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Standard aims cost plus PMI at big companies

Standard Life Healthcare is entering the cost plus sector of the private medical insurance market to offer bigger companies with a sizeable and stable volume of claims an alternative to a fully insured scheme.

Under cost plus, a company agrees a claims&#39 fund with the insurer which manages the scheme on behalf of the company. Insurance cover protects the company against claims that significantly exceed the claims&#39 fund. Big firms can cap their liability at an agreed level.

SLHC will be offering three levels of cover which cap the client&#39s liability at either 125 per cent, 133 per cent or 140 per cent of the claims fund. If a company&#39s volume of claims goes above the chosen cap, SLHC picks up the difference. If the claims are lower, the difference is refunded.

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