www.iva.co.uk

Hi there,

I'm wondering if anyone of the experts knows if I took out a HSA policy, paying for it with the allowance in my I&E for optical and dental, would any claim I then submit and is subsequently paid out be classed as a windfall?

The cost of the policy is similar to that of my allowance for the above, and I would then still have to buy contact lenses, pay for sight test / dental check-ups etc, but would claim the money back. In that effect, I would be paying out twice but would be re-imbursed for the cost of the actual treatment.

The benefit to taking out a HSA policy is that they would also pay out for chiropody treatments - which my feet really do need, and they also pay hospital in-patient benefit and private consultation.

In effect I can afford to pay for the HSA, so long as the HSA re-imburse me for the opticals and dentals. That means I break even. Then, if I choose to pay for another therapy like chiropody its an added benefit, in effect free once paid an re-imbursed.

When it comes to the annual review, would they look at these re-imbursed sums as windfalls and then expect the 50/50 split etc?

Likewise I am waiting for a £50 insurance settlement of a vets bill (which I paid £140 for the treatment just pre IVA)

Many thanks for trying to understand the question!
flowerpot

I cannot see that these claims could be treated as windfalls if they are merely reimbursing you for monies you have had to pay out. But if this is going to increase your expenditure, you will need to get your IP to agree to the increase unless you intend to fund it out of your share of any uplift payments.

Presumably, if is classed as a wndfall, but if it is less than £500 it could be kept by the recepient anyway?

That would depend upon the wording of the IVA proposal - but is irrelevant because I cannot see the windfall argument washing.