BylesFirst Life Insurance Company Jamaica has become the first local company to legally offer an individual international medical policy in Jamaica.
This announcement was made by Richard Byles, chairman and chief executive officer of First Life, who was speaking at a media briefing last week at the company's New Kingston offices.
Mr. Byles explained that through an alliance forged by his company with MorganWhite International Inc., the US-based administrators of the Lloyds of London medical underwriting syndicate, First Life had received official approval from the Superintendent of Insurance to serve as the local administrators for three international individual health policies.
Mr. Byles noted that previously international individual health policies were being sold illegally in Jamaica. There was a high demand for such policies, he pointed out, as those did not require the insured to secure permission from local insurance carriers to seek medical treatment overseas. He cautioned that persons who chose to be insured through these illegal overseas carriers might have no recourse to sue, should there be questions relating to claims.
Mr. Byles noted that Lloyd's was chosen as the underwriting syndicate because of its worldwide reputation and long standing relationship with Jamaican companies. He added that Lloyds's had been given an A+ rating by Standard and Poors and an 'A' rating by A.M. Best.
Chief executive officer of Morgan White International Inc., David White explained that the policies were created to provide medical coverage for persons who were not citizens or permanent residents of the U.S.
Speaking on the benefits of the policies, Mr. White said that the policies would cover medical expenses anywhere in the world including the United States and the insured's country of residence. He noted that there were special contracts with five hospitals in Miami which would waive the deductible fees for up to US$1,000. He added that the insured would also be provided with round trip air travel for up to US$500 to facilitate treatment at those hospitals in Miami.
Mr. White stressed that, unlike group health plans, companies which purchased the policy would not be required to cover all employees. A company could purchase the policy for specific employees, while individuals could purchase their own coverage. Individuals, he said, would retain coverage even when they changed jobs.
Two of the three policies, Worldwide Medical Trust and the Worldwide Medical Trust Plus Plan offer a maximum individual coverage of US$1 million per annum. The third policy, known as British America Medical Plan, offers a per person coverage of US$500,000 per annum with a lifetime maximum coverage of US$5 million. The cost of the policies will be determined largely by the age of the insured as well as the agreed amount for deductibles. Premiums for the policies are payable in US dollars. Claims are also settled in US dollars.
MorganWhite Administrators, Inc., a subsidiary of the MorganWhite Group, is a licensed and approved third party administrator in the USA. Located in Jackson, Mississippi, it administers the full spectrum of claims handling and billing functions for Lloyd's of London, as well as 24 insurance companies in the U.S.
