APRIL UK has launched a new cash plan that will help more consumers to afford private healthcare. The product, called the Hospital Self-Pay Cash Plan, targets a gap in the market as it offers cash back for self-pay treatment at private hospitals in the UK.
The plan gives policyholders access to any private hospital in the UK to receive treatment – which is paid for upfront. The policyholder is then reimbursed for the cost – up to the benefit limit of their chosen level of cover (there are three levels). APRIL UK hopes the new plan will help to rekindle customer interest in the stagnating PMI market.
“We’ve conducted market research, and the feedback we’ve been getting is that many people view private medical insurance as a luxury product,” says Business Development Director, Isaac Lam. “So we decided to create a product that bridges the gap between affordability and access to private treatment. The Hospital Self-Pay Cash Plan essentially combines the low-cost premiums of a cash plan with the valuable benefits of private medical treatment – a ‘best of both’ solution.”
In addition to providing access to private medical self-pay packages, the Hospital Self-Pay Cash Plan covers specialist consultations, diagnostic tests, therapies, and private GP appointments. It’s simple to take out, with no medicals required and a simple pre-existing conditions clause applied.
The pricing structure is similar to a typical cash plan. However, premiums are age-banded which means they increase each time the policyholder advances into an older band (the bands are set within 10 year increments). Premiums range from £10 per month (based on level one cover for an 18-29 year old) to £80 per month (based on level 3 cover for a 65-69 year old).