Passport2Health, PMI, April 2013
PMI
Passport2Health has extended its offering to now include cancer cover. Previously (see review in e-PR 145) cancer treatment was largely excluded.
Now, the plan includes lifetime cover of £50,000 for cancer. Passport2Health says it will ensure policyholders are always aware of the funds available and the costs of any proposed treatment and will, if necessary, help with transitions to and from the NHS. Cancer treatment can be provided close to home through the NHS or in a private UK hospital or patients may choose to be treated in an approved hospital outside the UK.
As before, Passport2Health’s USP is that otherwise it arranges treatment abroad where possible, after fastrack UK diagnosis, so as to pass on savings in the form of lower premiums to customers.
The new cover applies to all new policies from 1 March and to all policies renewed after that date. Passport2Health partners with Advent Solutions Management (of which it is an appointed representative) who administer the plans and underwrite them for Sirius Lloyd’s Syndicate 1945; Aria Assistance; Ten Group (concierge travel services) and Nuffield Health for UK post-treatment rehabilitation.
Comment: Cancer is such an emotive issue that not having cancer cover was seen as a concern by some when Passport2Health first launched. In reality, customers could have chosen to buy critical illness cover separately—perhaps funded by the premium saving over conventional PMI—but most people prefer a one-stop solution and Passport2Health now provides that, albeit with cancer cover limited to a lifetime £50,000. The change should increase the appeal of the plan (we have not looked at whether premiums have changed accordingly) but the plan’s main appeal will still be for those who want treatment abroad, with the cost-savings that promises.
Plus points: Cancer now covered; Good range of partner services; Treatment abroad should translate into sustainable lower premiums.
Not so plus points: Cancer cover is lifetime limited and that limit will result in not covering all treatment costs for some (although Passport2Health will then help manage the patient back into the NHS); Not everyone will want to have treatment abroad and the thought of having to travel when going for treatment or when recovering may not appeal to some; Is the cost saving sustainable?
Website: http://www.passport2health.co.uk
Rating (max 10): Innovation: 8. Overall: 7.5. Silver.