The family has three options with WPA. Self-pay is on the increase because PMI is too expensive an...
The family has three options with WPA.
Self-pay is on the increase because PMI is too expensive and the NHS is overloaded. The family is young and healthy. They could consider setting up a bank account into which they should pay their 'notional' premium, which will assist them when, and if, they are ill. They are saving themselves £1,200 a year, but opening themselves to a degree of risk should one of them be seriously ill.
Option two complements self-pay and is called XS Health. In case of an emergency, the family could take out a high-excess policy which means that their self-pay savings account does not get overdrawn. A combination of options one and two gives the family choice, control, caution and responsibility. Premiums of XS Health allow the family to continue funding the self-pay bank account. Total costs a year, with a rolling £1,500 excess would be £341.64
Option three is WPA's cover Flexible Health. The benefits are menu-driven giving the family control based on their individual requirements. If a customer wishes to reduce their premiums by up to 55%, they can accept a proportion -25% up to a maximum annual liability of £1,000, £3,000 or £5,000. Premiums reflect home postcode and age. More information will be required on Sam's hernia to clarify if exclusions will be applied. Although the family lives in Birmingham, the premium could be less if they lived outside the UK's main cities. If Sam or Andrea were self-employed they could earn a further 25% discount. Total costs a year with Flexible Health range from £784.08 to £1,263, depending on cover levels.
