The One Fund from The Exeter is a cash plan with a big difference. We know it might not be the cheapest cash plan on the market, however, it does look at benefits a little differently to other insurers. Before you decide on the best cash plan for your business, take a look at the One Fund options.
Ordinarily a cash plan will provide cover for a number of benefits and you can claim up to the cover level for each. As an example, you may have a cash plan that covers you for £100 towards Dental treatment, £100 for Optical and £300 for physiotherapy. These are the maximum amounts you can claim in each benefit type per year.
What makes the Exeter One Fund different?
There are 7 benefit categories and 7 cover levels. Each cover level gives you a pot of money that your employees can use towards everyday healthcare costs. Only 4 of the benefit categories have a maximum spend attached. Complementary therapies are not one of those categories.
For instance, if you have a Level 4 One Fund policy, you will have a pot of £830. You would be limited to a maximum spend of £415 on dental claims, but there is no annual maximum for complementary therapies.
If therefore you were to suffer with back pain and needed a number of physiotherapy appointments, you could claim up to £830 for complementary therapies.
What are the 7 Benefit Categories on the One Fund?
- Consultations and Diagnostics
- Counselling and advice helpline
- Complementary Therapies
- PMI Excess cover
- Health Screening
The Dental and Optical benefits are subject to an excess of £50.
What do the One Fund class as Complementary Therapies?
The Exeter class the following therapy treatments as Complementary therapies on their One Fund Cash Plan:
- Chiropractic treatment
Is my business eligible for this type of Cash Plan from The Exeter?
The One Fund is available to businesses with 5 or more staff. Employees must be resident in the UK and over 16 years of age. Importantly, pre-existing conditions are not excluded from cover and employees do not need to have a medical prior to joining your policy.
What is the cost of a Cash Plan from The Exeter?
The monthly premium you pay will depend on the cover level that you choose, the number of employees and whether or not you opt to cover dependants. The payment method for the One Fund is via direct debit. You pay your premiums one month in advance.
Are there any exclusions on the One Fund?
As with all insurance, there are a number of general exclusions on the cash plan from The Exeter, these include:
- Claims for treatment due to injuries resulting from a hazardous pursuit, dangerous sport, professional sport, or through involvement in criminal activity
- Treatment or items purchased outside of the UK
- Any claims for members who are not a UK citizen
- Claims for members who are no longer employed by the company
The exclusions shown above are just a few examples. You should read the full list of general exclusions prior to buying a policy.
Within each benefit category there is a clear and transparent explanation of what is covered. For instance, under the Dental category you can claim for many routine dental treatments however, you cannot claim for cosmetic dentistry, dental implants or dental consumables.
These exclusions are not just applicable to the One Fund. When you buy any type of Cash Plan there will be general exclusions and category specific limitations on cover.
Is it easy to make a claim on the One Fund from The Exeter?
Claims can be made easily on your One Fund cash plan. You have the option of processing your claim online with a scan or photo of your receipt or you can claim using a claim form. You will still need to submit your original receipts with the claim form. Claim forms can be obtained by calling, emailing or downloading from The Exeter.
The Exeter will not pay a treatment provider directly. If you have treatment you will need to pay for it and then claim the money back from the One Fund. The receipt should show your name, date of treatment and the treatment provider.
If you are claiming for your PMI excess then you must ensure that this treatment would have been covered on your private medical insurance. Your PMI provider will usually provide you with a claims statement which confirms they have not paid an excess and the value of the payment shortfall.
Claims on the One Fund must be submitted within 3 months of the treatment date.
How can SMP Healthcare help you find the right Cash Plan?
If you are looking for a cash plan for your business, the team at SMP Healthcare have years of experience and can help you find the right policy first time. We are an independent specialist health insurance broker and can provide you with unbiased, expert advice for cash plans, health insurance and all related policies.
There really is no such thing as a standard policy and therefore it is important that we establish exactly what cover you want from your Health Insurance or Cash Plan. Let our team remove the hassle and save you time when it comes to finding a great policy.
For more information you can contact us via email: firstname.lastname@example.org or via telephone 01245 929129 or 0800 047 0127