32 Product Reviews
THE PRODUCT
Elite/Worldwide from Freedom Healthnet
INTERNATIONAL PMI/PMI
Although these are two separate policies, they are linked in as much as Worldwide is an international private medical insurance (iPMI) policy designed to appeal to expatriates, while Elite is a UK PMI policy, and clients may switch easily between the two, depending on whether they are working or living in the UK or overseas.
Worldwide has three areas of cover. Unusually, financial limits and premiums are the same for each currency. Most benefits are full refund, although some benefits have annual limits.
Psychiatric treatment (which has an initial ten month waiting period and limits inpatient treatment to 28 days a year) is only full refund on Diamond plans, other levels having financial limits (e.g. 10,000 currency units for the second top plan, Platinum, or no cover at all under the entry level Bronze plan). Bronze also only covers outpatient treatment if it follows an inpatient surgical procedure. A choice of 2/2/2 rolling moratorium, full medical underwriting, continued personal medical
exclusions (CPME) and continued moratorium, and medical history disregarded underwriting options are available. A choice of excess is available (from 50 currency units per person per annum, offering a 5% premium reduction, up to 5,000 units, which gives a 40% premium reduction. The UK-based Elite plan is built around a core offering with optional add-ons for outpatient cover;
alternative therapies; psychiatric care; private GP, dental and optical; executive benefits (e.g. wellbeing, maternity cash and London premier hospitals) and also offers a choice of excesses and underwriting options.
WHAT THEY SAY Andrew Sandilands
Business development manager, Freedom Healthnet
WHAT WE SAY
“The idea of being able to switch seamlessly between UK and iPMI is a good one, so this plan could appeal to many whose career could include spells in the UK and elsewhere. “In practice, while the ability to switch is valuable, the two plans offer different
Andy Couchman FCII Cert PFS,
technical editor, Health Insurance
benefits that do not always match (in some cases, of course, they do not need to) so an alternative may be to have an iPMI plan that can also still be used in the UK. Indeed, Freedom Healthnet points out that clients can choose to keep their Worldwide plan going, or take one out even if they expect to continue working in the UK. “Having the same benefit financial limits for each of the three major currencies is
also an interesting idea but in practice means that a sterling denominated plan will offer the highest benefit levels, albeit with the highest premiums too. Conversely a US $ denominated plan currently offers the lowest benefits and premiums, but the relative positions could change as currency exchange rates fluctuate. “That said, the plan should appeal to the increasing number of people whose career
will take them to various countries, sometimes at short notice and sometimes for relatively short periods too.”
HealthInsurance
Business development manager Andrew Sandilands said: “Freedom Worldwide completes our portfolio of PMI products. With a growth in the demand for international PMI, it is particularly important that policyholders have the right level of cover for their location and needs. The suite of Freedom Worldwide plans have been designed specifically to meet those requirements, with a wide range of plans from a fully comprehensive policy to an inpatient only plan.
F
AUGUST 2011
PROS
✔ Two related plans with a wide choice of benefits and options between them.
✔ The opportunity to switch between the two without further underwriting.
✔ Cover can be tailored to need and budget.
RATING: 8 OUT OF 10
SELECT THIS PRODUCT FOR...
Clients who may be expats but who may also spend time in the UK or vice versa.
CONS
✘ Switching will mean gaining or losing some benefits.
✘ To get highest cover levels, a UK Sterling plan will need to be selected (unless exchange rates change). ✘ Some benefit limits.
THE COMPANY
Poole, Dorset-based Freedom Healthnet has been offering private health and medical insurance to individuals and companies since 2003. These policies are underwritten by Great Lakes Reinsurance (UK) plc.
CONTACT DETAILS
TELEPHONE 0800 999 2013
WEBSITE
www.freedomhealthnet.com
www.hi-mag.com August 2011
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