MediCare International has introduced two changes to its International range of iPMI plans.
Customers can now choose one of four voluntary excesses:
- A £500 (or equivalent in US $ or €) per claim excess gives a premium reduction of 10%.
- A £1,000 excess gives a 20% premium discount.
- A £5,000 excess gives a 35% premium discount.
- A £10,000 excess gives a 50% premium discount.
A new multi-currency feature has also been added to the online quote and buy package.
The plan itself is available to individuals or groups, with discounts starting from just three lives, and is available in four versions – International, International Plus, Executive and the top of the range Executive Plus. There are two pricing areas (worldwide, with or without USA, Canada and Caribbean). The maximum annual benefit is £1m per insured person per year.
All version of the plan cover chronic conditions and cover is even available in more difficult geographies such as warzones and post conflict reconstruction areas.
The basic International plan covers hospital treatment, medical evacuation, home nursing, cancer treatment, chronic conditions and newborn care. The top level Executive Plus adds HIV/AIDS benefit; outpatient services; complimentary therapies; dental cover; maternity care; wellness benefit, and psychiatric cover. The other plans’ benefits are broadly in between these two.
Cover and exclusions are fairly standard for this type of plan, and all larger claims (all inpatient and all claims likely to exceed £2,500) having to be pre-authorised. There is a 5/2/2 year rolling moratorium on individual plans.
What They Say
Senior executive director David Pryor said: "We have been looking now for some time at ways to reduce the cost of care for clients, whether insured on an individual or group basis. Client feedback told us that the quality of the care is paramount and should never be compromised but for some, the option to co-insure and accept a proportion of the costs in the event of a claim could be a very attractive feature."
What We Say
"Excesses can result in very significant savings, and the bigger the excess, the bigger the premium saving. We suspect though that the biggest excess on this plan is likely to appeal mainly to companies than to individuals.
"The plan offers a reasonable range of benefits and a choice of four cover levels that should meet most needs – especially as chronic conditions are covered and cover is available in areas some other insurers are not at all keen on.
"The excess options are per claim – so more than one excess could be incurred in a year. On the other hand, claims that run over a policy year would only result in one excess."