News that Partners Life is increasing its medical premiums, due to higher treatment costs and claim levels, attracted plenty of reader interest this week…
Partners Life is to increase its private medical cover premiums by 11% to account for an increased volume of claims and the higher cost of treatments. The changes, that includes specialists and tests options, will be introduced on 22 April 2024.
“Even with this premium change, Partners Life private medical cover remains very competitive and continues to provide excellent claims results for you and your clients,” states the firm.
From 18 March the company’s quote system will allow advisers to quote using existing or new rates. From 22 April it will automatically use the higher rates.
The company states that for clients with existing private medical cover, the premium increase will take effect on their next policy anniversary on or after 2 April 2024, as reflected in client’s anniversary letter advising of the new premiums payable.
“The total change in premium payable from the prior year is calculated based on age related premium changes, inflation adjustments to benefits, underlying premium rate and loyalty premium reductions,” states the firm.
“Because of the client loyalty discount built into our policies, existing clients can continue to enjoy more affordable premiums.”