AIG Europe has announced the launch of a new group health insurance plan, Group healthnow. Aimed at ...
AIG Europe has announced the launch of a new group health insurance plan, Group healthnow. Aimed at smaller companies, it is priced at around half the cost of traditional private medical insurance (PMI) schemes.
The premise of the plan is that the NHS is excellent dealing with urgent or emergency cases, but there are considerable waiting lists to see consultants, or for treatment if the condition is non-urgent. This is where Group healthnow policy steps in.
The policy provides cover for immediate access to a consultant for initial diagnosis, and provides cover for a specified list of procedures with the longest NHS waiting times.
Commenting on the launch, Mike Giblin, assistant managing director of AIG Europe, said: 'Our research indicates that smaller companies want to offer PMI to employees, but cannot afford to do so.'
The plan is similar to Western Provident Association's (WPA) Elect17, which gives a discount to traditional healthcare by covering a restricted list of conditions with long waiting lists on the NHS. Elect 17 still exists, but is not marketed as it has been superseded in marketing terms by Self Pay Protect, which has no restriction on what it covers, but pays 75% of the bill, and XS health a high excess policy.
Commenting on the launch, Shaun Newcomb, proprietor of Healthguard, said: 'I think any sort of innovation is welcome due to the rising costs of PMI. I think something like Group healthnow, as long as it is properly thought out, is a good idea.'
He added that while low-cost products may not have taken off in the past, market changes may make clients more amenable to this type of plan ' a trend that has been witnessed in the move towards high excess plans.
