Now Health International World Care
From 1 August 2015, Now Health has brought in a number of product changes and announced its new prices. They range from a 2% hike in premium rates (in the Europe, Global and Asia Pacific regions) up to 10% in China. Now Health has the full list of price rises by region on its website.
Until 31 December, new individual customers in the Europe, Global, Singapore and China branches also get a 10% introductory discount. World Care products are available to 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.
Comment: Now Health has done well to limit some of its price rises to just 2% although it will come as no surprise to many that China leads the way in price rises at this round.
To go with the announcement of price rises (never a popular message…) Now Health has introduced a handful of product changes too. These are fairly modest changes, but do include a new introductory discount and a new co-insurance option. It could have done more but arguably, a little sweetener to go with the medicine of price rises is a reasonable approach to take.
Plus points: Price rises are very modest in some areas (albeit more in others); Complemented by improvements in cover; New 10% introductory discount in some areas; New co-insurance option and NCD.
Not so plus points: Cover changes are modest; High price rises for China; The initial discount only runs to December.
Website: http://www.now-health.com.
Rating (max 10): Innovation: 6. Overall: 8. Gold
Tags: iPMI; Now Health