View more on these topics

A Personal Health Solution from BCWA

BCWA Healthcare has introduced Personal Health, an individual private medical insurance plan offering a mix and match range of five benefit options.

Option one covers out-patient tests and consultations, option two covers acute surgery, option three is for complementary therapy, option four provides cover for cancer treatment and heart conditions while option five features cash benefits for optical and dental treatment.

Policyholders have the flexibility to choose one or more options to suit their needs and can alter their choices at any time.

An interesting feature of the plan is that it uses BCWA’s new claims handling and customer care service. This is called Service + and is intended to keep costs low and paperwork at a minimum.

Although there are no excess options to reduce costs, there is a low-claims discount of up to 50 per cent. This is designed to reward long-term customers who make fewer claims. All new members start off with a 25 per cent discount, which will increase by 5 per cent for each year that claims amount to less than a third of the premium. By the same token, if claims are higher than 66 per cent of the premium, policyholders will lose 10 per cent of their discount.

Service + was piloted in late 2005, with the aim of providing a personal service to policyholders while speeding up the decision making process to reduce costs. Medical costs are also reduced by Boca’s negotiation of the best rates for policyholders and arranging hospitals within 35 miles of the policyholder’s home.

This product manages to stay relatively simple despite its mix and match approach. However, the absence of an excess option and the £50 lifetime limit for the treatment of cancer and for heart conditions may disappoint some people.

Recommended

iFunds hunts for commodity ETFs

iFunds, a franchise of Raymond James Investment Services, has crought out the MFM iFunds ETF Commodity Fund, a fund of funds investing mainly in exchange-traded funds.

IFAs split on sits charge

Matt Goodburn finds mixed feelings among advisers after Fidelity lowered the initial fee on Anthony Bolton’s fund

Raid review

The figure dwarfs previous estimates, which put the damage to pension schemes, caused by the Chancellor’s decision to remove advanced corporation tax relief from equity dividends in 1997, at 40bn-50bn.

Pru and NU slam WP claims

Actuary AKG’s claims that the with-profits is fatally wounded and advisers will struggle to sell the product have been shot down by Prudential and Norwich Union. AKG say surrenders are continuing because with-profits have become “toxic words”. But Prudential head of investments Andy Brown says this is nonsense and AKG is generalising across the board. […]

Tech winners keep on winning

By Ali Unwin, chief technology officer & fund manager, Neptune Artificial intelligence, driverless cars, big data. As technological advancements – and disruption – increasingly dominate headlines, Ali Unwin sets out six key themes he is watching in 2017. Read more Important Information Investment risks Neptune funds may have a high historic volatility rating and past performance […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment