Individuals risk has been flowing down like water as their private medical cover by not being very loyal to their workplace or health insurance services if they have been made redundant, resign or retire.
Mostly corporate health insurers, including Bupa, Axa and WPA, which are an cooperate examples of insurance services offer a continuation option needed for departing employees who want to keep their PMI, which offers benefits including private hospital rooms and faster access to treatments than on the NHS.While employees cannot expect to keep their sub seized premiums, they can keep their cover for pre existing conditions, which can be a valuable perk, particularly for older workers.
When a group of leavers which has a condition such as heart disease or arthritis, it is important that they take up the continuation option by providing that this condition was covered under the group scheme, explains ‘Kevin Amphlet’t, managing director with Chase Templeton, the independent PMI intermediaries. This will provide cover like a personal finance scheme which will also benefit them if they need to claim in the future. But the resulting continued cover option may only be possible for employees who have never claimed on their corporate cover. While those that have claimed may face exclusions on a new individual policy. People who choose to adapt to an individual scheme should also expect to have premiums reprised near market rates.
There are few circumstances where a corporate leaver might be better off buying a new policy on the open market. Many senior executives with corporate PMI which will be on the equivalent of a comprehensive policy and, if they are in good health, it would be better to shop around for a competitive deal, say many advisers.
