Tracy H. Simons, President Administrator and broker for:
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Transcript of Tracy H. Simons, President Administrator and broker for:
Tracy H. Simons, President
Administrator and broker for:
Complications Insurance for Medical Travelers
• Who is asking the question…
WHAT IF SOMETHING GOES WRONG?
Who is at risk?What standards of care are you providing?
• The Individual Medical Traveler– Not prepared for unforeseen expenses from a complication – Something goes wrong and there are additional expenses
• Long term and immediate expenses
• Facilitators, Receiving Hospitals and Employers– Clients look to you to solve unforeseen problems during the
course of the travel and while care is being provided– Incur additional expenses of unforeseen emergent care or
corrective care once the patient returns home– A medical malpractice occurrence– Vicarious liability associated with a mishap from implementing
a medical travel benefit
Risks and Protections
• What recourse is available in an international setting?
• Where are the deep pockets?
• What legal system will preside?
• Avenue for recovery – how to make a victim of an accident whole?
• What standards of care have the parties implemented to mitigate the risk?
Risks and Implications of Medical Travel
•Riveting and captivating
•Just checking to see who is paying attention.
• Focus on Risk Management Issues
Risk Management
This topic
becomes much more interesting when
there is
a lack of it
and someone has a financial loss.
Insurance 101
TWO LINES OF DEFENSE
Liability Insurance
Accident InsuranceThe exposure is not as
as you may think.
Liability Insurance for the Entity
• Facilitators and Employers – transfer the risk to an insurer. – Managed Healthcare Liability
• Includes Vicarious Liability – The liability associated with the act of another party
• Includes Defense Costs• Includes Damages and Settlements• Available from a few carriers in the United States for risks
domiciled in the US• You will need a local representative to purchase this type of
coverage in your home country
SECOND LINE OF DEFENSE
• Accident Insurance – to mitigate the risk– First Party Coverage – claimant is the insured
• Makes the injured party whole and mitigates the need for a lawsuit
– Child Care Facilities– Missionary Insurance– Medical Payments of General Liability Policies
What is included?
• Additional Medical or Surgical Treatment as the result of a complication
• Accidental Death and Dismemberment• Disability• Repatriation of Mortal Remains• Family Coordination• Household Modification• Loss of Reproductive Function• 24/7 International Assistance Service
What is the value of GPS?
• Recent Complications Claims– Blood Clots– Dental– Gall Bladder Surgery Claim
• Provide a standard of care to clients to enhance your credibility
• Allow for stakeholders to move forward in the industry by transferring risk to the insurer
• Give patients peace of mind and access to care they may not get otherwise
Points of AccessWho is buying this coverage?
Individual – alone or through medical travel facilitators, appointed agents or directly online
GroupsEmployers are providing this for all employees
when they utilize the medical travel benefit on their group plan
Hospitals/facilitators are including the coverage on every patient to mitigate liability exposure
Insurers are here to help…
• You can transfer the risk to insurers
• This makes the “bleeding edge” of innovation less risky
• Services that excel above the domestic standard for care
• Adds to industry credibility
How do we answer these questions?
• What recourse is available in an international setting?
• Where are the deep pockets?
• What legal system will preside?
• Avenue for recovery – how to make a victim of an accident whole?
• What standards of care have the parties implemented to mitigate the risk?
QUESTIONS?
Tracy Simons
www.globalprotectivesolutions.com
PO Box 5736, Columbia, SC 29250803-799-1770 phone