A key element of your HealthFund membership is your HealthFund Account. With traditional private medical cover you pay a premium to an insurance company for a health insurance policy which is lost if you don’t claim.

We believe a smarter and more cost effective solution for many employers is to take out a health insurance policy which covers the costs of claims above a certain value, (which you choose when you join HealthFund). This can significantly reduce the premium you have to pay and the savings you make can be used to build up your own healthcare savings account – the HealthFund Account. This is your money and can be used to pay for claims below the insurance policy threshold. You can be safe in the knowledge that it will always be used to fund treatment for your employees and their families. The good news is that if you don’t need to spend it you get to keep all of it, instead of the insurance company.

The monies in your HealthFund Account are held by Bank of Scotland Corporate and attract competitive rates of interest which are tiered so that those with larger funds are adequately rewarded. You will be allocated HealthFund’s own Bank of Scotland Sort Code with your own dedicated Account Number at the bank.

Interest rates are linked to Bank of Scotland‘s Bank Base Rate (Bank Rate) and will be credited monthly and without deduction of tax for limited companies (or paid net of basic rate income tax for partnerships).

Funds can be withdrawn at any time for any purpose as the Account remains your money. All eligible treatments your employees may require are arranged by HealthFund’s medical administration team, (who are all nurses or doctors), in consultation with your employees GPs or Consultants. Funds are automatically withdrawn from your Account to pay for treatment, once you give approval. If you don’t need any treatment then your HealthFund Account just grows for your future use.