Status Medical Insurance Solutions European Health Cash Plan
This is the first product from Status Global Insurance’s (SGI’s) new brand, Status Medical Insurance Solutions, which will offer a range of worldwide medical insurance products and is the first product of its kind available to the European Economic Area (EEA).
The European Health Cash Plan pays cash benefits for everyday healthcare expenses, typically those out-of-pocket costs which are not fully covered by national healthcare systems or by private medical insurance. The plan is underwritten by Astrenska Insurance Ltd.
There is a simple application process with guaranteed acceptance and there are four benefit levels. The main benefits (with any annual maxima shown) include:
Up to £20 a night (up to 20 nights a year) for hospital inpatient, parental stay and post-inpatient nursing at home.
75% cash back on hospital parking up to £75.
75% cash back for physician and consulting services up to £400.
75% cash back for routine dental treatment up to £200.
100% cash back for emergency dental treatment up to £200.
75% cash back optical benefit up to £200.
75% cash back for physiotherapy and complementary treatments up to £200 (max ten visits).
75% cash back up to £150 for chiropody and podiatry.
100% cash back for up to three prescriptions or adult vaccinations up to £50.
75% cash back wellness benefit up to £50, which pays for screening and health tests for the over 30s.
Up to £300 if a child is born or adopted.
Up to £200 if a major arm or leg bone is broken.
Up to £10,000 for accidental death.
Up to £200 excess buy-back cover (12 month waiting period).
75% cash back up to £300 for hearing aids and tests.
At extra cost customers can add three other benefits:
Personal accident and accidental death benefit up to £100,000.
£100 per day per unit income in hospital benefit. There is a £25,000 lifetime maximum per unit and more than one unit can be bought.
Emergency 24/7 European medical assistance.
Pre-existing medical conditions exclusions apply to some benefits. Level 1 and 2 cover a more limited range of benefits and only pay out in the customer’s country of residence. Level 3 and 4 plans cover all EEA countries and include all benefits.
Initial waiting periods apply to some services e.g. 90 days for dental optical and most hospital benefits.
The above benefits apply to individuals (a discount applies to couples cover) with a group version of the plan also available.
Comment: In the UK, HCPs are well-established (and have been since Victorian times) but they are not so common outside the UK. Status’s new plan I, we believe, the first HCP for EEA residents.
Status is long established and looks to have done its homework so it will be interesting to see both how successful the plan is and also whether other providers follow its lead.
Meantime, there are some financial and other limits but the plan includes a wide range of benefits at a reasonable price and there are four cover levels and three add-on options to help tailor benefits and costs to needs.
Plus points: UK style cash plan benefits for EEA residents; Four benefit level options and three add-ons; Simple to set up.
Not so plus points: Possible overlaps and shortfalls that will vary by country of residence; Max 75% payout on many benefits; Initial waiting periods.
Website: http://www.statusmedicalinsurance.com.
Rating (max 10): Innovation: 8. Overall: 7.5. Silver
Tags: HCP; Status Medical Insurance Solutions