How it works for you

The way the Healthcare Deposit Account works is quite simple; half of your premium goes towards funding the product, and the other half goes into a deposit account in your name which will be used to pay the minority share of any claim you might need to make.

The amount you can claim each year is dependent on two things:

1. The amount you have in your deposit account; the amount in the account needs to be able to cover your contribution to the claim. This is dependent on your age and if there are other people on your policy as detailed in this table.
   
   

   Your age	% of claim paid by your personal deposit account
   	Individual	Couple	Individual + Children	Couple + Children
   Under 50	10%	20%	20%	25%
   50-64	10%	25%	25%	30%
   65+	25%	40%	40%	45%

   
   
2. The amount you put into the Healthcare Deposit Account each month. This sets the maximum you can claim, full details are available in this download (click to download) but the basic annual limit for medical treatment is calculated by multiplying your monthly premium by 500.

As an example Mrs Roberts, a 62 year old, has a Healthcare Deposit Account into which she puts in £30 a month, half of this goes into her deposit account and she's built up a fund of £450. This means that she can claim up to £4,500 for medical expenses.

If you are worried that in the early years your deposit account will not be big enough to provide the cover you need, you can either invest an additional £10 a month to purchase an additional £30,000 of medical cover or you can make extra payments in to your deposit account to increase the cover available to you, or you could do both.

There are of course some conditions as well as some extra benefits. Details can be found in this brochure or you can speak to one of our advisers on 0800 082 8400, who will be able to answer any questions you might have.