Aviva helps customers control cost of PMI
Aviva UK Health announced that it is further increasing the cost-saving options available from its Healthier Solutions individual health insurance product.
In direct response to customer feedback, Aviva has now added two new reduced out-patient benefit options and a choice of higher excess options, both offering customers significant premium discounts.
Customers can now choose to reduce the out-patient cover available as standard on Healthier Solutions by selecting either a £500 or £1,000 limit (per person per policy year) for specialist consultations, diagnostic tests, specialist referred treatment by a physiotherapist, chiropractor or osteopath and psychiatric treatment as an out-patient.
Customers choosing a £500 out-patient benefit limit will receive a 30% discount off their premium and those choosing a £1000 limit will receive a 15% premium reduction.
In addition, Aviva has also added two new high excess options. Customers can now benefit from up to 65% reduction on their premiums by choosing a £5,000 excess and a 50% reduction for the £3,000 excess. Aviva also offers a no excess option and a choice of £100, £200, £500 and £1000 excess, all payable per person per policy year. The discounts for these options range between 5% and 35%.
Neal Archbold, Head of Propositions Management & Market Development, Aviva UK Health said: "Aviva is committed to offering flexible private health insurance solutions that meet our customers' changing needs. Whilst many of our customers still want the extensive cover available as standard on the policy, intermediary feedback showed that there is an
increasing appetite for higher excess options and reduced out-patient cover, similar to the popular option we already offer on our Solutions product for group schemes.
"We've responded to this need by introducing two new excesses and our reduced out-patient options. While we recognise that the high excess option won't appeal to everyone, it gives those customers who are happy to contribute towards their medical treatment the choice to do so in return for significant premium discounts.
"The reduced out-patient option enables customers to control the cost of their medical insurance by cutting back on additional out-patient treatment that they can either access on the NHS or afford to pay themselves, whilst still giving them the re-assurance that they have cover for prompt diagnosis and costly in-and-day patient treatment."
Introduced to replace its Health Solutions product, Healthier Solutions follows the same modular approach enabling customers to either enhance or reduce core benefits to suit their needs and budgets. In addition to the extensive benefits available from the original Health Solutions product, Healthier Solutions saw the introduction of a number of additional benefits designed to help customers contain the cost of their medical insurance. These included:
Protected No Claim Discount option
MyHealthCounts - offering customers help and advice to help them lead a healthier lifestyle and rewarding them with up to 15% discount off their next renewal premium for doing so. - meaning that if customers make a claim they won't drop down the scale. The maximum No Claim Discount is 75%.
Healthier Solutions' flexible structure, generous benefits and competitive price make it one of the most appealing individual private health insurance products in the market. The addition of the reduced out-patient option and higher excesses means that it now offers increased choice for both intermediaries and their clients.