Western Provident is offering a new healthcare cash plan for companies and individuals sold through IFAs.
The cashback plan has three levels of cover, based on cost, for companies and individuals. The corporate plan offers £8, £10 and £12 per month plans. The individual plan has £8.80, £11 and £13.20 per month.
The plans provide a total of £5,030, £6,430 and £7,830 in cash in any one year in the event of a claim.
The initial commission is 25 per cent for both payroll-deducted and company-paid schemes and 35 per cent initial for individuals. Both have 5 per cent renewal commission.
WPA has included personal accident cover of up to £12,000, health screening up to £180 and maternity and paternity payments up to£300 in any year.
Cashback allows the subscribers to make claims in excess of the annual premium on each different benefit each year including dental, optical, chiropody, specialist treatment, hearing aids.
WPA communications director David Ashdown says: “With the cost of private medical insurance increasing, companies are looking for cost-effective alternatives. Cashback is partly co-payment which means the premiums are kept very low so companies can provide these benefits right across the workforce.
“We are seeing people are now buying cash plans to complement a high-excess PMI policy. The combination can cost less and often covers a wider range of treatments than a fully comprehensive PMI policy.”