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Health & Long Term Savings Explained
Health and Long Term Savings Scheme
30p per unit per four weeks - Minimum 20 units [£6/4wks.] – Maximum 60units [£18/4wks.]
[Under 16 year’s 10 units minimum, 40 units maximum]
Each 30p unit split into three sections
SICK BENEFIT
£1 per unit per week for first 26 weeks.
Then 50p per unit for 26 weeks.
Then 25p per unit for the remainder of sickness.
Sick Benefit payment is by Doctors certificate only [within 28 days]
Any cost incurred could be requested from Medical account if funds are available.
LONG TERM SAVINGS
A part of each 30p unit dependent on age at entry is deposited into an account called LONG TERM SAVINGS.
When a maximum of £1,000 is reached you stop paying this part of the 30p, this amount is then on deposit until maturity at 65 years.
Interest is added yearly up to maturity at 65 years [Even after the amount reaches £1,000]
MANAGEMENT
This rate starts at 6p per unit from ages 0 to 16 at entry.
Then 5p per unit from ages 17 to 48 at entry.
Then 4p per unit from ages 49 to 54 at entry.
[Restrictions apply to SICK BENEFIT please ask your Secretary or Agent for details]
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Every three years a VALUATION* of the Lodge is carried out and any Surplus is divided among the members as follows:-
Each unit = 4 shares, therefore 20 units = 80 shares.
These shares are multiplied by the number of complete months since entry up to a maximum of 120[10 years].
Therefore a member with 10 units and 24 months since entry would have: - 4 x 20 x 24 = 1920 shares.
All members’ shares are added together and divided into the amount of surplus available to give the value of each share.
This amount is then calculated for each member and entered into a Members Lodge account called the
MEDICAL account.
The member then has the option to transfer 50% of the Valuation amount into a further account called the MEMBERS INTEREST account.
MEDICAL account
This account can be used by the member towards the whole or part payment of cost of His/Her expenses for:-
Dental treatment, Optical treatment,
Medical and Convalescent costs,
Family Bereavement,
Distress and Chiropody Treatment.
MEMBERS INTEREST account
This account receives a yearly interest set by the Lodge Committee.
A member can withdraw from this at any time by applying in writing to the Lodge Secretary.
Request for payment from Medical Account must include a receipt for amount paid; the amount paid to the member will be decided by the Lodge Committee at the monthly meeting [held 1st Tuesday of each month].
*Valuations cannot be guaranteed and Past Performance is not an indicator of Future Performance.