AXA – Global Healthcare’s new Foundation cover level is a new cover level choice on top of its existing iPMI proposition. The plan is available to expats and travellers of all ages, and is designed to offer essential cover to those who want at least basic medical cover in place when living abroad.
The budget-friendly option provides personal customers with an essential level of cover. This includes inpatient treatment, cancer treatment and emergency evacuation and repatriation. The plan can also be used to supplement an existing local health plan, giving customers whose home countries may lack the facilities required to undergo certain treatments the option to choose a facility abroad.
The overall policy limit is £100,000/$160,000/€125,000 per person, per policy year and the plan pays for:
• Hospital charges, including charges for psychiatric treatment (up to 100 days in a member’s lifetime), accommodation and diagnostic tests.
• Surgeon, anaesthetist and physician charges as an inpatient.
• Cancer treatment, including radiotherapy and chemotherapy.
• CT, MRI and PET scans.
• Emergency or medically necessary ambulance transport.
• Emergency evacuation or repatriation.
Optionally, customers can add cover for outpatient treatment, including a virtual doctor service. The upgrade provides up to:
• £2,500/$4,000/€3,200 in total for:
o Medical practitioner fees.
o Psychiatric treatment.
o Diagnostic tests.
o Physiotherapy treatment.
• £100/$160/€125 for vaccinations and their administration.
• £300/$480/€380 for complementary practitioner fees (out of combined limit).
• £100/$160/€125 for out-patient drugs and dressings.
• Access to a virtual doctor service for consultations over the phone and via video conference.
With the launch of the Foundation cover level, the product suite for personal customers now includes Foundation, Standard, Comprehensive, Prestige and Prestige Plus cover options.
Comment: The iPMI market is now estimated to be worth £12.6bn a year, according to Finnacord, and some 97m expats are eligible for this type of cover. However, many expats have little or no cover and part of the reason for that is financial. iPMI cover can be expensive, and premiums tend to rise each year faster than inflation too.
To help meet the need for cheaper cover, AXA Global Healthcare has introduced Foundation. This offers a bit less cover but also lower premiums.
That can help brokers in two ways. First, some potential clients will now buy when previously they might not. Second, having a lower cost option help contextualise the cost, so the client may well end up choosing a higher level of cover, knowing that they can switch to cheaper cover later if needs be.
Plus points: A low cost way into iPMI with a new Foundation level of cover; Part of a wider range; Can be used standalone or to supplement a local health plan.
Not so plus points: Cover may not be sufficient to cover all medical costs; IPMI premiums rise faster than inflation usually; Lots of cover options adds complexity.
Rating (max 10): Overall: 8. Gold
Tags: iPMI; AXA Global Healthcare
I Mark: No