Is there something you want to ask about our Healthcare Deposit Account? Hopefully you’ll find the answer here. If not, we’ll be happy to help.
Q. What makes the National Friendly Healthcare Deposit Account different to other private medical insurance?
A. Unlike traditional private medical cover, the Healthcare Deposit Account has a cash value if you don’t claim. That’s because 75% of your monthly premium goes towards the cost of running the scheme – the other 25% goes into your own personal deposit account. From this account, you either pay 10% (if you’re under 65) or 25% (over 65) of any claim. We always pay the majority share.
Q. Can I increase my cover?
A. Yes. You can increase your monthly premiums and you can add to your deposit account at any time.
Q. Who is eligible for a National Friendly Healthcare Deposit Account?
A. You need to be a UK resident up to age 70 to apply when you start the plan. However, cover continues for life. For a child, cover continues until the age of 21. We’ll then ask if they would like to complete an adult application so that cover can continue.
Q. I already have cover with another provider. Can I switch to National Friendly?
A. Yes, of course. Although please be aware that we won’t cover any condition excluded by that provider. When you apply, all we will ask is four simple health questions. We also need to see a certificate of insurance from your current insurer. Before you join us, we’ll let you know if there is any condition that we won’t cover.
Q. I’m new to private medical insurance. How do you deal with existing medical conditions?
A. Depending on how you want us to consider any pre-existing conditions, you can choose either Moratorium cover or Full Medical Underwriting
Q. Do I need separate accounts for each of my children?
A. This is up to you. You can include up to 5 children on one child account as long as they all live at the same address. Top-up cover is applied per account, so you should consider whether it would be more appropriate to have the £10 a month top-up to cover all children up to £30,000, £15 a month top-up to cover all children up to £45,000 or £20 a month top-up to cover all children up to £60,000 over a 10 year period.
Alternatively, if you have separate accounts for your children, each has their own deposit account and their own top-up. This provides more cover per child but will cost more overall.
Q. How does the Child account work?
A. Each child account belongs to an adult payee (usually a parent or guardian). Child plans end at age 21, when they’re offered an adult plan for continued cover. Any remaining deposit goes to the adult when the last child leaves the plan.
Q. How much will my premiums be?
A. The minimum monthly payment depends on your age when you join. Monthly premiums for children start at £20 (£10 + £10 top-up). Premiums start from £40 (£30 + £10 top-up) per month for those aged 18-29, and from £80 (£70 + £10 top-up) a month for those aged 65-70.
Q. Will my premiums go up every year?
A. No. Unlike other private medical insurance policies, the premium you choose when you join will be the premium you pay for at least the first five years of your policy. It will be reviewed after five years. You can opt to increase available cover by adding £10 a month to your premiums and can make additional payments to your deposit account.
Q. What happens at the 5 year premium review?
A. Premium reviews will be carried out on each five year anniversary of your policy. The review will look at the claims experience of everyone who has the same policy as you over the past five years. You will then be advised of your new premium for the next five years of your policy. It may be the same or it may be higher. Premiums will only increase if claims or other costs across the scheme are higher than were anticipated when priced, or if medical advances specifically merit a change. You decide whether you wish to continue on the terms we offer. At every 5 years of your policy will be a similar premium review.
Q. Can I withdraw money from my personal deposit account?
A. Yes, of course – it’s your money. Just remember that this leaves you less to put towards any claims. This could reduce the amount of cover available to you under the policy.
Q. Do I receive interest on my personal deposit account?
A. No, the personal deposit account is not a savings account – it simply looks after your money until you need it.
Q. How can I keep track of my personal deposit account balance?
A. We send you an annual statement. You can also phone us for your balance or ask for an extra statement at any time.
Q. Can I put extra money into my personal deposit account?
A. Yes – in fact, it makes good sense to do so if you want to build up your balance quicker, while you’re healthy. The extra funds could prove useful should you need to make any significant claims in the future. You can’t use any additional lump sum deposits to cover a claim for a complaint that you knew about when you paid them in. This protects the fund for the benefit of all of our Healthcare Deposit Account holders.
Q. How much can I claim?
A. There’s an easy way to work out how much you can claim. For under-65s, it’s 10 times your deposit balance. For over-65s, it’s four times your deposit balance. In the first 10 years, if your deposit balance has been used up, your top-up gives you an additional £30,000, £45,000 or £60,000 worth of extra cover to claim from, depending on which option you choose.
Q. How much does private healthcare treatment typically cost?
A. Costs vary according to the type of treatment and where it’s carried out. Our claims team always aims to secure the best value for our members.
Q. Why do I need the essential top-up cover?
A. In the first 10 years of your policy there might not be enough in your personal deposit account to cover your share of a significant claim. Once the money in your deposit account has been used up, the top-up cover gives you access to an extra £30,000, £45,000 or £60,000 of medical cover for £10 a month, £15 a month or £20 a month respectively.
Please note that top-up covers all claims except NHS cash payments which are made by us.
Q. What if I don’t have enough to pay the claim in full?
A. If you don't have enough in your deposit account for your share of a claim and you don't have sufficient top-up cover, we’ll pay a smaller proportion of that claim on a ‘pro rata’ basis.
Q. Can I get health cover if I live or travel abroad?
A. Any treatments received whilst abroad or staying overseas are not covered.
Q. How do I pay for the plan?
A. Monthly premiums are paid by direct debit on the 1st of the month, although your first month's payment may be taken on the 15th. Additional payments can be made by direct debit, debit card or cheque.
Q. Will I need to provide details of my health?
A. This will depend upon your choice of medical underwriting and how you want any pre-existing conditions to be treated. If you choose moratorium, no initial health information will need to be disclosed, or if you choose full medical underwriting you will answer some health questions and we may require further information from your GP.
Q. How do I decide the level of cover suitable for me?
A. Your minimum monthly premiums will be determined by your age but you can select a higher premium if you require more cover. Please use our premium calculator to help.
Q. Can I still use an NHS hospital in an emergency?
A. As medical emergencies are not covered by private medical insurance, you will not be entitled to claim for emergency NHS treatment should you be taken to hospital due to an accident or are taken ill.
Q. How do I make a claim?
A.Please call 0808 168 2912 (8am-6pm, Mon-Fri). We may ask you to complete a Medical Consent form For more details, please see How to make a claim.