Q: |
How big does a company have to be to qualify for a self-financing healthcare fund ? |
A: |
Any organisation with a minimum of 30 employees who become members can qualify. |
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Q: |
What does Revelation Healthcare charge? |
A: |
We take 20% of your fund contributions to cover the cost of our services. For schemes of 500 employees or more, we charge a reduced rate. |
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Q: |
What are the start up costs ? |
A: |
There aren't any. |
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Q: |
Can I impose an excess option ? |
A: |
Yes, because you set all the rules of the plan. You may find that introducing an excess will discourage your employees from making small claims. |
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Q: |
What happens if the cost of claims exceeds the value of funds put aside? |
A: |
If it looks like you are going to be short of funds, you will be able to make a top-up payment. |
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Q: |
What happens if the cost of claims exceeds the value of funds put aside? |
A: |
If it looks like you are going to be short of funds, you will be able to make a top-up payment. |
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Q: |
Will contributions increase? |
A: |
Contributions may increase from time to time depending on inflation and claims ratios. |
Q: |
What if we make few claims and have an underspend? |
A: |
The money remains in your fund, gaining interest. If you haven't made any claims in a year, you can choose to take a payment holiday. Alternatively, you may wish to offer your employees additional healthcare benefits at no extra cost. |
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Q: |
Can we include family members? |
A: |
Yes. Again, you set the rules, so it's up to you to decide whom you wish to include or exclude. |
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Q: |
Will cover be determined by the individual employee's medical history or type of condition? |
A: |
Since you determine the scope of the cover and the contributions you make, if you want include everyone and all conditions, you can. |
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Q: |
Is there an annual renewal date? |
A: |
Yes, we will set an annual renewal review where we will meet you to ensure the fund is working the way you want it to. |
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Q: |
What hospitals can I use? |
A: |
All hospitals dependant on benefit levels. |
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Q: |
How does cover differ from private insured scheme? |
A: |
Cover is the same as an insured scheme, you can also select any range of benefits you require and have a bespoke scheme. |
