The Healthcare Deposit Account

In action

To give you an idea of how our Healthcare Deposit Account works, we have shown you below an example of the product and how it could fit an individual's needs. This is not advice, everyone's needs and circumstances vary. If you are in any doubt about its suitability please contact our Customer Support team on 0800 195 9246 (8am - 6pm weekdays).

Names: Dave and Sonia
Age: Late 40s

Dave and Sonia, like most of us, have never really considered Private Medical Insurance before, but recent visits to NHS hospitals have made them think. They both have friends who have had to wait long periods for essential treatment, and when they visited the hospital, two wards were closed due to infection.

Having played sports when they were younger, their limbs are starting to creak! They both have reasonably well-paid jobs, and want to make a start on Healthcare provision for when they are older.

They know that most Private Healthcare plans have reviewable premiums and are worried that they might not be able to afford cover when they most need it in their retirement. However, they choose the Healthcare Deposit Account, because it guarantees that only the customer can raise the premiums. The plan works by using half the monthly premium to build up a sum of cash from which future claims can be paid.

Dave and Sonia can also pay extra into this amount at any time. The good news here is that the money in this 'Deposit Account' would only be used as and when they needed to claim. If they didn't claim, it would still be theirs.

Since they were both under 50, they were able to start individual plans from just £20 per month. And as they were also mindful of the fact that claims could occur in the early years, before their deposit had built up, they also paid a £5 monthly 'top-up' to fund an additional £20,000 of medical cover over the first 5 years of their plan.