BSP Health, a subsidiary of BSP Life, and market leader in private health insurance, today announced the launch of a new product called Value Health Care.
Managing Director, Mr Michael Nacola said, “We are delighted to announce this latest innovation which is part of our ongoing efforts to assist our people get access to affordable, tailor-made insurance products, designed specifically for local needs. The Covid-19 pandemic has heightened both the awareness and the need for medical insurance. A recent survey by the Reserve Bank of Fiji indicates that insurance coverage in Fiji is still low, which reinforces the need for continued innovation in products and services. We are confident that the attractive features of this product will allow more Fijians who currently do not have medical insurance to consider getting covered.”
Value Health Care offers:
- Direct access to a private medical facility like Oceania Hospitals in Suva or Zen’s Medical Centre in Nadi, amongst others, for specialist care and treatment. Costs related to consultations, tests and admission is covered.
- Overseas evacuation if treatment is not available in Fiji. Cost of visas, airfares, an accompanying person (if medically necessary), transport, tests, treatment, pharmaceutical drugs, accommodation and a daily allowance, is covered. All conditions (except for standard exclusions in the Policy Terms & Conditions), including cancer, and recurring treatment costs, are covered to the full policy limit without extra contributions from customers. This is to alleviate the logistical and financial burden from customers so that they focus on preparing for treatment, and rehabilitation post treatment. Evacuation option is to India, with emergency cases to New Zealand and Australia.
- Customers can also add optional benefits including outpatient and diagnostic services, dental, optical, physiotherapy and chiropractic treatment. Cover is up to age 65, with a maximum entry age of 55 years.
Mr Nacola added that medical insurance is critical as it mitigates the cost of expensive specialised treatments. “Treatments for severe conditions like complex heart surgeries, or cancer, at an overseas medical facility, can go up to $300,000. Without medical insurance, individuals and families are extremely vulnerable, so investing in a policy provides security in the event of unexpected serious ailments. Value Health Care individual premiums range from $300 to $800 per annum, or $6 to $16 a week, depending on your age.”
BSP Health’s claims trends highlight that the age bracket 40-44 years is now the highest claiming bracket for medical treatment, with growing numbers of deaths in the 45-54 range. From January to July this year, BSP Health paid $6 million for medical treatments. Around 96% of claims received were approved with only 4% declined as they were outside policy terms. Customers continue to be evacuated to Australia and New Zealand for life saving treatment, including those who have the India option and need emergency treatment but unable to travel there due to border closures.
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