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Aetna Global Benefits health insurance

Goodhealth has been a specialist provider of international health insurance for expatriates for over 25 years. Last year it was acquired by the global Aetna group, which is one of the US’s largest healthcare benefits companies, covering around 35 million people. It now trades as AGB (Aetna Global Benefits) & Goodhealth Worldwide (Europe) Ltd.

November 2008 Product Reviews

PRODUCT

This international medical insurance plan is aimed at large multinationals in Europe. Essentially, employers can build a product to meets their specific requirements and the plan can include:

▪ A choice of Euros, Pounds Sterling or US Dollar denominations.

▪ Up to an unlimited annual maximum per person or limits of £250,000 – £7m can be set.

▪ Annual, or per condition excesses are available.

▪ Medical history disregard is available.

▪ Full refund is available on virtually any benefit. Standard benefits might include medical practitioner and specialist fees; hospital charges (inpatient, day-patient and outpatient); reconstructive surgery; home nursing; drugs/dressings; psychiatric illness (and substance abuse treatment); AIDS treatment; accidental damage to teeth; hospital cash benefits; organ transplant; newborn baby benefits, rehabilitation and infertility treatment. Chronic conditions can be covered as can alternative therapies including traditional Chinese medicine. The plan can also cover Blood Care Foundation screened blood and sterile equipment.

Employees’ dependants can be covered as well as employees, with children included up to age 19 or to age 25 if in education.

The plan also includes access to Informed Health Lines, which is a 24/7 health information helpline for customers. There is also an International Employee Assistance Programme (IEAP) and International Disease Management Education (IDME). IEAP covers a wide range of topics and can help employees balance the demands of work, home and life. IDME includes online education materials on key health areas such as diabetes, asthma and coronary artery disease, with more guides promised for later.

A range of optional covers can be added to the plan including: dental, pharmacy, vision, term life, accidental death and personal loss, emergency assistance through International SOS, as well as full US coverage if required.

In effect, employers can tailor cover to provide the benefits they require and/or to fit with available budgets.

COMPETITIVENESS AND PRICE

Price depends on a range of factors – contact the company for a quote.

LITERATURE

We had only seen the policy wording when we went to press, but see the website for more details. In fact, the website includes a lot of useful information and customers have access to a password protected website that offers health information and resources. Online global health and travel information is also available.

COMMISSION

Details available on request.

WHAT THEY SAY

AGB managing director Debra Williams said: “This plan is geared towards large, multinational corporations based throughout Europe – a big potential market for brokers. It is unique in that it is comprised of European-style medical benefits, as have been available through Goodhealth, but also linked with Aetna Global Benefits’ suite of comprehensive programmes and first-class services.”

WHAT WE SAY

Having the Aetna name now behind medical insurance plans will help advisers working with big multinationals who are likely to feel more comfortable dealing with bigger brands.

The package itself is a bespoke product, so firms can design the package they want to meet what can be very specific requirements. The key then is getting the right price and service. This is a competitive market, but also potentially lucrative for advisers, so getting good support from the insurer will also be important.