OVERLAND PARK, Kan., July 22 KA-SwissReinsurance
OVERLAND PARK, Kan., July 22 /PRNewswire/ -- Swiss Re's Commercial
Insurance announced today they now recognize medical travel coverage as part
of their existing stop loss offering. Employer stop loss is available in all
50 states and the District of Columbia, through Westport Insurance Corp., a
member of the Swiss Re Group, which underwrites the company's stop loss
products.
"By recognizing medical travel coverage offered by our self-funded
stop-loss employer client base, we facilitate the availability of top-quality
health care at more affordable levels than is possible in the U.S.," said Matt
Leming, Vice President and Sales Leader within Swiss Re's Commercial
Insurance division.
A dramatically growing number of uninsured and underinsured U.S. patients
are traveling to countries with high-quality hospitals and staffs that offer
services at costs often significantly lower than those available in the U.S.
Heart by-pass surgeries by highly trained surgeons in India may cost only
$10,000 as opposed to $130,000 in the U.S. (TIME, "Outsourcing your heart",
May 21, 2006). Similarly, high quality hip replacements, and other major
medical procedures can also cost far less in selected countries overseas than
in the U.S.
Swiss Re has selected WorldMed Assist (www.worldmedassist.com) as the
third-party medical logistics provider to manage its medical travel option.
"WorldMed Assist is honored to have been selected by Swiss Re to provide
logistical assistance for clients utilizing their medical travel benefits.
This is another opportunity to fulfill our mission of improving lives by
helping patients receive high quality medical treatment at international
facilities at affordable prices," said WorldMed Assist CEO Wouter Hoeberechts.
"This agreement is new to the US marketplace. Swiss Re will be the first
carrier to recognize medical travel coverage on a national basis."
WorldMed Assist, as Swiss Re's medical logistics provider, will ensure
that strict standards for the level of care offered by the medical staff, the
hospital, clinic and any recuperative care facilities are followed. Selected
medical facilities will have to meet the criteria of the Joint Commission
International (JCI) and/or an equivalent accreditation.
Coverage will be coordinated with the employer's primary policy and with
the patient's primary physician in the U.S. For more information about
Employer Stop Loss or to be directed to a licensed agent, contact Swiss Re at
1-866-266-0902.
"This non-traditional alternative will create a win-win situation for both
our self-funded policyholders and their employees. We believe this is one way
to address rising healthcare expenditures in the marketplace," says Leming.
"When our program is fully utilized, it will enable our policyholders to cover
their employees more completely and at less cost. It will also allow
employers to offer another quality network and more choice to their
employees".
Notes to editors
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company
operates through offices in more than 25 countries. Founded in Zurich,
Switzerland, in 1863, Swiss Re offers financial services products that enable
risk-taking essential to enterprise and progress. The company's traditional
reinsurance products and related services for property and casualty, as well
as the life and health business are complemented by insurance-based corporate
finance solutions and supplementary services for comprehensive risk
management. Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and
"A+" by A.M. Best.
Swiss Re's Commercial insurance
Swiss Re's Commercial Insurance protects insureds with specialized needs
in niche markets in the U.S. and Canada. Products include property and
casualty insurance, professional liability insurance, excess medical expense
and risk management services. Swiss Re's Commercial Insurance has served the
primary insurance community since 1908 and is committed to providing service,
creative solutions and security for its clients.
SOURCE Swiss Re's Commercial Insurance
