Aetna International Summit
Aetna International has introduced two new international private medical insurance (iPMI) plans – Pioneer for individuals and Summit for groups. This review focuses on the latter.
The literature centres around five Cs – choice, comfort, care, control and convenience. Aetna International Summit, for groups of three plus working in Europe (benefits may differ for larger groups and different geographies) offers:
Five cover levels, which offer an overall plan limit of between $1.75m and $5m. Aetna names these Aetna Summit 1750, 2500, 4000, 5000 and 5000+ and effectively, you simply multiply by 1,000 to get to the annual cover limit. Aetna Summit 5000+ is aimed at US residents (where health costs are often greatest).
All plans pay in full for inpatient and daypatient treatment and for parental accommodation.
Emergency medical evacuation, repatriation and local ambulance plus cancer care is covered in full on all plans.
Looking specifically at the top of the range plan, it also pays in full for outpatient treatment (with financial limits on some complementary medicines and psychiatric treatment) terminal care and medical complications of maternity. There are financial limits on the red24 travel security services ($2,000); hospital cash ($125 a night; max 25 nights); congenital abnormalities ($100K); HIV/AIDS ($15K) and routine health checks ($1,000).
Other plans can have more financial limits and/or provide less comprehensive benefits.
The plan is not yet available in Thailand, Philippines, Morocco, Jordan and China, but Aetna has other plans that can be used in those geographies.
A range of geographic areas is covered and a choice of full medical underwriting or a moratorium is offered. An excess or coinsurance can be chosen and, at additional cost, customers can add full maternity cover, travel insurance and personal accident insurance. Each plan is available in a number of currencies.
Comment: Unlike many iPMI plans, Aetna’s new Summit (reviewed) and Pioneer (similar but targeted at individuals) plans focus on keeping fit and well, with the ‘true’ insurance element following on where and when it is needed. That changes the look and feel of the plan – it’s more a lifestyle choice rather than a doomsday plan.
Aetna has built in a good degree of flexibility to help match needs to budgets and its website, for example, is tailored to where in the world the expat is. Overall, the approach of combining high levels of service, wellness and traditional insurance benefits has much to commend it. The look and feel is different and that could help iPMI becoming seen more of a positive lifestyle choice that the rather negative purchase of something you need but never want to have to use.
Plus points: A new approach to iPMI that focuses on where people live and work and a range of consumer friendly benefits; The traditional insurance model of just paying for treatment is therefore almost a secondary benefit; Good recognition of expats’ real life needs and vulnerabilities; Good flexibility to match benefits to budget; Separate solutions for individuals and groups; Aetna is a strong global brand.
Not so plus points: Not yet available in all territories; There are some financial limits; Possibly too much choice if all options are considered individually.
Website: http://www.aetnainternational.com.
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: iPMI Aetna International