Your Health Plus
There is a new entrant into the medical insurance market, although not actually an insurer. Your Health Plus is a totally new company without connections to any established organisation. They are aiming to make sizeable inroads into the corporate private medical market and are targeting schemes of all sizes.
Among the distinctive features of the Your Health Plus product is the offer to refund fully any part of the premium, other than the agreed administration margin, that does not get taken up in claims payments. This is within a fully insured arrangement, so adverse claims experiences do not mean that the client gets a further payment demand. On top of this, the new company has been known to offer three-year fixed price contracts at highly competitive rates.
Such attractive terms from a total newcomer to the market inevitably raises further questions; especially as there seems no reason to expect claims to be drastically less than would be the case with a traditional insurer. At this point however, it has to be said that their underwriting arrangements are far from clear. Given all circumstances, we are making a thorough study of all aspects of the new company's business structure. Meanwhile, they are highly active in their chosen market and are making direct approaches to companies as well as seeking to work through brokers. Don't be surprised if you get a call from them!
The information contained in this document is of a general nature only and should not be relied upon as advice in any specific situation.
For further information, please telephone your usual contact at Buck Consultants (Healthcare):
Tel: +44 (0)118 955 7700
Fax: +44 (0)118 955 7701
Email: healthcare@buckconsultants.com
Web: www.buckconsultants.co.uk
Abbot's House, Abbey Street, Reading, Berkshire, RG1 3BD, UK
Buck Consultants (Healthcare) Limited is authorised and regulated by the Financial Services Authority
|