International Private Medical Insurance Market Sees New and Enhanced Plans
By Ben | Published June 13, 2012
A number of new developments in the International Private Medical Insurance (iPMI) market were announced recently, which will see at least two internationally renowned insurance providers enhance the scope of their available coverage options. ALC Health has expanded and improved the coverage and benefits of the international health plans in their Prima line of products. Meanwhile Clements Worldwide, a company focused on insurance for expatriates, has added a new international private medical insurance plan to their portfolio.
ALC Health has reworked some of the coverage details and benefits on their Prima international health insurance plans, with most changes being made to the Premier, Classic plans and the European Ibérica plan. This plan modification happens to come at a similar time as other international health insurers improve their coverage offerings. Whether this is due to moves from competition, or simply the result of internal reviews of their policies and how they can be made more appealing to consumers is unknown.
The Prima Classic, Ibérica and Premier have all had their overall annual limits increased, with the Ibérica and Classic plans having their overall annual limits raised to GB£1.25 million (US$1.94 million) from GB£1 million (US$1.6 million), while the Prima Premier plan has been lifted to GB£2.5 million (US$3.9 million).
ALC Health has also included newborn congenital cover with a lifetime limit of GB£100,000 (US$ 155,542) as part of the basic cover for all three plans. The benefit was previously only available under the Prima Premier plan.
In addition, the optional pregnancy and childbirth coverage for the plans has been altered so Premier now has 4 options for coverage limits, where the Classic and Ibérica plans have 2. All of ALC’s Prima plans now cover the complications of pregnancy as part of their core coverage. These changes have taken effect as of the beginning of June.
Clements Worldwide, a company that has previously focused on international life and other insurance lines for groups and individuals, has introduced a new international private medical insurance plan for individuals and families. Dubbed GlobalCare Plus, the plan is intended to provide expatriates with global coverage that will limit their out-of-pockets expenses.
Each policy comes with a minimum US$250 deductible, although for customers who would like to further reduce the annual premium, deductible options include US$500, US$750, US$1000, US$2500, and US$5000. After the deductible has been reached, there is no coinsurance for treatment received outside of the U.S., whereas inside the US there will be a 20 percent coinsurance if the policyholder receives treatment outside of Clement Worldwide’s preferred provider network.
The GlobalCare Plus plan will also provide coverage for outpatient prescription drugs, with a US$10 deductible on a 30-day supply of generic medications and a US$30 deductible on brand name medications that will last for the same duration. The plan also includes a wellness benefit that offers up to US$250 in cover a year. GlobalCare Plus also includes emergency medical evacuation cover, although only up to US$50,000 over the lifetime of the policy. Optional benefits for the plan include cover for war and terrorism, accidental death and dismemberment and dental coverage.
Insurance Companies Mentioned
ALC Heath is an international medical insurance company providing insurance to private clients companies and organizations worldwide. ALC Health was built and continues to grow on a philosophy of ensuring that private clients, corporate and intermediaries are all offered a high quality personal service.
Established in 1947, Clements Worldwide offers worldwide life and health, motor, property, high risk and specialty insurance solutions to expatriates and international organizations. Operating out of Washington, D.C. and London Clements offers policies throughout 170 countries worldwide.