The company has 25 years experience in providing PMI to expatriates and their families who may be living or working abroad. The new plan provides the highest level of cover available to employers and its benefits are provided within a maximum of £1m of cover for each insured person each year.
The plan is available to groups of at least three employees and children can be covered from birth until age 17. It is similar to Medicare’s other three plans – international, international plus and executive – but some benefits provide more cover. For example, organ transplant surgery is not covered by the international and international plus plans and is limited to £100,000 under the executive plan. For executive plus, the limit is £200,000. Executive plus is also the only option that helps with the cost of outpatient psychiatric care and covers childhood vaccinations.
Executive plus also has higher maternity benefits than the executive plan. It covers 80 per cent of the costs of a normal pregnancy up to £10,000 and 80 per cent of the cost of a complicated pregnancy up to £25,000. The limits for the executive plan are £5,000 and £10,000 respectively, while the international and international plus plans do not provide this benefit.
Premiums depend on age and region. Worldwide cover excluding the US, Canada and the Caribbean and is cheaper than worldwide cover with no excluded regions. The lowest premium is paid by a child with world cover excluding the US, Canada and the Caribbean at £684 a year and the most expensive is worldwide cover for people age 60 to 64 at £11,316 a year.
Some outpatient benefits such as physiotherapy and X-rays have a £100 excess after the first claim but this can be waived if policyholders pay an extra 10 per cent of their annual premium.
This product offers a good range of benefits but employers will need to decide whether the extra features it has are worth the higher premiums relative to MediCare’s other plans. Competition may also come from other providers, such as Bupa International company gold.