Sustainable and Fair Pricing
Like other insurance products, private healthcare insurance premiums cover the cost of paying insured claims and the operations which support them. As a responsible insurer, we believe pricing needs to be fair and sustainable. Our pricing approach helps to ensure our members can access the quality care, diagnostics, and specialist treatment they need.
The components of a price
When setting premiums for individual and SME clients, we consider underlying cost inflation (inflation), incidence trends (claims made during the year) and increases in hospital treatment and specialist costs and innovation in medical practice (medical inflation) to determine our pricing approach. Relevant risk factors are then applied such as age and medical history, to arrive at the end customer price.
Explaining the price of plans
Helping customers to understand what is happening in the private healthcare market, explaining the costs and why their premium could change can help you to develop long lasting, valued relationships with your clients.
To help you with these conversations we have created the below infographic - Explaining where your money goes.
Tailoring to meet your clients' needs
By tailoring their policy, your clients can make sure it suits their needs and budget.
Flexible options
Because one size doesn't fit all, clients can choose the options relevant to their business (e.g. outpatient, therapies or mental health options)
Paying up front
Clients save 5% by paying yearly instead of monthly
Excess
Clients can choose an excess of between £50 - £700 per employee
Guided option
Every time a member needs to see a specialist, we can book an appointment at a time and place that's right for them, or alternatively find up to three specialists who focus on their condition. This preference isn’t available with our Extended Cover option.
Underwriting options
Changes how members are covered for any conditions they had before the healthcare policy started (clients can choose between being fully underwritten, two-year moratorium, continuing medical exclusions and medical history disregarded)
We're in this together!
When you're ready to start having renewal discussions, have an open and honest talk about the initial terms as early as possible and before they're produced. Your account manager can help you consider any population movements, client intentions, or benefit enhancements that they might be interested in.
Flexible options
Because one size doesn't fit all, clients can choose the options relevant to them (e.g. outpatient, therapies or mental health options)
Paying up front
Clients save 5% by paying yearly instead of monthly
No claims discount buyback
Clients may be able to buy back their no claims discount where they've had to make a claim
Guided option (Personal Health)
Every time a member needs to see a specialist, we can book an appointment at a time and place that's right for them, or alternatively find up to three specialists who focus on their condition. This preference isn’t available with our Extended Cover option.
Excess
Clients can choose the excess level they're comfortable with
We're in this together!
When you're ready to start having renewal discussions, have an open and honest talk about the initial terms as early as possible and before they're produced. Your account manager can help you consider any client intentions or benefit enhancements that they might be interested in.
