Following a successful year for the innovative One Fund, the mutual has revised its health cash plan in response to broker and customer feedback which identified that excess levels across all six benefits were a concern and that a higher level of premium with associated increased benefits would be a welcome addition.
In response, the excess payable when claiming for health screenings, counselling, complementary therapies (physiotherapy, osteopathy, chiropractic, acupuncture and homeopathy) and consultations, has been removed. Customers are required to pay an excess of £50 when claiming for dental or optical treatment.
Speaking of the upgrade David Castling, commercial sales manager, at Engage Mutual said, “We have received great feedback on one fund’s flexibility and excellent levels of dental benefit, however some customers have raised concerns over the excess payable across each treatment area.
“Having considered this against the need to provide a commercial, sustainable product, we have removed the excess from all treatment areas, apart from dental and optical which have increased by £10. A small reduction in overall fund size also helped ensure no increase in price.”
Feedback also highlighted the desire for a higher cover level with an increased annual fund. In response, a new £25 premium level providing an annual fund amount of £1850 has been introduced.
Castling added, “The introduction of an increased premium level will provide customers with a significant annual fund of £1850. One fund’s flexibility means customers can choose to use a larger amount of their fund ‘pot’ towards a more extensive treatment, or if preferred, across a range of treatments.”
Changes to one fund came into effect on February 1st 2013, with all new business automatically enrolled onto the new scheme.
With a choice of seven premium levels providing access to an annual claimable fund of up to £1,850 per year, one fund continues to offer superior flexibility. Rather than capping all benefit categories, as is the case with other health cash plans, only optical, dental and health screening are subject to set benefit limits. Other treatment areas have access to the total fund amount.
One fund provides cash back on the cost of treatment for dental, optical, health screenings, consultations, and counselling, in addition to physiotherapy, osteopathy, chiropractic, acupuncture and homeopathy.