Freedom Healthnet will today launch private medical insurance (PMI) policies for individuals and corporate buyers.
The move comes at a time when the market for individual PMI policies is shrin ...
Freedom Healthnet will today launch private medical insurance (PMI) policies for individuals and corporate buyers.
The move comes at a time when the market for individual PMI policies is shrinking.
A recent report by Datamonitor found that the number of people with individual PMI fell by 12% between 1997 and 2002. The decline is attributed to the rising cost of individual policies. According to Datamonitor premiums have increased by 54% in five years.
Healthnet chief executive Nahid Salehi said that the policies seek to reduce the cost of PMI by combining elements of traditional PMI policy with that of a cash plan.
"The policy will pay out a fixed amount for a particular condition that policyholders can spend as they choose - for instance, to fund private treatment or simply a foreign holiday."
The policies provide annual limits of in-patient cover of £10,000, £20,000 and £30,000. Out-patient cover can also be added.
The policies are underwritten by United Life and Health Insurance, a subsidiary of Dutch insurer De Goudse.
