As more and more people consider looking abroad for medical treatment two new PMI products offer funding opportunities. In June this year a new product was launched onto the private medical insurance (PMI) market which combines UK diagnostics with foreign treatment in a complete package.
Passport2Health is offering individual and corporate clients a PMI plan covering private diagnostics in the UK, treatment in a European hospital and travel and accommodation for the patient and a companion.
Passport2Health claims that the lower cost of European healthcare means its premiums are up to 50% lower than traditional UK PMI, and with prices starting at £19 per month it certainly appears to be an antidote to the escalating prices of the domestic PMI market.
Soon after the launch of this product, Allianz Worldwide Care introduced a similar product. While the target market is very different, it too combines domestic and foreign treatment. The international PMI (iPMI) provider is targeting senior executives with its Signature plan.
The plan offers a comprehensive suite of cover including cancer treatment, chronic conditions, maternity, routine health checks, dental and optical treatment, and allows patients to choose whether they are treated inside or outside the UK.
Both these products are very different they still take advantage of the fact medical care abroad can be significantly cheaper than in the UK.
“Both these plans are moving towards a hybrid of UK PMI and iPMI which we believe is down to globalisation and a trend that is likely to continue,” Paul Andrews, a senior associate in the international consulting group at Mercer, told HI Magazine.
“As a knock on development for example, we may see a UK plan where if you can’t get treatment on the NHS within six weeks you can be treated overseas.
“We live increasingly in an international sphere and we cannot just have products and services that stop at the water’s edge.”