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Medicash Reward
Medicash is one of the largest healthcare cash plans in the UK. Established in Liverpool in 1871 it is a not for profit organisation that has donated an estimated £70m+ to charitable causes since its inception. In 2008 it became the fist healthcare cash plan to be awarded carbon neutral status.
February 2010 Product Reviews
PRODUCT
Reward is a company paid health cash plan. It has been updated to make it more appropriate to firms’ and employees’ needs. The plan has five levels of cover and provides maximum annual benefits for the three middle levels (the other levels are a lower cost Core level and a top of the range Premium level) of: (see table below)
All benefits pay 100% of costs, up to the annual maxima. Benefits can also be used to pay private medical insurance excesses.
Dental and optical cover is worldwide. Dental cover can be used against schemes such as Denplan. Healthcare screening is provide through a three yearly voucher provided through Roadtohealth and covers only specified providers and healthscreens. Health club membership is similarly discounted only with certain providers. The consultancy benefit includes necessary diagnostic tests.
Waiting periods (from 3-12 months) apply to some benefits for partners. Laser eye surgery has a 12 month waiting period for all members. There is no age restriction on joining the plan, provided that the member is an employee. Exclusions are professional sports, hazardous pursuits and self-inflicted injury.
Monthly premiums for levels 1, 2 and 3 are £10, £12.50 and £15 a month respectively according to the website.
| Benefit | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
Dental | £130 | £160 | £190 |
Optical | £110 | £140 | £170 |
Worksite health screening | Yes | Yes | Yes |
Diagnostic tests | £200 | £300 | £400 |
Complementary therapies – sports massage, osteopathy and chiropractic | £300 | £400 | £500 |
Alternative therapies – acupuncture; allergy testing; homeopathy; | £150 | £200 | £250 |
Chinese medicines; reflexology; reiki and Indian head message | |||
Best Doctors second opinion helpline | Yes | Yes | Yes |
Face-to-face counselling | Six sessions | Six sessions | Six sessions |
Health club membership | Privileged rates for all levels | ||
RATING
| PROS | CONS |
|---|---|
Good health cash plan benefits that can also cover some PMI excesses | Longer waiting periods for employees’ partners |
Good level of therapy cover | Hazardous pursuits are excluded |
Includes Roadtohealth and Best Doctors third party services | Not a substitute for full PMI |
LITERATURE:
Literature is available online, including a downloadable claim form. When we checked (07/01/10), the website included old terms and conditions relating to an earlier version of this plan, but that should be resolved by now.
WHAT THEY SAY:
Chief executive Sue Weir said: “We constantly have to evolve our products to reflect a fast-moving marketplace and have been consulting extensively with members and industry specialists to develop a plan that had maximum appeal. The new look Medicash Reward has a number of strong USPs and already we have had a huge amount of positive feedback from customers and brokers on the new additions.”
WHAT WE SAY:
There are a couple of useful features here that will appeal to companies reviewing their employee healthcare cover in 2010. The first is that benefits can be used to fund PMI excesses, which will have the effect of keeping PMI premiums low. The second is that a high level of ‘alternative’ therapy cover is included – including sports massage, which should appeal especially to younger employees. Overall, Reward offers a good package to employers wanting to add a health cash plan for their employees.
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