What is the difference between cash plans and pmi?
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rosa365
2 years ago
zoewildsmith
answered 2 years ago
In simple terms, you have PMI to cover the big stuff incase you get really sick and you need to go in hospital or have tests etc. Hopefully you pay if for years, never get sick but when you do you'll be glad you had it
HCP on the other hand is about the day to day stuff you need to cover even when your well. Dentist bills, Opticians etc - with the added benefit of that if you do get sick, many HCP offer you a small amount of benefits in other areas like therapies (Physio, Osteopath etc) & Consultation benefit. The consultation benefit in a HCP can still be used to go private initially to see the consultant when you get sick, but once you run out of benefit you can be transfered back to the NHS to continue your treatment. The whole point is to help you reduce your waiting times to get seen in the first place and establish if there actually is something wrong.
Hope that helps!
P.S - The best option for Cash Plan is always if you get your company to buy it as an employee benefit - This will give you the best terms, Pre existing conditions covered, 100% refund up to set limits. Plans generally start from £1 per person / per week.
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HCP on the other hand is about the day to day stuff you need to cover even when your well. Dentist bills, Opticians etc - with the added benefit of that if you do get sick, many HCP offer you a small amount of benefits in other areas like therapies (Physio, Osteopath etc) & Consultation benefit. The consultation benefit in a HCP can still be used to go private initially to see the consultant when you get sick, but once you run out of benefit you can be transfered back to the NHS to continue your treatment. The whole point is to help you reduce your waiting times to get seen in the first place and establish if there actually is something wrong.
Hope that helps!
P.S - The best option for Cash Plan is always if you get your company to buy it as an employee benefit - This will give you the best terms, Pre existing conditions covered, 100% refund up to set limits. Plans generally start from £1 per person / per week.
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
I would expand on the above by saying that PMI covers treatment and diagnosis (but not always full diagnostic tests as this will differ from providers) and the real reason for PMI is to either queue jump the NHS or to get a "better" level of treatment or receive treatment that the NHS decide you are not eligible for - perhaps for age related reasons. Common claims on PMI tend to be for things like cataracts, hip and knee replacments which would not normally be classed as essential on the NHS and would have a long waiting list and the older you are, the further down the list. Of course it will cover other specialist areas based on what your policy specifies which will include things like cancer treatment etc - the key thing is that the condition is classed as acute and not chronic.
cash plans are designed to give a refund of costs you have incurred for optional/elective treatment such as routine dental/optical and various outpatient therapies but in some instances will also cover private consultations and diagnosis in private hospitals which can be a cheaper way to compliment a more expensive PMI policy.
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cash plans are designed to give a refund of costs you have incurred for optional/elective treatment such as routine dental/optical and various outpatient therapies but in some instances will also cover private consultations and diagnosis in private hospitals which can be a cheaper way to compliment a more expensive PMI policy.
