Friendly Society, Health Shield sees increase in members, handled more claims and record premium income during 2015
Health Shield, a non-profit Friendly Society that specializes in providing health cash plans to over 240,000 members and families, has today, 19 May 2016, published its latest claim statistics. The society also provides plans for employers, ‘a simple and affordable way’ for employers’ to look after the health and wellbeing of all their employees. Employees can also claim cashback – as with individual members – on their dental check-ups, contact lenses, physiotherapy, hospital stays with a range of benefits that can provide preventative care.
These benefits include a 24/7 counselling and support helpline, physiotherapy and a Virtual GP Surgery where employees can talk to a doctor any time of the day without taking time off from work., with Health Shield processing over 90 per cent of all employee claims within two working days.
During 2015, Health Shield paid 97 per cent of claims, 486,595 in total, contributing toward the cost of dental, physiotherapy and optical care. The most common benefits for claims were dental (32%), combined physiotherapy (22%) and optical (19%). Together these benefits totalled 74% of all claims. Declined claims for the year totalled 3%, with the top reasons being the maximum amount already paid (34.7%) and admin cost not covered (6.6%).
Putting the smiles back on members faces in more ways than one, Health Shield retained 99% member satisfaction for claims service, alongside an 8% increase in premium income to more than £31 million, the highest level in its 139 year history.
The Society saw an 11% increase in members in 2015 with the number of claims paid by Health Shield in the previous year (2014) was 446,286 (97.4%). As a non-profit making Friendly Society Health Shield continued to reinvest surplus funds back into ‘benefiting members’.
Courtney Marsh operations and risk executive director at Health Shield, said: “By publishing another set of strong claims statistics we continue to reassure members, potential members and advisers that cash plans are a valuable benefit.
“We’ve invested heavily in our dedicated staff over the years, to ensure we can consistently offer the highest level of service, and we live by our core values as a Friendly Society of integrity and trust. Both are reflected in the customer satisfaction feedback we receive and the high number of claims we pay.” Steven Thomson, business development manager at Stackhouse Poland added: “Clients and their employees want access to fast, affordable healthcare, with little or no fuss and cash plans offer just that.
“Providing employees with the choice and added flexibility to claim back their spend on a variety of treatments for as a little as £1 a week is a compelling addition to any employee benefit programme.
“These policies have become increasingly popular as a feature of wider wellbeing strategies, due to the way they operate and enable employees to access treatment sooner, which in turn can play a significant role in reducing absenteeism.”