Co-payment plan aims to give customers more control over cost
Exeter Friendly Society has launched a new private medical insurance (PMI) plan called Shared Care. The menu-based product has been designed to offer clients greater control over the cost of private healthcare through a co-payment plan.
Clients can choose a minimum co-payment amount of 25% of the cost of treatment. There is also an option to pay 50% of the treatment in order to reduce the amount paid out in monthly premiums.
Shared Care also operates an age-on-entry pricing system, which means the policyholder's age will not be used to calculate future premium increases provided the cover remains unchanged. Instead, premium increases will be based on rising medical care costs and general claims experience.
The plan offers three benefit packages providing different levels of cover, to meet the needs of each individual. Policyholders also have free access to the provider's treatment sourcing subsidiary, Go Private, as well as a 24-hour GP helpline.
Neil Armitage, marketing director at Exeter Friendly Society, said the solution provides clients with affordable PMI as well as peace of mind.
"We are very much in favour of the new style co-payment products entering an otherwise rather staid PMI market. We like the flexibility these offer and believe there will be great demand for this sort of structure.
"We feel that Shared Care will be met with enthusiasm and, in the long term, will retain its competitiveness because of added features such as age on entry pricing," he said.
