A FRESH APPROACH TO PRIVATE MEDICAL INSURANCE

Transcription

1 WEALTH MANAGEMENT & EMPLOYEE BENEFITS A FRESH APPROACH TO PRIVATE MEDICAL INSURANCE Your Choice - private medical insurance Selected for clients of Mattioli Woods

2 Mattioli Woods plc Mattioli Woods plc provides integrated wealth management services, embracing pension consultancy and personal investment. For corporate clients we provide a comprehensive range of employee benefits services. Our aim is to provide trusted advice, high quality service standards and personalised delivery, against the backdrop of long-term client relationships. We employ over 370 staff throughout our Leicester, London, Aberdeen, Glasgow and Newmarket offices and hold over 4 billion of assets under advice and administration. We are constantly looking for ways to offer beneficial and innovative products and services to our clients and believe that private medical insurance is essential in the field of health and wellbeing and an often overlooked ingredient of good wealth and retirement planning. Our provider: Freedom Healthnet Based in the UK, Freedom Healthnet is authorised and regulated by the Financial Conduct Authority. Your Choice private medical insurance plans are underwritten by Anahita Insurance Corporation and reinsured by Guardian Life of the Caribbean Limited, a fully owned subsidiary of Guardian Holdings limited; a company with assets in excess of US $3.28 billion and an AM Best financial rating of A- (excellent). GREATER FLEXIBILITY AND CHOICE

3 Private medical insurance Private medical insurance can pay for quick diagnosis and prompt treatment of acute illnesses or injuries, providing you with the peace of mind and protection that you require. Our clients look for flexibility and choice in respect of their financial affairs and we have therefore worked closely with Freedom Healthnet, a specialist medical insurance provider, who has designed an alternative to the constraints of traditional private medical insurance. Freedom Healthnet as a bespoke provider has developed an innovative product, Your Choice, through which it is able to offer less restrictions than the traditional approach often adopted by large household brand names. Freedom Healthnet s Your Choice plans provide a comprehensive range of healthcare benefits at a competitive price but more importantly offer a unique level of flexibility in how the benefits are received, bringing private medical insurance into the 21st Century. Everybody s needs are different, which is why the Your Choice plans allow you to select only the cover you require, giving you choice and flexibility to choose the hospital in the UK or abroad, Private or NHS. Unlike private medical insurance plans, this puts you in control rather than your insurer and offers you the reassurance of cover for whenever you need it. Key features of Your Choice Flexibility on where to access treatment The plan can pay you the benefit directly for the cost of in-patient treatment, giving you choice and flexibility to decide how you access treatment either privately in the UK, via NHS facilities or privately at facilities anywhere in the world Flexibility on when to have treatment The service eliminates the potential waiting-list delays of the NHS. You can plan the timing of your treatment to fit in with your personal and professional commitments Flexibility on level of cover The plan is available at two levels of cover, Diamond and Diamond Plus, giving you the flexibility to match the benefits and costs to your personal circumstances Flexibility on use of benefits The plan is designed to pay cash benefits based on the expected costs of private medical treatment: - If the actual treatment costs are less, then you will receive the surplus - In the event that you decide to use NHS facilities, you will receive 50% of private treatment costs - If you decide to use a more expensive medical facility, then your benefit can still be used towards the cost of treatment and you simply pay the difference As part of the service provided by Freedom Healthnet, expert assistance is on hand should you require any assistance in arranging your treatment. Your Choice is designed for individuals and families but we can also assist with group healthcare for your business to help you keep your employees healthy and productive.

