Leading international private medical insurance provider, Now Health International, has announced details of their WorldCare product and premium review effective from 1 August 2015.
Now Health’s benefit review enhances the company’s WorldCare product proposition by providing enhanced discounts and additional benefits, whilst keeping premium increases to a minimum.
From 1 August, the following changes will take effect to the individual and group premium base rates:
For business written in the Europe and Global regions, including USA Elective Treatment (Areas 16, 15, 13, 11, 9, 7, 5, 3 and 1): 2% increase*
For business written in the following Asia Pacific regions - Areas 14, 4 and 2 (Taiwan, Singapore, Hong Kong): 3.5% increase*
For business written in the remaining Asia Pacific regions - Areas 10, 8 and 6: 2% increase*
For business written in the Gulf region (Area 12): 5% increase*
For business written in the Singapore region: 5% increase*
For business written in the China region: 10% increase*
As part of the review, Now Health is offering a 10% introductory discount for new individual customers in their Europe, Global, Singapore and China branches**. This discount is available up until 31 December 2015.
In addition to this:
To compliment the existing 20% co-insurance option, a new 10% out-patient co-insurance will be available subject to a discount of 5%.
UAE and Hong Kong residents will be able to access cashless out-patient direct billing for a lower cost than the nil excess via a new Restricted Network option.
Continued Personal Medical Exclusions (CPME) will be available for groups of five or more employees for plans based in the Europe branch. This new way of underwriting is sometimes referred to as ‘no worse terms’ or ‘protected underwriting terms’. CPME allows groups to change their IPMI cover from one provider to another, carrying over their cover with no new medical exclusions.
For business written in Singapore and China, a brand new No Claims Bonus feature has been introduced and will reward customers who do not claim. Designed to offer year-on-year savings, the No Claims Bonus offers an automatic 10% discount on renewal providing no claims have been made and a 15% discount over two or more subsequent years. Claims made under the routine dental benefit will not affect the No Claims Bonus.
* The premium increase will be on or around this percentage. There may be a very small variance up or down depending on the region, age band, excess or payment frequency. For group plans an additional increase may apply depending on the number of employees at renewal, excess and/or benefit chosen, and underwriting terms.