Health cash plan provider reports claims statistics for first time.
Award-winning health cash plan provider Health Shield paid 436,640 claims in 2013, representing 97.5% of all claims made during the year.
The most common reasons for a claim were dental and optical related healthcare benefits (52%), chiropody, health & wellbeing therapies and physiotherapy (36%).
2.5% of claims were declined for a mix of reasons, including:
- Maximum amount was already paid – 25%
- Receipt was too old – 6%* Sundry item not covered – 6%
- Claim was already paid – 6%
- Member did not qualify at the time of treatment – 6%
Health Shield, who recently reported a 9% increase in new business for the same period, also announced a 63% increase in the number of new company schemes. The insurance company has continued to make progress against ambitious targets and delivered £6.4 million in new business sales.
Health Shield Chief Executive, Jonathan Burton said: “We are pleased to announce our claims performance, which follows strong annual results published last month. The moment of truth with any insurance policy is whether or not it will pay out when it is needed. By sharing this information we are demonstrating our commitment to paying out valid claims & re-assuring both intermediaries and policyholders of the value our health cash plans provide for everyday healthcare.
Commenting on the figures, Roy McLoughlin of Master Adviser said: “It isn’t just consumer and advisers that need to see the benefits of health insurance products, but employers too. It is excellent news to see Health Shield publishing their paid claim statistics as this will help us when talking to employers about the value cash plans can provide.”