Bupa Corporate Policyholders Benefit as Premium Adjustments Remain Stable

Posted on Mar 07, 2013 by Sergio Ulloa (G+)

Globalsurance customers recently received good news with the release of Bupa's updated premiums that will take effect on April 1st. The premium adjustments reflect Bupa's ability and commitment to keeping their plan pricing stable and strong. The company's proven consistency in what they are able to offer customers is good news for the many loyal Bupa customers who have stuck with with the leading international health insurance provider. Bupa is a unique insurance provider in that, while they have grown considerably in size, they have been able to maintain a high level of service at a competitive rate. One of the biggest reasons that Bupa is able price their plans so competitively is because they are privately owned and all profits are injected back into the company rather than to their shareholders. This decision has greatly benefited the company as they have been able to invest and allocate funds to different areas in ways that other companies may not be able to do. Furthermore, with more money being invested back into the company, Bupa offers far fewer exclusions in terms of claims. For example, Bupa offers coverage for work injuries, even if the insured person has a high-risk job such as work in mining or construction as well as covering injuries due to high-risk activities, such as rock climbing or paragliding. By being able to keep all profits rather than focusing on shareholders or share value, Bupa is able to focus more on the needs of their clients. This focus has helped the insurance provider to develop specialized programs and policies that other health insurance providers are not able to offer their customers. One such service special to Bupa is their Worldwide Second Opinion service that is operated by international medical experts independent of Bupa. Furthermore, for those customers on corporate plans, they are able to access the Medikidz service free of charge. This service has been created to assist children in understanding different medical conditions through the use of interactive cartoons. This method ensures that children are engaged in learning about important health topics but also presents topics in ways that are easy to understand so a child can deal with the situation better if a family member has been diagnosed with a long-term or terminal condition. As the market for international health insurance continues to expand, particularly among SMEs, Bupa has made some special and necessary adjustments to policyholder eligibility. The biggest way that Bupa is adjusting to market needs is the lowering of the mandatory group size for the Medical History Disregard benefit. The company recently reduced the necessary number for a group to qualify for this benefit from 20 to 10 members. This is great news for SMEs hoping to add health insurance coverage to their benefits package for employees. Providing a Medical History Disregard benefit to companies and groups interested in purchasing health insurance for their employees or members is a significant selling point. This benefit allows for all employees to be fully covered for any health problem or accident, regardless of their medical history. Typically, groups under 20 are subject to a full medical underwriting whereby medical conditions that existed prior to the start of the policy are not covered under the policy. However, as companies look to stay competitive in their hiring practices, offering health insurance coverage is a big incentive in the hiring and retaining of employees. Another benefit to Bupa's corporate and group plan is their transferability. In the event an employee leaves the company, or a member leaves the group and needs their own health insurance coverage, he or she will still be able to switch to an individual plan while keeping the same conditions and benefits of the group plan. For example, should a member or employee develop a medical condition during the time they are insured as a part of the group, they will be able to receive coverage for that medical condition should he or she decide to leave the group or company. There are very few companies who offer these similar kinds of services, and this is one way that Bupa stands out among competitors. Even though Bupa only offers their Lifeline plans to group customers, they have created their Bupa Worldwide Health Options, or BWHO, plan for individuals. The international health insurance provider continues to improve its services to both group and individual customers and analysts at Globalsurance remain confident that Bupa will maintain its prominence in the industry.