Bupa is offering small groups fixed subscriptions, for two years, as a new way to pay for private medical insurance (PMI).
The new scheme, Bupa Fixed Price (2 Years), gives small groups the chance to avoid the rise in PMI subscriptions which can be unpredictable. According to Bupa research, such rises are one of the biggest issues employers face when buying medical cover for their staff.
This new payment method is available for Bupa’s existing schemes for the small to medium enterprise (SME) market such as Premier Network, Premier Network Max, Premier Cover, Premier Cover Max and Premier Plus.
Companies can expand or contract the group cover during the two years and make changes such as membership details, for example, dependant status or removal of members.
Members that are added are allocated a price based on the rates in place at the beginning of the fixed period.
And companies can offer different levels of cover, for example, Premier Plus for senior management and Premier Network for other managers.
The current payment options of monthly, quarterly and annually, still apply, as does the range of excesses in return for lower premiums.
Steve Flanagan, Bupa’s sales director, said: “The launch will increase the flexibility of Bupa’s PMI schemes and will be supported by a direct mail campaign and a full suite of literature.”