About Generation Health Medical Fund
Generation Health - healthcare insurer of choice
Generation Health is a 'new generation' medical fund which, whilst providing comprehensive medical cover, also guarantees individual choice and flexibility.
Launched on 1 December 2000 with a refreshingly different product profile, the need then to 'shake the tree' and position for inevitable change was clearly evident. Since then the Fund has registered paced growth drawing from an impressive array of corporates across the business divide to small businesses and individuals.
Healthcare products in sync with changing times
Whilst 'core' benefits, which are designed to cover members for those major medical events such as hospitalisation, provide comprehensive baseline cover, a uniquely designed Medical Savings Account provides the member and their family with a vehicle to fund routine and other healthcare needs in a flexible, tax efficient, interest earning and fraud safe manner.
Insured Benefits
These are the main or 'core' benefits that provide cover for those infrequent but financially catastrophic medical events such as an in-hospital stay or diagnosis and treatment of cancer. Generation Health provides realistic and comprehensive cover for these events through a ring-fenced 'Core or Insured Benefit Fund'.
Insured Benefits have an annual overall limit per registered beneficiary with internal sub-limits for benefits such as optical, dental, chronic medication, special appliances, prosthesis and rehabilitation. The Generation Health membership year is January to December and members who join during the course of the year have their benefits pro-rated.
Choice to insure major medical events only
Members can therefore elect to be insured for core benefits only and stop right there, thus giving the member the choice to pay a lower premium and assume the manageable risk of funding out-of-hospital consultations, acute medication and other routine care on a pay-as-you-go basis.
Claims Reimbursement
Generation Health processes and pays claims weekly.
Members and providers are urged to submit their claims as frequently as is manageable to ensure speedy reimbursement.
Membership - Joining the Fund
Generation Health is an open medical fund and corporate members, small business enterprises and, in select cases, individual members are eligible to join.
Where members have been participating on another Fund, waiting periods will not apply. However, where new members have not been covered elsewhere for a period of more than three months, waiting periods will apply.
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