Medicash Reward - what's the catch?

Lum

Not sure if this should go in here, or in one of the insurance forums, so apologies if I've got this in the wrong place.

My new employer have signed me up for Medicash Reward, free of charge, under this I can claim various things but of interest here is the optical payment at £60/year.

Apparently this will pay for my existing contact lens subscription, which is currently £480/year for me.

I also have the option of upgrading, for £408/year (pre-tax @ 20% so actually a bit less) I can add my partner and up the claims limit to £230/year per person. She can then claim her contact lens prescription as well.

So by taking £408/year out of my salary, I can claim back £460/year in contact lenses resulting in a small profit as well as getting cover for all the other stuff they do, including paying up to £125/year for a dental maintenance contract.

I realise that my employer is contributing to this plan as well, but so far it seems too good to be true and therefore there must be a catch.

Anyone actually used this plan? is it actually worth it? what is the catch?

happybunny86

I have a similar plan by simply health through work. These companies were originally set up in victorian times before the NHS to provide affordable hospital treatments and GP access for the poor, they are not for profit companies.
After the NHS was established they expanded into other forms of medical assistance the NHS doesn;t cover fullty, optical, dental, hospital stay help, chiropracters etc. They have built up huge reserves of cash as many people pay in every month but don't claim.
The key is to make sure that you are claiming for everything you can on the plan. There is no catch, they want to help. I used to do some work for one company and there hardest job was getting people to claim back so they realised the worth.

happybunny86

This may also help - It's a review Martin did of them a while ago...

http://www.moneysavingexpert.com/insurance/healthcare-cash-plans

Lum

So there really is no catch? I guess providing I can ensure my partner gives me her receipts, and that I get my own, I should jump all over this?

Also looks like I get £125 towards a dental maintenance contract. They suggest Denplan. Is that any good or should I look at others?

happybunny86

No there isn't a catch just check the max if what you can claim for each type of thing as most say you can claim back up to x amount. Does your medi plan not include any dental? My simply health one covers me for £100ish worth of dental. Xx

GlasweJen

I have a plan through Westfield and get money back from optical, dental, physiotherapy and some other stuff like maternity one off payment.