Healthcare Cash Plans

What is a healthcare cash plan?

Healthcare cash plans are insurance policies that help pay towards the cost of routine healthcare such as optical check-ups, visits to the dentist or physio. They’re not the same as health insurance policies that cover you for healthcare should you need it in the future. You’re able to take out both a healthcare cash plan and health insurance policy at the same time.

How do healthcare cash plans work?

You pay a monthly payment that covers you for routine medical and dental expenses up to a specified limit. For example, you could pay £10 a month on a healthcare cash plan and be covered for up to £150 for dental costs, £100 for physio and £100 for optical. You pay for your treatment upfront and the insurer reimburses you.

What do healthcare cash plans cover?

This will vary depending on your provider, however, most policies include: 

  • Opticians
  • Dental check-ups
  • Dental treatment
  • Physiotherapy
  • Chiropody
  • Chiropractic treatments
  • Osteopathy
  • Maternity payments
  • Acupuncture
  • Health screenings
  • Personal accidents
  • Mental health care
  • Hearing aids
  • Homoeopathy
  • Prescriptions

Some healthcare cash plans also include complementary treatments such as aromatherapy massages, cosmetic tooth whitening or medical pedicures.

Things to consider

It may be cheaper to self-insure

If you’re young and healthy, it may be cheaper to self insure by paying money into a high-interest savings account monthly. It also means you’ll have access to the money if you don’t make a claim. 

Only buy a policy if you’re going to claim every time

Make sure you send in your claim form each time you use a health service that you can claim back on. Cash plans are only worthwhile if you make claims.

Make sure you know the policy end date

Healthcare cash plans entitle you to an allowance of money per policy year and if you don’t use up your full allowance, you won’t be able to access it anymore. If your policy ends in September, check your existing allowance in August and if you still have money left, book some appointments so you can claim back the cash. 

Pick a plan that suits your individual needs

Plans vary greatly between providers so you should compare plans and pick one that best suits your needs. If you have nice teeth you won’t need a policy with lots of dental allowance or if you have perfect vision, a high optical allowance won’t be a necessity. 

Your monthly payments could add up to more than you’ve claimed back

If you don’t require regular healthcare appointments or treatments, you could end up paying significantly more into your healthcare cash plan than what you claim back.

Do you have cover through your employer? 

Healthcare cash plans are popular work perks so your employer may already offer the cover for free or for a small fee each month. 

 

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