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Expat Investor : March 2008
Chief Executive Officer Asia Pacific, tells Expat Investor, "Another development for William Russell has been China which represents a massive opportunity for growth with its burgeoning expat population. One of the greatest issues facing expat private medical insurance (PMI) providers is the rising cost of international standard healthcare which is driven by demand from the increasingly affluent domestic market in the principal Chinese cities." William Russell opened a new office in Kuala Lumpur in 2007 and has recently seen a rise in interest in medical tourism within Malaysia, which is seeking to join its neighbours to the south and north, Singapore and Thailand, in this increasingly competitive arena. These developments, says William Russell, give policyholders many more options with regards to treatment destinations in Asia, with potential cost savings to be gained by more agile providers. "Our new Global Health Malaysia Essential plan is available exclusively to Malaysian expatriates who require a value-for-money insurance plan. After consulting with Malaysia My Second Home (MM2H) agents and the Ministry of Tourism, we are pleased to confirm that this new plan meets the visa requirements of the MM2H programme," adds Mr Harris. Medicare International's own research into trends and attitudes has shown this healthcare insurance provider that its customer base believes it is never too early to plan ahead when it comes to looking after your health and that of your family. Managing Director David Pryor reports that expats are increasingly interested in preventative annual healthcare check-ups as part of their policy. "When we asked the question, "Do you agree annual healthcare check-ups are useful?" over 88% responded with a resounding 'Yes'," explains Mr Pryor. As a result, Medicare International offers a Wellness Benefit with its Executive International policy for individuals and groups, which allows a medical screen for up to £500 per person every two policy years Mr Pryor goes on to say that the need for prevention and planning is especially valued by families with children who find benefits such as child wellness checks useful in an international policy. "It is generally estimated that in 75% of cases where an expatriate is working overseas, the spouse will also be living abroad and in over half of cases, the family will have children. Cover which includes choice of treatment location and cover for everyday costs are important features when planning and looking at family healthcare. The costs for even seemingly mild illnesses can mount up, especially when children are involved. We have taken this into account and offer tangible benefits for our policyholders, such as our 2007 introduction of a first free claim outside the outpatient policy HEALTH INSURANCE March 2008 EXPAT INVESTOR 17 excess, which might be a visit to the doctor or consultant." Planning ahead and preparing for all eventualities is a consistent theme. Nearly a third of Medicare's respondents said they would not consider a policy if it did not provide some level of war cover. MediCare International is proud to be one of the first international providers to offer war cover -- for individuals in areas of trouble and danger it provides 'passive war' cover including terrorist attack. Anthony Cabrelli is Global Sales Director for BUPA International and he makes the point that never before has that old adage 'only the fittest will survive' been more appropriate. "Whereas in the past, companies often made employee benefit decisions independently of the overall Group, we are now seeing an increasing trend for large multinationals, in particular, to establish global policies on benefits. Companies are now also keeping a much closer eye on costs and quite rightly want to see value for money for the benefits that they put in place. They also want more flexibility in their healthcare benefit packages. Gone are the days of the off-the-shelf solution. In order to demonstrate value for money, employers need to ensure that their employees are using the benefits on offer." Such developments necessitate a much more by way of tailored solutions from providers, says Mr Cabrelli. "For example, companies are increasingly requesting cover for chronic conditions as part of the overall benefit plan. BUPA International has adapted its offering accordingly. And, in line with flexibility of cover comes the requirement for flexible pricing. With medical inflation running at approximately 13 -- 15% globally, providers are working hard to ensure that cost and control measures are put in place. One of the latest developments includes plans that enable both individual and group customers to select deductibles as a means of reducing premiums and making Fast Facts 33009 Authorised and regulated by the Financial Services Authority. © AXA PPP healthcare 2007 Lines are open from 8am to 8pm Monday to Friday and 9am to 1pm Saturday (UK time). Calls may be recorded. All claims will be assessed against the terms and conditions of the chosen product and any individual exclusions placed on your policy at joining. For great British healthcare -- worldwide -- join us now and we'll give you up to two months' cover free Call +44(0)1892 550814 quoting reference EI5555 or visit www.axappphealthcare.co.uk/expat_investor When you're living, working, travelling or retired away from home you deserve quality healthcare insurance from a well grounded company that really knows their way around the world of healthcare cover! AXA PPP healthcare has an International Health Plan to suit most needs. Join us and you can rely on quick, easy access to private medical treatment; a choice of hospitals; emergency evacuation or repatriation; plus an English-speaking health information line that's on call for you around-the-clock. Wherever you have a family get together AXA PPP healthcare is right there with you members more accountable for the cost of treatment." AXA PPP Healthcare 33450 BUPA International 33451 InterGlobal 33452 Medicare International 33453 William Russell 33454 For more information just enter the above numbers on the Reader Reply Ser vice coupon on page 20 or visit www.expatinvestor.com FAST FACTS
January February 2008