MagMutual Rolls Out Discount Plan for Policyholders Impacted by COVID-19
April 14, 2020
MagMutual announced new premium discounts on medical professional liability policies as they renew next year for policyholders who experienced lower patient volumes in 2020 as a result of the coronavirus outbreak. Discounts will extend through to 2023 policy renewal period.
“This COVID-19 crisis has altered the way our country is delivering healthcare,” said Joe Wilson, MD, executive chairman of MagMutual. “And because of these changes, many of our policy owners are seeing fewer patients and doing fewer elective procedures. As a mutual company, we believe our policy owners should not pay the same amount of premium when they are caring for substantially fewer patients.”
The company intends to file these discounts with the respective states’ Departments of Insurance during April 2020. Upon approval, MagMutual will inform its policyholders of their new rates at renewal. The premium discount is in addition to the company’s recently announced nine-month payment deferral option.
“This means that over a three-year period, in effect, we ensure our policy owners do not pay for the exposures they did not experience due to lower patient volumes,” said Neil Morrell, CEO of MagMutual. “Coupled with our payment deferral options, our discounted premium rates also mean than the cash flow of the policyholders more reasonably follows their expected billing cycles, as they resume to normalcy.”
MagMutual announces nine-month policy premium payment deferral option for medical professional liability policyholders
April 14, 2020
MagMutual announced that its medical professional liability policyholders can defer their premium payments for nine months. The premium deferment option is available to existing and new policyholders. At the completion of the nine-month period, policyholders will then have the option to spread out their outstanding balance over their subsequent renewed policy period. The company would like to thank the Georgia Department of Insurance for expeditiously supporting this initiative.
“We understand that our policy owners are likely to be experiencing more stress, anxiety and financial burden than usual,” said Joe Wilson, MD, executive chairman of MagMutual. “We want to do what we can to alleviate one of the concerns they may have, and help in our small way.”
Interested policyholders are advised to contact their sales representative or insurance agent. More information, including details of the program and applicable conditions, are provided on the company’s website, www.MagMutual.com.
As the situation currently appears, the company expects to keep this relief in place for all of 2020.
Protect Patients Now Needs Your Help to Protect Patients, Healthcare Providers on Front Lines of COVID-19 Pandemic.
April 14, 2020
The following is a Legislative Alert from Protect Patients Now:
Protect Patients Now needs your help to protect patients and the healthcare providers that are working on the front lines of the COVID-19 pandemic.
Healthcare professionals and facilities are facing challenges, unlike anything in our modern medical history. They put themselves at risk each day while facing workforce shortages, inadequate safety supplies, and insufficient information or changing guidance from federal, state, and local government officials. Despite this, they continue to go above and beyond, doing everything possible to treat the sick and bring comfort to others, often without regard to their own personal wellbeing.
At the same time our healthcare professionals and facilities are answering the call to service, they are simultaneously threatened with future lawsuits based on circumstances that were beyond their control.
That’s why Congress must now act to provide them relief from the threat of lawsuits. Taking action to protect these professionals and facilities, as well as the patients they serve, is in the Nation’s best interest.
But we need your help! Please take a moment to urge members of Congress to follow the lead of several states, and immediately adopt legislation that provides health care professionals and facilities civil liability immunity for their good faith efforts to treat patients during the COVID-19 response.
Action at the federal level would provide a uniform level of protection and avoid the situation whereby a patchwork of liability laws across the country would lead to unequal treatment of our frontline healthcare providers and facilities during this national crisis.
Patients and physicians can click the links below to let their members of Congress — in both the House and the Senate — know how important it is to preserve continued access to medical care during this unprecedented time. This will allow healthcare providers and facilities to focus on the task at hand of helping those affected by the outbreak without having to worry about the threat of lawsuits.
Thank you for your continued support of medical liability reform.
Physicians: Take Action
Patients: Take Action