Cash plan provider Health Shield has published its claims statistics for the first time, revealing it paid out 97.5% of all claims made during 2013.
Overall Health Shield paid 436,640 claims in 2013 with the most common causes for claim named as dental and optical related healthcare benefits (52%), chiropody, health & wellbeing therapies and physiotherapy (36%).
The 2.5% of claims declined were due to maximum amount already paid (25%), receipt too old (6%), sundry item not covered (6%), claim already paid (6%) and member not qualified at the time of treatment (6%.)
Health Shield also announced a 63% increase in the number of new company schemes.
The insurance company said it had continued to make progress against ambitious targets and delivered £6.4 million in new business sales.
Jonathan Burton chief executive at Health Shield said: "We are pleased to announce our claims performance, which follows strong annual results published last month. The moment of truth with any insurance policy is whether or not it will pay out when it is needed.
"By sharing this information we are demonstrating our commitment to paying out valid claims & re-assuring both intermediaries and policyholders of the value our health cash plans provide for everyday healthcare.
Commenting on the figures, Roy McLoughlin of Master Adviser said: "It isn't just consumer and advisers that need to see the benefits of health insurance products, but employers too. It is excellent news to see Health Shield publishing their paid claim statistics as this will help us when talking to employers about the value cash plans can provide."
