Mar
11
Medicare International offering health insurance with ‘passive war cover’
Filed Under Expat Insurance, Health Insurance, International Healthcare, Medical Insurance, Middle East | 1 Comment
London-based international medical insurer Medicare International has now added ‘passive war cover’ as an option on its health polices to provide coverage for contractors and workers in war torn nations.
Medicare has recognized there is a growing number of people working in and around zones of conflict in the world and has tried to cater to contractors and NGO staff by offering passive war cover options on top of their regular benefits for both individual and group international health insurance policies.
Senior Executive Director of Medicare International, David Pryor, said “In an age where localised conflicts seem to be ever present, whether in the form of a full scale encounter such as that in Afghanistan or on a more localised basis in other world hotspots, the reconstruction and rebuilding of economies is of vital importance. As a contractor or voluntary worker attached to an NGO, preparing yourself for the reality of entering such areas is a must, as the type of medical care which will be needed is quite different from standard healthcare practice. For those companies involved in reconstruction and aid, attracting the necessary highly-skilled specialists can be helped if they know they can at least have full medical cover.”
While most insurance policies have a complete war exclusion, Medicare International’s policies with passive war cover come with the full range of benefit options such as medical and evacuation, as well as rehabilitation coverage of up to £100,000 (US$149,330) which would go towards reconstructive plastic surgery and prosthetics. The plans with passive war cover also provide cover in the event of a terrorist attack. Medicare International also generally offers premium discounts on groups of 3 or more lives insured.
Companies Mentioned:
With 25 years of providing expatriates top quality international health insurance, Medicare International has grown by ensuring quick and easy access to their services 24 hours a day. The company currently covers clients from 86 nationalities in 114 countries around the world.
Mar
10
British Government tired of picking up bill for medical tourists, mulls changes
Filed Under Expat Insurance, Health Insurance, Healthcare, International Healthcare, Medical Insurance, United Kingdom | 1 Comment
The British Government is looking at a number of proposals that would attempt to curtail the number of medical tourists who leave without paying the bill, such as forcing visitors to show proof of medical insurance before entering the country.
The British Home Office has put forward ideas on ways to curtail the abuse of the National Health Service (NHS) system by visitors as the Department of Health is seeking to recover £22 million (US$32.9 million) in debt from foreign nationals that have received NHS services in the last 2 years without paying for them.
Numerous individual NHS Trusts are said to be seeking repayment of over £1 million in outstanding medical costs, including: London’s Imperial College Healthcare which is seeking £1.4 million including two £50,000 unpaid bills, one for a patient from the United Arab Emirates and one from Egypt; Pennine Acute Trust in Manchester has £1.2 million in outstanding bills, of which £34,000 is owed by a Malawian national with HIV; and Barts and the London NHS Trust is seeking repayment of £1.3 million, including a £52,000 surgery bill for a Chinese citizen.
On average, unsettled bills are £1,000, while numbers from the British Department of Health show that 50% of outstanding bills are not settled within one year of receiving treatment and 5% of overseas patients have three or more invoices that haven’t been paid. In total the NHS has to swallow £5 million in medical costs owed by foreigners every year.
At the moment, immigration laws only allow for barring people that already have an outstanding balance with the NHS from coming into Britain specifically for medical treatment. However, the proposals would seek to prevent abuse of the NHS system by making changes to immigration laws including making non-resident foreign nationals show proof that they have health insurance when they go through immigration, and extending the amount of time British expatriates can spend overseas before losing access to NHS services.
Any foreign visitor who already owes money to the NHS would be barred from entry into Britain, while any already in the country would be refused an extension of their visa until the debt has been settled. Also, any migrant seeking British citizenship will have their application delayed until any money they owe the NHS has been repaid. However, the proposals do allow free health care for failed asylum seekers who cannot be returned to their home nations at that time.
The proposals would not cover people who are from countries in the European Economic Area or those nations where Britain has reciprocal healthcare agreements. There are however, some concerns due to the fact that the proposals would mean sharing information on non-paying individuals with the Border Agency, which may be in conflict with patient confidentiality rules.
Mar
9
Bharti AXA General offers discount in honor of International Women’s Day
Filed Under AXA PPP, Health Insurance, Medical Insurance | 1 Comment
Indian company, Bharti AXA General Insurance Co. Ltd. announced on the eve of International Women’s Day (March 8th) that they will be offering a 10% discount for all health insurance products for women all over the country.
“The purpose of our Women’s Day special promotion is to express our support to women across the country and to educate them and their families on the growing significance and benefit of a health insurance.” Said Dr. Amarnath Ananthanarayan, CEO of Bharti AXA General Insurance Co. Ltd.
Bharti AXA’s discount will be available until March 31st, 2010 and covers health insurance products such as Smart Health Insurance, Critical Illness policies, Hospital Cash Cover policies and the Smart Health High Deductibles Insurance Policy.
