Shared Responsibility Explained
You agree to pay a set percentage of any claim and as a result slice your premiums significantly.
It´s similar to an excess but better because you can benefit from even the smallest of claims. You agree to pay up to a certain monetary limit each year - say, a limit of £1,000. Because you are sharing the costs with the health insurer, it pays 75% of the claim and you pay the remaining 25%. But if your claim is a large one and your 25% would come to more than the £1,000 you have agreed to pay, you won´t have to pay any amount on top of this - your costs will always be contained at £1,000 for that year. So, basically, when you´ve paid the ´excess´ the insurer will pick up all the bills after that.
For example...
| Order of treatment |
Claimed treatment |
Policyholder pays (with an annual limit of £1,000) |
WPA pay |
|---|---|---|---|
| Specialist | £100.00 | £25.00 | £75.00 |
| Tests | £400.00 | £100.00 | £300.00 |
| Hospital charges | £3,500.00 | £875.00 | £2,625.00 |
|
The policyholder has now reached their Shared
Responsibility limit of £1,000. WPA will pay 100% of eligible claims until the next policy year. |
|||
| Specialist | £100.00 | -- | £100.00 |
| Therapy | £200.00 | -- | £200.00 |
| Total | £4,300.00 | £1,000.00 | £3,300.00 |
Please note that the example assumes that the Options chosen allow for the types of treatment illustrated.
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