themselves and their families, an insurance executive estimated last week.

But the BF&M Insurance Group is moving to fill a gaping hole in local health insurance by offering major medical coverage on an individual basis. No other major insurer offers such coverage.

Until now, major medical was only available for company group plans. The self-employed and the retired were left out in the cold.

The local insurer has introduced a comprehensive major medical plan that will provide coverage for the substantial medical expenses that might be incurred, if an insured has to travel overseas for medical treatment -- especially to the US.

BF&M Life Insurance Company Ltd. vice president, Judy Panchaud-White, said: "Overseas medical costs incurred in the United States generally may be about four times higher than (those) incurred locally.

"For example, an average daily hospital stay may be in the region of $2,500 compared with $633 for a semi-private hospital stay at the King Edward VII Memorial Hospital.

"Further, with emergency life threatening situations, persons must be air-ambulanced to the nearest facility to assist with their medical care. Our Individual Major Medical Plan will provide for reimbursement of such expenses subject to the policy limits.

"Costs for air ambulances from Bermuda to the East Coast of the United States are in the region of $10,000.'' The overall lifetime maximum coverage provided for by the Plan is $1 million for those under 65 years of age. But the maximum lifetime coverage drops to $100,000 once the policyholder reaches 65. The primary reason for the reduction in benefits is the premium cost.

Mrs. Panchaud-White said that the premium would be unmanageable for the average elderly policyholder if the protection was left unchanged.

In addition to providing for the necessary overseas medical care protection, the policy is also designed to assist further with local medical costs as expenses such as prescriptions can be claimed under the policy once the annual deductible of the Plan has been met.

"It is estimated,'' said Mrs. Panchaud-White, "that there are approximately 2-3,000 self-employed persons in Bermuda who currently may not have adequate health care coverage.

"At BF&M Life, we wish to help fill this void by offering a product to this market, which historically has been unable to purchase adequate health insurance protection.''