Incorporated on the 13th July 2007, Bharti AXA General Insurance Co. Ltd. is a joint venture company, 74% owned by Bharti Group and 26% owned by AXA.
Companies Mentioned:
AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Bharti AXA General Insurance
Bharti AXA General Insurance is a joint venture between Bharti Group and AXA Group. Founded in July 2007 in Bangalore, India it now has over 40 branches across India offering a variety of insurance products for retail, commercial and rural customers.
Mar
9
Cuba to require visitors to carry medical insurance
Filed Under Health Insurance, Medical Insurance | 2 Comments
Starting May 1st, a new Cuban government measure will require all foreigners, and Cubans living abroad, to possess travel insurance with medical cover in order to enter the country.
Cuba’s Executive Committee of the Council of Ministers published the new law in the nations Official Gazette, stating that tourists, and Cuban emigrants must have health insurance before being allowed in the country. Foreign citizens who have temporary residence in Cuba must have medical insurance that covers them for the duration of their stay.
The measure states that only foreign insurance companies that are recognized by Cuba will be allowed to issue the approved insurance plans. Also, there will be sales points at every point of entry into Cuba where travelers can buy insurance from local Cuban insurance entities.
In the published measure, diplomats and members of accredited international organizations will be exempt from this rule, although the measure does not reveal the cost of the mandatory insurance.
The Havana Times has an English translation of the published measure, available here.
Mar
5
CIGNA International offers health assessment on Expatriate Benefits plans
Filed Under CIGNA, Expat Insurance, Health Insurance, International Healthcare, Medical Insurance | 1 Comment
CIGNA International is to begin offering an international health assessment tool to help identify health risks for expatriate employees.
The preventative tool is aimed at identifying areas of health risk for employees that may endanger their work assignment, and comes with any CIGNA International Expatriate Benefits (CIEB) standard health plan to fully insured customers at no extra charge.
The assessment comes as a multilingual online questionnaire, which CIGNA says can be completed in about 20 minutes on CIGNA International Expatriate Benefits secure website www.CIGNAenvoy.com. The questionnaire, developed by London-based CIGNA company vielife, can also be customized to contain questions relating to specific geographical areas and will be available in 20 languages by the end of 2010.
CIGNA says that once the customer answers a series of questions about their lifestyle and health habits, upon completion they will be sent an electronic report detailing potential health risks as well as a section on the customers’ current health status and recommendations for improving their health. CIGNA notes that the questionnaire is both voluntary and confidential.
Sonny Patel, CIEB’s Senior Director of Global Health Solutions said “Completing a health assessment provides individuals with practical, appropriate and achievable recommendations in areas such as stress, nutrition, physical fitness, sleep and work/life balance. It’s an important resource in helping employers ensure their expatriate employees can fulfill their work assignments and enjoy life while away from home,”
Companies Mentioned:
CIGNA International Expatriate Benefits
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioral health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
Mar
2
AXA Cooperative Insurance Company given Saudi Arabian business license
Filed Under Health Insurance, Insurance Company, Medical Insurance, Middle East | 1 Comment
The Saudi Arabian Monetary Agency (SAMA) has licensed AXA Cooperative insurance Company to carry out its cooperative insurance and reinsurance business in the Kingdom of Saudi Arabia (license number TMN/25/20101).
AXA Cooperative Insurance Company, a Saudi joint stock company, will be AXA Group’s first Cooperative insurance company globally. AXA Cooperative Insurance Company’s initial public offering in Saudi Arabia mid 2009, was 5 times over subscribed; the company currently has a market capitalization of SAR 574,000 (approximately US$153000). AXA Cooperative Insurance Company has already received approval to sell its motor and health insurance in Saudi Arabia and is developing new insurance plans for both individuals and businesses.
Under SAMA’s Cooperative Insurance Regulations, insurance products must be tendered on a “cooperative basis” in a manner consistent both with Islamic Shari’ah and the principles espoused by the articles of association of Tawuniya (previously the National Company for Cooperative Insurance or NCCI). Prior to the enactment and implementation of the Cooperative Insurance Regulations, The National Company for Cooperative Insurance, now Tawuniya was the only insurance company registered to operate in Saudi Arabia.
The cooperative insurance guidelines result in two concrete obligations that AXA Cooperative Insurance Company must conform to, namely that separate bank accounts must be kept for policyholders and shareholders; and that a certain amount of the net surplus from running the insurance operations must be distributed amongst the policyholders.
Companies mentioned:
AXA Group
Headquartered in Paris, France AXA was originally founded in 1816 as Mutuelle de L’assurance contre L’incendie, after acquiring the Drouot Group in 1982 it took on the name AXA. Since that time it has grown into an international insurance business encompassing life & savings, property & casualty, asset management, international insurance and other financial services with over 80 million customers worldwide.
