Simplyhealth too good to be true????

killerkev

I have been offered a plan at work for only £5 a month (£60 a year)
In return I will get £50 a year dental payout, £50 a year Optical payout I would use both every year .I would also get £100 a year to- wards Chiropractic treatment (75%) which I would also use!! I may also use the £50 a year to-wards chiropody So for my £60 a year I am getting a pay-out of £250 a year. So how do the company make any money if they pay out more than the premiums ???

ACG

Your company may well be subsidising some of the payments.
Also the fact that its a group plan means its discounted anyway, not everyone at work will claim on everything it covers.

Also there are probably some terms and conditions - ie it wont pay out for certain types of eye care dental care etc.

dzug1

Your employer will almost certainly be paying hefty top up premiums to the company

InsideInsurance

Normally the employer will also contribute but if you look at the rates (£60 premium -v- £50 cover) it is not that far off the standard which is £122 a year for £85 cover

Many of these plans work by the nature they are a tiny monthly premium and people forget they have it so dont claim and they often have fairly short timescales to claim within.

dizzie

These cash plans are excellent - Martin Lewis has an article on them on the main site. If this is being subsidised by work then even better!

For anyone wanting to compare the benefits offered by these types of plan, a good link is https://www.bhca.org.uk which represents the not-for-profit providers of plans of this nature.

I guess there will be some people who are generally very healthy, have excellent eyesight and a good set of knashers to match - so they won't claim often....

...and of course there will be those who just forget to fill in a claim form and send their receipt off. Those are the types of people who help to prop up these schemes financially.

Jimbo8767

My wife has been paying into a HSA plan (now Simply Health) for years and has not claimed over the past two years. Is she entitled to any money back?
:money:

killerkev wrote: »

I have been offered a plan at work for only £5 a month (£60 a year)
In return I will get £50 a year dental payout, £50 a year Optical payout I would use both every year .I would also get £100 a year to- wards Chiropractic treatment (75%) which I would also use!! I may also use the £50 a year to-wards chiropody So for my £60 a year I am getting a pay-out of £250 a year. So how do the company make any money if they pay out more than the premiums ???

Quentin

Jimbo8767 wrote: »

My wife has been paying into a HSA plan (now Simply Health) for years and has not claimed over the past two years. Is she entitled to any money back?

No .

OshayAway

Jimbo8767 wrote: »

My wife has been paying into a HSA plan (now Simply Health) for years and has not claimed over the past two years. Is she entitled to any money back?
:money:

Cant believe you got a 'thank you' for that... May be it was for making them laugh!