The Group Healthcare Deposit Account offers companies with 2 to 250 employees long term protection for a level premium. Cover is not renewable and any change to the premium, for example to increase the annual maximum medical cover, is the decision of the employer.
Employees have the chance to build up an asset because half of each monthly premium goes into an employee’s personal deposit account or “pot” which can build up over time and from which they must fund 10 per cent of any claim.
The value built up in the employee’s personal deposit account can be transferred to an individual Healthcare Deposit Account if an employee leaves the company. Alternatively, it can be repaid to them. Charges start at 30 per employee per month, and premiums cover medical treatments including surgical operations, consultations, cancer treatment, heart surgery, diagnostic investigation and physiotherapy. There is an unrestricted choice of private hospitals and treatment locations as well as the NHS.
Dental and optical treatments such as laser eye surgery, eye tests, bridges, crowns, dentures and fillings are also covered and an Employee Assistance Programme (EAP) is included to help meet their duty of care obligations.