Mar
2
Chinese Healthcare Reforms Still On Track
Filed Under China, China insurance, Health Insurance, Healthcare, Medical Insurance | 2 Comments
In early 2008, prior to the global financial meltdown of September, which caused the collapse of such esteemed institutions as Lehman Brothers, the Chinese government announced a series of reforms entitled “Healthy China 2020.” The goal of these comprehensive healthcare reforms was to institute national medical coverage which would be available to all Chinese citizens. When the Great Recession occurred, and the global economy entered a downward spiral, the need for such wide ranging legislation as the Healthy China reforms became painfully apparent as the country had no social networks in place to ensure that the population remained in a good state of health.
Departing from the “Iron Ricebowl” system in the 1990’s in an effort to catch up to the economic standards of the West meant that many Chinese nationals lost the comprehensive job security and lifelong benefits upon which they had come to depend for sustainable living. In tandem with this move towards a market economy, State hospitals in China (which currently account for more than 90% of all available medical services in the country) started to see decreases in government subsidies, and became self funding – increasing the end cost for many poor citizens, and effectively putting the cost of quality medical treatment out of reach for most of the Chinese populace.
According to the World Bank, more than 300 million Chinese citizens are without any form of health insurance, with only partial coverage available to the remaining 1 billion-strong population. As a consequence of this, ordinary Chinese must save approximately one quarter of their income each year in order to guarantee that should they fall ill, they will have the means to pay for medical services. As such, the amount of savings accumulated to cover the costs of medical procedures may exceed US$ 5 trillion according to industry analysts. In light of the Central Government’s desire to modernize the economy and move from exports and investments to domestic consumption, the “medical savings” of the Chinese populace present a valuable resource to insulate the country against another external financial crisis, while providing the means to ramp up domestic spending. However, without some form of comprehensive social security guarding against serious health care issues facing the People’s Republic of China, these funds are unlikely to be freed up.
At the height of the economic downturn China’s GDP growth dropped to its lowest level in a decade, a mere 6.1 percent in Q1 2009. The People’s Congress has long had an end objective of 8% GDP growth year-on-year, which was achieved at the end of 2009 due to a record US$ 586 Billion infrastructure stimulus released at the end of 2008. The GDP Growth rate ended the year at 8.7%. However, the GDP growth was a result of increased exports as China leapfrogged Germany as the world’s largest exporter of goods; consumer spending, on the other hand, the Central Government’s top priority in the 2006-10 year plan, remained stable at 35% of the GDP.
As a consequence of this, the Politburo has called for the emphasis on consumer spending outlined in the 2006-10 year plan to be sped up. In a February 22 meeting, chaired by President Hu Jintao the Politburo discussed initiatives which will be outlined in a speech by Premier Wen Jiabao on March 5 of this year. The initiatives are expected to be a continuation of the stimulus outlined in April 2009 when the Central Government announced that it would spend approximately US$ 125 billion on healthcare between 2009 and 2012 in an effort to institute universal medical coverage by 2020.
The direct result of these announcements by the Chinese Government has been an increased interest by both foreign and domestic business entities towards the Chinese Healthcare Market. Eli Lilly & Co spent US$ 15 million in 2009 to acquire a 15% stake in CITIC Pharmaceutical Ltd., a leading pharmaceutical and drug distribution company in the People’s Republic of China. The Shanghai based company; China NovaMed Pharmaceuticals also saw interest from foreign businesses, with Fidelity Asian Ventures obtaining a stake in the company at the end of 2008. Credit Suisse AG estimates that the Chinese pharmaceutical industry will expand from its current value of US$ 44 billion in 2008, to over US$ 110 Billion in 2015; figures which have many corporate interests seeing expanding opportunities across the nation.
However, this growth of the pharmaceutical industry may present some issues. In the USA, one of the key problems with regards to medical affordability is that the cost of prescribed medications has experienced rapid inflation over the last decade. The Chinese government, realizing the potential threat raised by upward spiraling drug costs, took steps to address the problem in August 2009 by placing a price cap on 307 essential medicines commonly used by rural hospitals around the country. Further to this, in November of the same year, the list was expanded to include an additional 770 medicines deemed “necessary”; a move which could see the average cost of consumer medications fall by up to 12% according to a Goldman Sachs report.
Outside of the Pharmaceutical industry, other healthcare related markets are looking to spur their Chinese growth as it becomes more evident that the current Rural-Urban healthcare divide will be lessened in the near future enabling more Chinese nationals to obtain quality medical services. A key part of this is with regards to the technology used by medical practitioners throughout the country, which is quite often severely out of touch with modern standards. As such, the Medical Device industry has also seen a renewed interest in providing products and services to the domestic market. GE Healthcare, a subsidiary of Connecticut based General Electric, saw it’s CEO visit the country at least twice in 2009, pointing to a higher interest in the Chinese market on the part of the corporate giant. Royal Philips Electronics also sees more opportunities for medical device makers in the future, as China surpasses North America as the biggest consumer of Medical Scanning Technology.
