WPA is to launch a new product to cater for the market in short-term care for patients recovering from hospital stays, writes Peter Madigan.
ParentCare is designed to provide elderly parents or relatives with between seven to 21 days care at home or in a nursing facility. The care provided is flexible and can be in the form of nurses, carers or simple domestic or gardening help.
Announcing the introduction of the product, which is expected later in the summer, Rod Bramston, managing director for private clients at WPA, claimed: "This is a new product that does not exist in the marketplace. With our aging population and the increasing number of elderly people living alone, we have identified a real market need."
Under the terms of the scheme, claimants will have to spend at least one night in hospital and have passed an initial three month qualifying period. In the event of a claim, although the cover does not have to be taken over consecutive days, there is an eight week period within which care must be used. Coverage is available for parents living anywhere within the European Union, although the policyholder must live in the UK.
"Provisionally, the cost of 21 days cover will be around £300 a year. That is the cost of one and a half days of private nursing in the home," said Bramston.
Exclusions include pre-existing cancers, diabetes, heart conditions and strokes, psychiatric care and any condition that has required hospitalisation within the last three years. Commission rates will start at 25% for the initial sale and 5% for renewal with further commission available for online sales in the first year.
"The private medical insurance market is becoming very noisy. This will give WPA a platform from which to offer the very best in healthcare," said Bramston.
