Western Provident Association has introduced flexible health, an individual private medical insurance (PMI) plan that allows policyholders to upgrade and downgrade cover as their circumstances change.
The plan is based on standard cover, which includes in-patient and day-patient treatment, limited out-patient treatment and additional benefits such as nursing at home. The standard cover can then be enhanced by various options.
The out-patient option provides unlimited benefit, the therapy option covers treatment such as physiotherapy and the worldwide option allows policyholders to be covered while abroad. There are also dental and cash plan options and policyholders can modify their benefits as their circumstances change.
Discounts on premiums are available under the shared responsibility facility, where policyholders pay a quarter of their treatment costs up to a chosen amount, either £1,000, £3,000 and £5,000. This reduces their premiums by 30 per cent, 40 per cent or 50 per cent respectively. Where the cost of treatment exceeds their chosen limit, WPA will pay 100 per cent.
SecureHealth's options is a similar individual PMI plan that offers standard range of benefits with a number of bolt on benefits including psychiatric treatment. In comparison, the WPA plan does not cover psychiatric treatment, but it offers dental benefit and cash plan benefits that the SecureHealth plan lacks.
A 35-year-old male requiring the standard benefits of each plan with full outpatient cover for his spouse and two children would pay £101.90 with SecureHealth and £152.73 with WPA.