A new product launched by Medicash, the Essential Surgery Plan, marks the return of major medical ex...
A new product launched by Medicash, the Essential Surgery Plan, marks the return of major medical expenses plans (MME) to the healthcare market. The new plan pays subscribers a tax-free lump sum of up to £6,000 when they undergo a surgical procedure that requires general anaesthetic.
There were several providers of such plans during the 1990s but the product failed to catch on with clients and intermediaries. John Green, account executive at GE Frankona Re, said: 'These plans have struggled to find the right marketing message. The product has been lost between private medical insurance, hospital cash plans and critical illness policies. As a product it has to identify a strong marketing message, I just do not think that anyone has successfully addressed it as yet'
However, Wendy Dawson, direct sales manager at Medicash, said the market is ready for the product's return because of growth in self-pay. 'The original plans were launched at the peak of PMI and with similar premiums. Now this product fits financially as an alternative to the high cost of PMI,' she said.
Medicash's plan is available to people aged between three and 65 and has benefits payable in accordance with the complexity of the procedure.
