With effect from 1 August 2015, Now Health has introduced a range of product changes, and increased its premium rates by from 2% (Europe, Global and Asia Pacific) up to 10% (China). A full list of price rises by region is included on the Now Health website. In addition, until 31 December, new individual customers in the Europe, Global, Singapore and China branches get a 10% introductory discount. World Care is available to both individuals and groups.
The product changes from 1 August include:
* To complement the existing 20% co-insurance option, a new 10% outpatient co-insurance is available, which entitles the customer to a 5% premium discount.
* UAE and Hong Kong residents now have access to cashless outpatient direct billing at a lower cost than the nil excess, through a new Restricted Network option.
* Continued personal medical exclusions (CPME) underwriting is available for groups of five or more employees for plans based in the Europe branch. This method of underwriting is also known as ‘no worse terms’ or ‘protected underwriting terms’. CPME allows groups to change their iPMI cover from one provider to another, carrying over their cover with no new medical exclusions.
For business written in Singapore and China, a new no claims bonus feature has been introduced. This is designed to offer year-on-year savings, and gives an automatic 10% discount on renewal so long as no claims have been made, plus a 15% discount over two or more subsequent years. Claims made under the routine dental benefit will not affect the no claims bonus.
What They Say
Managing director, Europe, Alex Dalton said: “These most recent enhancements have been designed to keep our products very benefit-rich, while keeping the impact to cost as low as possible.”
What We Say
"Fast rising costs have been an issue in the iPMI sector for some time now, so it’s good to see that Now Health has been able to limit increases to just 2% in some areas, albeit higher in others (especially in China, although that will not come as a great surprise to many).
"A new introductory discount, a sensible looking no claims discount and a new co-insurance option should all appeal too. The actual product changes are relatively minor but presumably Now Health sees little reason to extend (or reduce) its propositions, at least this time round.
"Overall, a useful if not terribly exciting round of changes – but then if we had wanted excitement we’d all probably have become underwriters instead(!)."