A new contingency insurance policy has become available to eliminate the worry of paying for extra days in hospital and in case an operation goes wrong.
The aim is to provide people with peace of mind that the extra days in hospital are covered if needed for whatever reason.
The innovative answer to private medical insurance (PMI) is the newborn brainchild of 21st Century Healthcare founder Jo Clark.
Based on self-pay, the contingency insurance policy, called Self Pay (International), represents the whole of the UK but the bulk of operations will be concentrated in London, which Clark describes as “a world-renowned centre of excellence for treatment”.
She explained the concept: “Self-payers pay a fixed fee, which we would negotiate and arrange, and the hospital provider would usually build in a few extra days for recovery, but there is nothing in place if an operation goes wrong and the patient has to undergo another operation. They will then need more time to recover.”
The scheme, financed by a major bank, will offer competitive loans to policyholders.
Clark explained the thinking behind her new product, which she has set up since her departure from 21st Century Healthcare last year.
She said the income generated from National Health Service (NHS) treated private patients is £329m and one-third of that came from the self-pay market.
Of that third, 72 per cent is concentrated in London and the Southeast and in this region alone the self-pay market generates in excess of £70m.
She said: “PMI premiums are rising and people cannot afford it when they most need it. It’s children and older people that regularly make claims on their policies.”
Clark plans to take her self-pay proposition worldwide and is currently in discussions with contacts in Cyprus, Oman, India and Egypt.
For more information, call free on 0800 587 0435 or visit www.selfpayinternational.com.