Bupa examines single-condition policies
Bupa, Britain’s largest private health insurance provider, is considering selling single-condition policies to grant a low-cost option for customers.
Such a policy would see Bupa’s customers continue to rely on NHS care unless they contracted a particular condition, such as cancer or heart disease, said chief executive Stuart Fletcher.
Policy holders can already customise their cover to drive down premiums, by excluding cancer cover for example, but there are currently no single-condition options. Although launching such a product is not planned to happen immediately, Fletcher cited that the idea “may well have legs”1.
Philip Blackburn, senior consultant at healthcare information provider LaingBuisson, pointed out that providers have tried many different schemes to lower premiums over the years.
These have included targeting the over 60s or sports enthusiasts, restricting cover by tightening claims criteria and rewarding fitness improvements with discounts. However, Blackburn notes that the majority of health insurance policies taken out by customers are comprehensive.
Fletcher stated that if a single-condition plan was to go ahead, Bupa would have to ensure that customers were made fully aware of exactly what they were purchasing.
Those looking to find a good deal on their health insurance could do so by looking online. Through BestMedicalCover, you could gain access to some of the leading UK providers and find cover from just 80p a day2.
1 Financial Times, 2014. Bupa examines single-condition policies to reverse patient exodus. [Online] Available at: http://www.ft.com/cms/s/0/96b2a872-85e5-11e3-b30d-00144feab7de.html#axzz2raveveR5. [Accessed 27 January 2014].
2 Based on a 30 year old, living in London, answering no to RFQ with standard outpatient, standard therapies, extra care, extra cancer, six week option and £500 excess. Offer available through Health-on-Line under a Moratorium agreement, on Priority Health. Figures correct as of October 2014. The example figures should not be taken as advice or recommendation or promotion.