With a massive injection of stimulus funds over the next 3 years, the nation is making its first steps to radically revitalizing a healthcare system which has, historically been plagued by a myriad of problems. From the failure of the Barefoot Doctor Scheme in the early 1980’s, to the current rural AIDS epidemic, the reforms proposed by the Central Government hold a glimmer of hope for a much beleaguered healthcare system; and present a host of opportunities to the international business community.
Feb
26
Max Bupa gets Certificate of Registration from IRDA
Filed Under BUPA, Health Insurance, Medical Insurance | 2 Comments
Max Bupa Health Insurance, the general insurance joint venture between Max India and Bupa has been given its Certificate of Registration or R3 form, by India’s Insurance Regulatory and Development Authority (IRDA). This brings the total number of general insurers registered in India to 23.
The company plans to open in six main cities in India, namely Delhi, Mumbai, Hyderabad, Chennai, Pune and Bangalore in 2010, with further plans to be operating in 20 cities within three years time. While Max Bupa does not currently have precise targets regarding market share, number of new policies or gross written premiums, they plan to use market feedback and in depth research to help them expand to meet their geographical goals.
Damien Marmion, the chief executive of Max Bupa Health Insurance, said that since it is fairly easy for competitors to offer health insurance products with similar features, the company plans on individuate itself through its customer service. Max Bupa intends to forgo using third party administers in order to keep direct control of the customer experience and ensure the best possible service.
There is still some uncertainty as to what exactly Max Bupa’s health insurance products will initially look like. Chief executive Marmion said in one interview on the 11th of February, 2010 that “Our products will be all across the spectrum, with premiums ranging from Rs 3,000 to more than Rs 50,000. We also have some rural insurance obligations[,]” while in a later interview on the 18th of February he said that “We will initially offer one product with a number of variants”. Although Mr. Marmion said that their research has shown the cost of hospitalization to be one of the top concerns among consumers, so their early focus would be on providing hospitalization plans.
Companies Mentioned:
Max India:
Incorporated in 1988, Max India Limited is a holding company with business interests working in the healthcare and services industries. Their wide range of health related interests include a joint venture life insurance company, Max New York Life, a healthcare services company, Max Healthcare, and a clinical services company, Max Neeman Medical International. The Max India Group reported US$ 860 million in revenues for 2007-2008 and will soon add Max Bupa to their list of businesses.
Bupa:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Feb
23
BUPA Updates Online Intermediary System
Filed Under BUPA, Health Insurance, Insurance Company, Medical Insurance | 2 Comments
In an effort to make things easier for intermediaries selling and Bupa’s individual protection products, Bupa has updated their online trading system.The enhanced system allows intermediaries interact with Bupa’s products within the Bupa Extranet system in more a more in-depth manner, streamlining online administration of policies.
The increased functionality permits intermediaries to customize the product options to better suit their customers. Intermediaries may now also upload multiple product applications at once, make modifications on the policy all the way up until the policy is placed on risk, and set up single or multiple start dates and direct debits for clients.
The director of Bupa Health Assurance, Steve Payne, said that “Intermediary feedback has helped us to design a system which enables them to access our products in a menu-style format making administration simpler, quicker, flexible and more convenient.”
Companies Mentioned:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Feb
23
British MP’s report says Homeopathy should not be funded by NHS
Filed Under AXA PPP, BUPA, Health Insurance, Medical Insurance, United Kingdom | Leave a Comment
British parliament’s science and technology committee, headed up by chairman Phil Willis, has finished a new report on National Health Service funding for homeopathic treatments and come to the conclusion that the funding should stop.
The committee of MPs said that since there is no evidence that homeopathic treatments work better than a placebo, the NHS should cease providing funds for homeopathic hospitals and that doctors in the NHS system should not refer patients to homeopaths.
The chairman of the committee held that prescribing placebos like homeopathy in the NHS is ethically dubious and may destabilize relationships between doctors and patients.
The committee also forwarded the idea that the Medicines and Healthcare products Regulatory Agency (MHRA) should bar homeopathic treatments from displaying medical claims on their labels. The report came out against further funding for homeopathic research as well.
On top of the NHS currently providing funds for homeopathic treatments, certain insurance plans from AXA PPP and Bupa as well as other private medical insurers and cash plan providers will cover homeopathy, although the extent of coverage may vary between insurance plans as well as on a case by case basis.
Companies Mentioned:
Originally PPP Insurance, it became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.