Health Shield, the friendly society and cash plan provider, has confirmed that it will pass on any “unintended profit” arising as a result of Covid-19 back to its clients and members.
A spokesman said that this includes “but is not limited to” a rebate, future premium decreases or benefit & service enhancements.
There are concerns that some medical insurance and cash plan providers could benefit financially from the pandemic in terms of lower claims spends as hospitals, dental practices and other healthcare facilities continues to be curtailed.
The provider said it has also put in place various “immediate support” measures to help clients, members and their brokers during the pandemic.
The spokesman said these include the waiving of the provider’s pandemic exclusion on hospitalisation cover, cover for specialist consultations by video call and financial help for businesses and individuals.
Courtney Marsh (pictured), CEO of Health Shield, added: “While it’s impossible to predict the future impact of Covid-19 right now, we want to let our members, clients and broker partners know that we have their interests squarely in mind.
“Consequently – and in line with our mutual society ethos – we’ll ensure that any assessed, exceptional financial benefit arising as a result of the pandemic will be passed back to customers.”
Look out for an upcoming analysis on cash plan providers and Covid-19 coming up on healthinsuranceandprotection.com.