Morgan Price International Healthcare EssentialCare
Morgan Price International Healthcare has launched its EssentialCare expatriate health insurance plan as a simple and cost effective plan, especially for people who would otherwise opt out of having cover on cost grounds.
The plan offers a choice of three options, with all options having a single worldwide premium rate and cover:
• Level 1. An annually underwritten product with no automatic renewal or continuation of cover, with consequent lower pricing (the insurer can refuse to renew if say claims have been made, unlike under a conventional PMI plan where renewal is virtually automatic). A 30 year old could have Level 1 worldwide cover for an annual premium of £552. For a 50 year old the same cover would cost £1,212 for a year. Benefits are limited to £50,000 per person covered lifetime and per year.
• Levels 2 and 3 are more conventional products that are not re-underwritten at renewal, but both have lifetime benefit limits. Benefits are limited to £150,000 (Level 2) or £300,000 (Level 3) per person.
Residents of China, Hong Kong, Japan, USA and Canada have compulsory annual in-patient excesses, with two age points. In addition to the basic cover, customers can add on accidental death and dismemberment (including temporary total disability) cover; accidental death only cover, or evacuation and repatriation. Plans can be denominated in GB £s, Euros or US Dollars.
Most in-patient treatments are full refund, with most out-patient treatments individually limited. Emergency dental treatment is covered on Level 2 and 3 plans only, as is maternity and psychiatric (both the latter being subject to a 12 month initial waiting period).
Plus points: Much lower cost than traditional IPMI, especially for Level 1 plans; A reasonable level of benefits, given the plan’s positioning; Can be used to save a situation where otherwise a customer may choose not to have any IPMI cover at all when working abroad; For people looking to work no more than a year more outside the UK the plan could be ideal; A very innovative solution to the real problem of people cancelling cover when some good quality low cost cover would be much better than no cover at all.
Not so plus points: Intermediaries must take great care to ensure that customers understand the plan’s limitations, and should explore other options before looking at this plan; Benefits are limited in a range of ways and Level 1 cover could mean being unable to get insurance in future if the customer has had to claim (depending on the type and number of claims).
Website: http://www.morgan-price.com.
Rating (max 10): Innovation: 10. Overall: 8. Gold.