A new healthcare service, launched today by HealthFund, is set to shake up the way that healthcare is purchased.
HealthFund is the only company to offer their members a unique combination of:
- An interest-bearing fund that remains the property of the member
- High quality medical insurance which can include children and grandparents under one policy
- A medical helpline that works for the customer and not the insurer, and: is staffed by nurses and doctors
- includes advice on NHS as well as private treatments
- will arrange all treatments
- offered at a significantly cheaper rate than traditional health insurance, and with a much higher level of service.
HealthFund is aimed at the vast majority of people for whom private healthcare has become unaffordable.
Members purchase a health insurance policy, underwritten by Lloyds of London, and also build up a fund in an interest-bearing account held by Bank of Scotland.
Expensive treatments are paid for via the policy and minor treatments directly from the fund – this dramatically reduces the cost of the insurance.
The fund remains the property of the member, and they have the right to withdraw it whenever they want to.
It offers HR professionals a flexible new benefit for employees and will be of particular value to those employees leaving the company’s existing scheme due to redundancy.
A primary market will be scheme leavers who will have enjoyed favourable terms for health insurance via a company-funded scheme and are now faced with exorbitant premiums if they want to continue cover.
If this is unaffordable, they will be either forced to accept a lower level of cover or go without.
Until now, HR managers and their advisers have had little to offer scheme leavers to maintain high quality health insurance for themselves and their families at a realistic cost. HealthFund provides them with a practical alternative.
All HealthFund members have 24-hour access to a medical helpline staffed by nurses and doctors, including completely impartial information on how best to choose treatment, hospitals and consultants for both the private sector and NHS alike and for any medical condition.
This is unlike any other healthcare company in the market today.
The service is completely independent, HealthFund does not receive any commissions or payments from any hospitals or clinicians; the service is set up to be on the side of the customer not the insurer.
HealthFund has teamed with BMI hospitals, the UK’s largest private hospital group to provide treatments. HealthFund is not restricted to BMI, any hospital can be selected – whichever is going to be best for the patient.
Paul Ratcliff, Chairman of HealthFund said,
“Redundancy is an unfortunate reality for increasing numbers of employees right now. If that isn’t bad enough they are faced with an immediate problem trying to find affordable health protection to match the company scheme they have just left. The traditional insurers hike the costs for these individuals as soon as they leave the company scheme.
“HealthFund will save these people literally thousands of pounds, at a time when it’s most important for them, and provide a first-rate service for them and their families.”