4 A HEALTHY ALTERNATIVE TO MAINSTREAM PROVIDERS

5 The Benefits You can join Your Choice at either Diamond or Diamond Plus levels, depending on your personal preference. In-patient benefits: Diamond Diamond Plus Annual in-patient limit 100,000 Unlimited Hospital charges: nursing fees, medical expenses, ancillary charges, prescribed medicines and drugs MRI, CT scans, tests and X-rays Cancer cover: Oncology tests, drugs, consultants fees including cover for chemotherapy and radiotherapy Physiotherapy Complications of pregnancy (after policy has been in force for 11 months) Parent accommodation for an insured dependent child to age 14 Private ambulance Out-patient benefits: Included in the benefit sum per procedure within the annual 100,000 limit Note: Hospital accommodation if no surgical procedure is required, is covered up to 420 per night Not covered Included in the benefit sum per procedure with no annual limit Covered in full with no annual benefit limit Diamond - optional cover at additional cost Diamond Plus - included Annual out-patient limit 1,250 Unlimited Specialist consultations and treatment fees X-rays, pathology, diagnostic tests and procedures MRI, CT scans, radiotherapy and chemotherapy Physiotherapy Included in the benefit sum per procedure within the annual 1,250 limit Covered in full within annual 100,000 in-patient limit Up to 500 per year (with in 1,250 annual out-patient limit) Covered in full Up to 500 per year All benefits are subject to a 100 excess per medical condition Diamond Plus includes out-patient with no annual limit and at no extra cost Under Diamond, out-patient care of up to 1,250 per year is available at an optional cost Under both plans, MRI, CT scans, radiotherapy and chemotherapy either as an in-patient or out-patient are covered under the in-patient benefit Benefit payment amounts and limits are based on Freedom Healthnet s published Schedule of Procedures, which is in turn derived from the Clinical Coding and Schedule Development (CCSD) group s data on treatment classifications and complexities

6 How the plan works Mattioli Woods has worked with Freedom Healthnet to create a plan, which is as simple and transparent as possible. Full details of the procedures are contained within the policy terms and conditions but these are summarised below: Step 1 Talk to your GP about your health issue Step 2 GP suggests referral to specialist consultant Step 3 Call Freedom Healthnet to arrange specialist consultation Step 4 Attend a specialist consultant (either via NHS or privately) Step 5 Call Freedom to arrange treatment (either via NHS or privately) USE NHS If it suits your personal and clinical circumstances you can choose to have your treatment in a NHS facility. Under the plan you will then receive 50% of the treatment benefit as a cash back sum. GO PRIVATE Either in the UK or overseas. Freedom Healthnet will provide the benefit up to agreed limits. If hospital costs are less than the benefit amount you keep the surplus. If you choose to have treament at a more expensive facility, you only pay the difference. A CLEAR AND CRISP PROCESS HELPING YOU TO A HEALTHY OUTCOME

7 Q & A Which hospitals are covered? The plans are designed to provide cash benefits for surgical treatment either privately in the UK, abroad or using the NHS. You can use any hospital either in the UK or overseas. If the cost of treatment is lower than the benefit, you keep the surplus. If you choose to have treatment at a more expensive facility, you only the difference. If you use the NHS, 50% of the total benefit amount will be payable once you have had the treatment required. Is there an excess? All plans have a compulsory excess of 100 per person per claim/ medical condition. This excess is normally paid at the specialist consultation stage of treatment. How much do I have to pay? Premiums are designed to be competitive when compared to traditional private medical insurance. Your exact annual premium is calculated based on age, choice of plan and people insured. Lifestyle and existing medical history may affect terms and premiums. For example there is a 6% differential between smoker and non-smoker rates. Do I have to use the benefit for treatment? The benefits are designed for medical treatment either privately in the UK, abroad or using the NHS. Any savings arising from private or free treatment on the NHS can be kept by you and used at your discretion. If you do not have the authorised treatment within six months, any additional treatment required as a result of not having the treatment will not be covered. Are there any exclusions? As with all medical insurance policies there are certain situations which are excluded from the policy. Full details are in the policy documents, but in summary the main exclusions are: GP consultations Accident and Emergency treatment Treatment for pre-existing conditions Treatment for chronic conditions* Treatment for HIV/AIDS Cosmetic surgery Drug, solvent and alcohol abuse Pregnancy and infertility Dental treatment *The purpose of the policy, as with all insurance, is to provide cover for the unexpected. It does not extend to cover conditions that require ongoing or regular treatment to maintain the stability of the condition. Chronic conditions are diseases, illnesses or injuries that: Need ongoing or long-term control or relief of symptoms Require rehabilitation or special training to cope with it Continue indefinitely Have no known cure Come back or are likely to come back Need ongoing or long-term monitoring through consultations, examinations, check-ups and tests The plan covers acute conditions; those that are likely to respond quickly to treatment, returning you to your previous state of health or full recovery. You are normally covered for diagnostic tests for chronic conditions but once diagnosed no further benefit is payable for ongoing treatment. Benefit may be paid to cover unexpected acute flare-ups of the chronic condition to provide short-term relief and to stabilise the condition. Full Q&A and further information covering age limits, policy underwriting, complaints, can be found on the Mattioli Woods website: Next steps For further information on the private medical insurance service, please directly contact your Mattioli Woods Consultant or contact us on the following: Aberdeen Glasgow Leicester London Newmarket info@mattioliwoods.com Web:

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