Morgan Price International Healthcare has launched an expatriate health insurance product called EssentialCare.
At level one, it is an annually underwritten product. There is no automatic renewal or continuation of cover and the prices are pitched to reflect this. At level two and three, the products are not re-underwritten at renewal but both have lifetime benefits limits.
The product is sold on a worldwide basis with one area of cover, and pre-existing conditions are not covered on any level from inception. In-patient excesses differentiate clients of older ages and those living in higher cost areas.
Jon Carpenter, managing director at Morgan Price, said: “The main driver behind this product is to provide an option for those clients who are opting out of existing cover altogether, simply on price.
“We have become increasingly concerned by this and clearly it is not the right answer to the problem, and can leave our expatriates vulnerable to financial disaster if they have to pay for treatment themselves.
“We need to provide tangible cover but also to protect the integrity of the plan design, and by using excesses to even out the higher cost countries and age groups we feel that we can do it, while retaining the simple one area, rate design.”
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