Colonial Medical provides Covid-19 relief
Colonial Medical Insurance will defer client health plan renewals to October 1 in light of the ‘unprecedented' challenges to businesses caused by the Covid-19 pandemic.
There will be no increases to Colonial health insurance premiums during the deferral period.
The company said the decision to postpone annual policy renewals was based on the understanding that “many businesses are having to balance their priorities against ongoing financial challenges resulting from reduced revenues.”
In a letter to clients, Beth Frazier, Colonial Medical's chief operating officer, said the pandemic had had a direct impact “on all businesses of all sizes”. In response, Colonial had adjusted operations to ensure its clients receive continuing coverage and support, including:
• Reimbursement for tele-health services
• Emergency air ambulance services overseas
• Its 24/7 Nurse Line for healthcare related questions, and
• Its Zest Wellness programme for free access to online exercise classes, webinars and other health and wellness information.
Colonial said it would have to reserve the right to re-evaluate its deferral decision in the event the Bermuda Government, during the deferral period, changed legislation governing the financing of healthcare.
The medical insurance industry renews policies annually, usually starting in May.