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Scottish GPs could save over £2,000 in insurance payments

Scottish GPs could save over £2,000 in insurance payments

What's happening?

To support GP practices during the current pandemic the Scottish Government announced an update doubling the NHS Locum Reimbursement payable. 

The update confirmed the decision to increase NHS Locum Reimbursement in respect of GPs working in Scotland to a maximum of £3,468.36 per week for the first 26 weeks of sickness absence and a maximum of £1,734.18 per week for the next 26 weeks. This is expected to be a temporary measure but a date has not been set on when this will end.

So how does this affect current insurance plans?

In light of this, Wesleyan will be suspending all premiums for their locum insurance products for Scottish based GPs to ensure customers can benefit from the increased NHS support without losing their existing cover or have any concerns about cancelling insurance policies that may be needed again next year.

The suspension of premiums only applies to GPs with locum cover and cover for all other members of group plans will remain unaltered. 

How much money could I be saving?

Average premiums for group plans are £210 per month (£2,520 per year). Suspending premiums for GPs with Locum Cover will save a practice around 80% of their premium.
An 80% saving is £168 per month (£2,016 per year) meaning the new average premium will be £42 per month (£504 per year).

Please note that cover and premiums for other staff members will remain in place as they are not included in the NHS locum reimbursement scheme.

Could I be owed some money back?

These changes came into effect 03 March 2020 so Wesleyan will calculate any refund that is due for cover paid since that date.

This ensures that clients do not pay for cover they do not need and, as the change is expected to be temporary, have the peace of mind that their plans remain in force for the duration of the Interim Statement of Financial Entitlement.

New customers to Wesleyan will also benefit from the same arrangement so effectively will not be being charged for premiums for cover that fall under the increased NHS benefits whilst these are in place.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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