We’re often asked if Equipsme is too good to be true, and why it’s so cost-effective in comparison with other health insurance.
Well, it’s most definitely NOT too good to be true - we just designed our plans very carefully to help make them accessible and sustainable for the long term.
Here are some of the ways that we’ve done it.
1. We don’t cover cancer treatment
Cancer treatment is incredibly expensive, and it’s these claims that often cause significant rises in premiums year-on-year.
It’s also something our NHS is very, very good at once you’ve received a diagnosis and are in the system.
We think the real key is in getting people a faster diagnosis - because the earlier cancer is caught the easier it is to treat, and the better the chances are of beating it.
So, we’ve excluded cancer treatment from Equipsme plans, and concentrated on early diagnosis and support services instead.
Our 24/7 GP service provided by Health Hero can provide private open referral letters that members can use as part of a claim for our insurers, AXA Health, to assess whether the condition is covered and, if so, then help arrange to see a specialist consultant.
Our new Check4Cancer Pathways allow people with symptoms of Breast, Skin or Prostate cancer to self-refer to see an expert usually within 3-5 days.
, At any time members can access a cancer support helpline offering advice and guidance to cancer patients and their families along the way.
2. Exclusion of 3 year pre-existing conditions
If your house was on fire, you wouldn’t expect to be able to call up and get an insurance policy for it, after the event.
It’s not logical, or reasonable – and that’s very much how we feel about pre-existing conditions.
By excluding pre-existing conditions from the last 3 years it means we’ve got more control over costs, and can focus on the truly unforeseen risk issues that insurance is really designed for and are most pressing for businesses and for employees – including the three most common causes of sickness absences: minor illnesses, mental health and MSK issues.
3. Community-rated prices
We apply a community-rated pricing approach, which means there’s one cost for each plan level, for new and renewing customers - for all members aged 16-69.
Not only does it mean we can be completely transparent about our prices, AND provide online quotes and accurate ROI calculations, but it also means we’re spreading the load – helping us keep costs more stable as well as competitive.
We believe our pricing model is good for businesses. It helps control exposure and avoid the big payouts that put prices up - while still addressing key areas of concern and causes of sickness absence.
We also believe our plans are good for employees. Not only do they get usable, practical health support for themselves, lower prices can help keep P11D to a minimum and also open up a gateway for them to upgrade and add family members, too.
Against a backdrop of spiralling health insurance costs elsewhere, we’ve got a strong track record of sustainable pricing. To give you an idea, our most popular plan has only increased by the equivalent of c.5% a year on average since our launch in 2018.
That’s proving popular with clients, and helping us widen the footprint of group health insurance benefits beyond its traditional white-collar executive footprint.
Find out more about our pricing and plans at https://www.equipsme.com/our-health-insurance-plans/company-with-employees/
Please do get in touch at [email protected] to chat about how we can help you or your clients.
