By Alan Markoff, alan@cfp.ky
Thursday 6th March, 2008
Many Cayman Islands health insurance providers are reducing maximum lifetime benefits on some of their policies for retirees and other older people, which two former legislators say was not the intention of the law.
Bill Rewalt, a former insurance industry professional in the Cayman Islands and Bermuda, said his maximum lifetime benefit on his health insurance policy with British Caymanian was reduced from $1 million to $250,000 once he turned 65 years old.
Section 10 of the Health Insurance Regulations sates that under the Standard Health Insurance Contract 1, health insurance providers “shall not be liable to pay on behalf of each compulsorily insured person… during the life of the insured, more than $1,000,000 in medical fees”.
However, Mr. Rewalt said insurers have found a loophole in the regulations because of the way the section is worded.
(abridged) SOURCE: cayCompass
No comments:
Post a Comment