We then provide an insurance policy that reimburses the cost of the excess at point of claim (as well as covering shortfalls up to £500).
Most of us have an excess on our insurance policies. The excess is the amount you have to pay in the event of a claim. In general, the larger your excess is the lower your insurance premium will be (because of the discounts offered by the insurance company.
If you have a £250 excess on your Private Medical Insurance policy and you have a claim for £1000, you are liable for the first £250 of the claim and the insurance company pays £750.
Shortfalls arise when there is a difference between the level of reimbursement that insurance providers are prepared to pay and the fees consultants and hospitals charge. It is your responsibility as the patient to pay the shortfall.
As Medical Insurance premiums continue to rise and challenge budgets, introducing or increasing an excess will reduce your premiums. Now, you can insure your excess & have additional protection in the event of a policy shortfall with the specialist medical excess and shortfall protection company, Medex Protect.
Medex Protect can offer an intelligent and highly effective vehicle for Company Funded Healthcare Schemes.
Simplify the Admin process – Employees do not need to be out of pocket, as we will settle the excess payment directly with the provider
Younger (and therefore statistically) Healthier members of your scheme may forgo the benefits of company funded healthcare, because of spiralling P11D costs.
The implementation of the Medex Protect Plan may prevent this from happening, ensuring a better claims performance (and by default a lower premium) in the medium term.
A simple, cost effective method to realise savings in your Private Medical Insurance Costs, without the hassle of constantly changing providers.
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