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Helpfund health insurance review

Healthfund is a relatively new player in health insurance market. Company was set up in the end of 2007 and started its business one year later in the end of 2008. Company's offered services differ from the ones offered by many other health insurance providers. Most often health cover providers offer different plans with different levels of cover. However, HealthFund combines three things such as one's own personal health fund, comprehensive health insurance and 24 hour a day helpline into one package.

How does it work?

First off all, the person need to do two things: decide how much he will contribute to the treatment and to choose from three options available how he will set up his personal health fund. First step is simply choosing excess level. There are three levels available: £1,500; £3,000 and £5,000. In other words, the person will have to cover smaller healthcare expenses himself and gets cover only if a more expensive treatment is needed. However, the HealthFund's excess option is slightly different compared with other providers' excess options.

That's where the second step of building one's own health fund kicks in. The person has to build health fund with the size equal to his chosen excess level.  He has two years and three ways to do it. These ways are: monthly savings, lump sum payment equal to excess level or you choose option (lump sum payments that can be irregular). With the first and the third option the person sets in money until excess level is reached. However, these money belongs to the person and can be retracted anytime. They are used only to cover costs of the treatment up to the excess level. This is different from other providers' offered health insurance where premiums are lost if no treatment is needed. However, if amount of money in one's health fund is smaller than the costs of the treatment the person will be asked to set in more money either to the level of cost of the treatment or to excess level.

Key benefits

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Key benefits that are offered with HealthFund include use of any hospital or consultant, comprehensive benefits, covered anti-cancer drugs, immediate acceptance, refund of unused premiums and a chance to decrease premiums when the person gets older by increasing excess. Medical Helpline service is also available to HealthFund members. Moreover, this personal health fund is an interest bearing account and person has the right to withdraw money from it.

Exclusions

There is no restriction which hospital or specialist the person can use. However, not everyone are eligible to have HealthFund insurance. Those who have poor health history may not be able to get company’s cover policy. Moreover, pre-existing conditions will not be covered. It also should be mentioned that it is not available to take HealthFund’s if the person is claiming under his now existing health insurance policy. However, HealthFund unlike many other insurance providers does not include cosmetic treatment into exclusions (except elective cosmetic treatment).

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