Norwich Union Healthcare is launching a private medical insurance scheme that will allow people to choose between private and NHS treatment.
The life office says it is launching the scheme because many people can't afford private health insurance and others do not want to feel they have abandoned the NHS.
It says 'Fair and Square' provides a solution to these problems by offering affordable premiums and a choice between private or NHS care for people needing hospital treatment.
Policyholders that chose to be treated by the NHS will receive cashback of £250 per night or day for adults and £125 for those under 18.
They will also have access to Norwich Union Healthcare's 24-hour GP helpline and cover for physiotherapy, osteopathy and chiropractic.