Simplyhealth Simply Cash Plan 70 Plus
Simplyhealth’s new health cash plan (HCP) is, as its name suggests, aimed at people aged 70 or over.
This group is often either ignored or disenfranchised by insurers or most are priced out of the market. Simplyhealth’s approach is instead to offer a simple plan at low cost, with benefits optimised for older customers.
So, this is not glam cover but bread and butter cover for bread and butter people and none the worse for that. Indeed, for intermediaries, the marketing opportunity is both older clients and their (often) more affluent children who can afford to buy cover for them to pay towards their everyday healthcare costs.
There are three price points—Level 1 (£9.95 a month), Level 2 (£19.95) and Level 3 (£39.95) with premiums doubled for couples. Key benefits are (Level 3):
• Optical. 100% reimbursement up to £150 a year.
• Dental. 100% up to £150.
• Physiotherapy; osteopathy; chiropractic; acupuncture, and homeopathy. 75% up to £200.
• Consultations. 75%, up to £150.
• Hearing aid. 75% up to £200.
• Chiropody/podiatry. 50% up to £150.
• Hospital in/day-patient. £20 a night/day, 10 days.
• Recuperation. Cash payment of £200 after 10 in-patient nights in hospital. This and the previous benefit are not included on Level 1 plans.
• Independent living occupational therapy. 50%, up to £200. This benefits is a cash amount towards assessments by a registered occupational therapist.
Cover is Europe-wide. Customers also get a 20% discount (this year only) on all purchases at http://www.simplyhealthstore.co.uk, which sells mobility products and daily living aids.
Plus points: Sustainable benefits optimised for older people and at affordable prices; Could be funded by their children; Premiums typically do not rise every year; The plan could pay for itself—especially if the customer has any disability.
Not so plus points: More benefits may be available to younger people; Pre-existing conditions are covered, but not for 12 months for hospital and recuperation cover; 20% store discount only applies for 2011.
Website: http://www.simplyhealth.co.uk.
Rating (max 10): Innovation: 7. Overall: 8. Gold.