well as other categories of treatment. When one or more parents are covered by a cash plan policy, children will often be included free of charge. Importantly, the cost of premiums does not increase as time goes on, unlike many other types of insurance.

It is important to remember that cash plans are not private medical insurance. They started out as hospital cash plans (and paid a lump sum if the policyholder had to go to hospital) but have now evolved into a form of healthcare that complements the National Health Service by paying for everyday medical problems.

What types of cash plan are available?

Each provider offers a different type of policy. Health problems that are a major part of one plan may not even be covered by another. For this reason it is essential to research the market and find out what options are on offer. However, the major market may be divided into five types of package.

 

Packages: This type of health cash plan provides a range of benefits. These are pre-set; along with the limit the insurer will pay out, keeping the cost down for the insurance company and the policyholder alike. This cuts down the cost, but it also cuts down the choice. Most insurers will provide a range of options and limits. Each provider offers different cover.

Limited Cover: this type of cash plan cover is like packages, but the range of different treatments covered is fewer. The limits may also be less, but this depends on the insurance company.

Dental: Dental cash plans are for those people who cannot afford, or do not feel that they need, full dental insurance. Dental plans sometimes fall under package schemes, and some insurers will not offer them specifically. Just like packages, what is and isn’t covered varies between providers.

Over 50s: Unfortunately, the body does begin to slow down and need more medical attention. Most insurers offer a cut-off age at which they do not take on new applicants. However, if you are over 50 there is no reason why you shouldn’t look for a specific package tailored to your needs. Some aspects of other policies become irrelevant at this age (such as pregnancy), and choosing a policy suited to you could save you money.

Business: An increasing number of insurance companies offer cash plan insurance to small businesses of 3-5 people. Cover could include family members, and these products differ from the large corporate cover offered by many insurers to bigger businesses. These policies often include extra benefits.


Click here to appy for a HSA Cashplan

Health Insurance Partners