National Deposit has launched a private medical insurance (PMI) product targeted at the small-to-med...
National Deposit has launched a private medical insurance (PMI) product targeted at the small-to-medium-sized enterprise (SME) market.
The group healthcare deposit account aims to build on the success of the firm's individual plan.
It is marketed as an alternative to the traditional PMI policy as premiums are fixed for life, the employee has the chance to build up a valuable asset and it is portable.
Half of each monthly premium goes into an employee's personal deposit account or 'pot' from which they must fund 10% of any claim.
The value built up in the personal deposit account can be transferred to an individual healthcare deposit account if an employee leaves the company. Alternatively, it can be refunded.
From £30 a month, premiums cover a comprehensive range of medical treatments including surgical operations, consultations, cancer treatment, heart surgery, diagnostic investigation and physiotherapy.
There is an unrestricted choice of private hospitals and treatment locations as well as the option to use the NHS.
A range of treatments including dental and optical, are covered to ensure employers meet duty of care obligations. In addition laser eye surgery, eye tests, new glasses, bridges, crowns, dentures and fillings are offered in addition to an employee assistance programme.
The new plan was launched in response to demand from healthcare intermediaries.
