protection www hi mag com issue 65 april

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issue 65 | april 2003              An informa publication




    for all your
   protection
                                 needs
new products | Int’l medical cover
     Goodhealth – International Health Plan
     Contact Goodhealth on 0870 442 7376


     April reviews
     This month’s reviews cover a wide range but all are primarily targeted at
     businesses, writes technical editor Andy Couchman.
     Standard Life Healthcare now offers the Vielife service for its corporate medical
     insurance plans,adding a benefit that should appeal to employee and employer
     alike.BCWA Healthcare has improved its dental insurance plan and looks set to
     become a major player in this market.This month’s winner is Goodhealth.It has not           Competitiveness and price:
     only improved its plans,but rationalised and standardised them,added new geo-               Premiums will vary by plan type, age band, geographic area and any options
     graphic pricing bands and offers a £1m maximum annual benefit across the range.             chosen.A range of excesses is also available.
                                                                                                 Someone aged 35-39 living in Area 1 (Indian sub-continent, Middle East and
     The company:                                                                                Africa excluding Nigeria) would pay an annual premium of:
     Goodhealth specialises in international medical insurance and was formed in                 Major Medical          £413.00
     1980. Part of the Primary Group, Goodhealth has offices in the Middle East, the             Foundation             £858.00
     Far East, Bermuda and the US as well as in London.The group’s turnover was                  Lifestyle              £991.00
     almost £50m in 2001, when it made a profit before tax of £9.8m.                             Lifestyle Plus         £1,219.00

     The product:                                                                                Literature:
     Goodhealth has revised and updated its existing international medical                       The literature pack consists of a benefit schedule, brochure, question and
     insurance products and introduced a number of changes:                                      answer sheet, rate sheet and policy wording.
     • The product range has been rationalised by dropping the previous Major
        Medical Plus product, although this is still available on renewals.                      Commission:
     • There are now five geographic areas rather than the traditional three.This means          15% a year.
        that clients living in,say,Japan and the Middle East will pay different rates,reflect-
        ing better the differences in medical costs in their respective regions.Goodhealth       What they say:
        says many people will now pay lower premiums as a result.                                Martin Garcia, MD of Goodhealth Worldwide, said:“As part of our continuing
     • Products and pricing have been standardised in Goodhealth offices worldwide.              review of our global services and products, we are delighted to introduce a
     • The maximum annual benefit under all plans has been increased to £1m.                     much improved version of our flagship global policy, International Healthcare
     • New benefits include: a hospital cash benefit for each night spent in hospital;           Plan.These changes will enable intermediaries to offer their clients an even
        newborn care now includes premature births; and passive war risk cover.                  broader range of healthcare protection benefits.This new development, com-
                                                                                                 bined with our unique regional service facilities, really does deliver a strong
     The four plans are:                                                                         package for the expatriate market.”
     Major Medical:This plan has limited out-patient cover (£1,000 a year per
     medical condition) and excludes out-patient psychiatric treatment. Evacuation               What we say:
     extension back to country of choice is available as an option.                              Goodhealth has improved benefits, simplified and rationalised its product range
     Foundation:As above but with full out-patient cover.                                        and cut premiums for some clients. For intermediaries, that means a more
     Lifestyle:As above but evacuation extension back to country of choice and chronic           straightforward package to market with enough flexibility and options to meet
     condition is included.                                                                      most clients’ needs.That is important as each expat’s needs will be different, but
     Lifestyle Plus:As above but includes full dental and childbirth cover.                      having easy-to-navigate benefit and plan options makes it relatively simple.We
                                                                                                 also like the idea of more area pricing – something that we expect to grow further in
     Additional options available (depending on plan type) are:                                  the future,while passive war risk cover will be a valuable bonus for many expats.
     • US elective treatment.
     • Semi-private room, with premium reduction.                                                Pros and cons:
     • China private room restriction (applies in China only).                                   Pros
     • Direct settlement network. No excess on out-patient treatment in network                  • Improved benefits and a rationalised range of products with a range of options
       hospitals.                                                                                • Five geographic areas will mean cost savings for some clients
     • Extended evacuation – back to country of choice.                                          • Four worldwide claims centres
     • Medical history disregarded.
     • Extension to Lifestyle Plus. Removes dental waiting period, co-insurance on               Cons
       pregnancy benefits.                                                                       • A wide range of options to understand
     Cover is worldwide, and clients may choose to be treated in any hospital.                   • Five geographic areas may mean higher premiums for some clients
                                                                                                 • Not as well known as the market leader


product of the month                                                                             Health Insurance rating: 4 out of 5                                        ✔✔✔✔



22     HealthInsurance                                                                                                                                     issue 65 | april 03

				
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