What is a Health Cash Plan vs PMI?
Is a cash plan the same as PMI?
No, a cash plan offers money back on everyday healthcare bills, like trips to the optician, dentist or physiotherapist, up to annual limits. Traditional private medical insurance gives you more comprehensive cover for medical conditions and can include consultations, diagnosis and surgery.
What does a cash plan cover?
Cash plans help you budget for the cost of visiting the dentist, optician, physiotherapist and a number of other healthcare professionals. You pay a monthly premium, and then claim back the cost of those visits, up to your annual payment limits.
Bear in mind, to claim from Simplyhealth for a treatment, you don't need to have had a GP referral.
Dental
Dental check-ups; crowns, bridges and fillings; root canal treatment; and much more
Optical
Sight test fees; prescription glasses, sunglasses and swimming goggles; contact lenses and much more
Physical therapies
Physiotherapy, osteopathy, chiropractic, acupuncture and homeopathy
Chiropody
Treatment and assessments supplied by a chiropodist or podiatrist; consultations with a podiatric surgeon; and much more
Diagnostic
consultation
Fees for diagnostic consultations as a private patient; blood tests or visual field tests; and much more
Hospital stays
If you are admitted to hospital, or stay overnight with one of your children, this benefit can help with costs for things like travel or parking
New child payment
Receive a single cash payment on the arrival of a new child born or adopted into your family
Additional benefits
Speak to a GP any time, anywhere; access to advice and counselling services; submit your claims 24/7
Take a closer look at PMI vs health cash plans
This article covers the key differences between private medical insurance and health cash plans. Learn what each covers, costs, and which option suits your needs.
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Frequently asked questions
Can employers offer PMI and health cash plans together?
Yes, employers can offer both PMI and health cash plans together as part of their employee benefits package. PMI typically covers more extensive medical treatments, while health cash plans help with everyday health costs like dental, optical, and prescriptions. Offering both gives employees broader healthcare support and flexibility.
Are pre-existing conditions covered?
With PMI, most policies exclude treatment for conditions you had before taking out the cover. Some providers offer moratorium underwriting, where if you haven’t had symptoms, treatment, medication or advice relating to the condition for a set period (usually two years after the policy starts) - then they may cover you for the condition in the future.
With health cash plans, you can usually claim for routine treatment, even if it relates to an existing condition. It’s important to always check the policy details.
How can PMI or a health cash plan benefit my business?
Employees having access to healthcare is no longer a nice-to-have - it’s essential. Key benefits include retaining top talent, reducing costs, absenteeism and promoting a healthier workforce.4
How can PMI benefit my family?
PMI can benefit a family by providing faster access to specialists, diagnostics and treatments, potentially avoiding NHS waiting lists, and therefore giving peace of mind.