Not all health insurance plans are created equal and finding one that suits a particular budget while meeting all medical needs can take some time and effort.
Insurance provider BAF offers a variety of health insurance plans for most customers, whatever their budget. The company has two main plans, each with diverse offerings – the BAF MedSafe Value Plan and the Network BAF Plan.
“BAF’s health policies were created with the philosophy of providing benefits to every sector of the community, whether a domestic helper, a doctor, teacher or a politician,” explained Michael Francis, sales manager of BAF Insurance Company (Cayman) Ltd.
“BAF’s policies are designed to ensure affordability to all persons at a reasonable cost. Plans range in cost from $80 for an individual to $594.50 for an entire family, depending on the plan chosen.”
“Being 92 years old, BAF’s primary philosophy is to provide excellent service, be client responsive, empower the client through education, protect the assets of the client and to provide products that are inexpensive while providing a myriad of services whether life insurance, health Insurance, pensions, annuities, general insurance, i.e., home and auto insurance, as well as liability and contractors all risk coverage. The client can make BAF a ‘one stop shop’ for all financial and insurance needs,” he added.
Choosing the right plan
Anyone choosing a health insurance plan should do so with a bit of a care and attention to detail.
“One should firstly compare the services provided and review costs,” said Mr. Francis. “The cost of BAF’s plans are stable and have not increased over a period of time, unlike many others who offer similar plans.”
He added: “BAF’s policies provide a choice of group and individual plans that offer up to one million dollars in lifetime benefits, hospital stays, nursing services, emergency services, air ambulance services, dental and vision – all while ensuring that claims are processed in a timely manner, without difficulty to our cliient.”
Affordability of a healthcare plan is also a major consideration for clients, but customers should take other factors into account also when choosing a plan.
“Our philosophy is a major part of our strategy which dictates that we ensure that all persons are able to afford the product. A person should also consider that the benefits of the BAF health plans are wide ranging and can be used either domestically or internationally,” said Mr. Francis, who was appointed sales manager of BAF Insurance Company (Cayman) Ltd. in 2011.
All members of BAF Network Plans benefit from services of the Pelican Network – a hand-picked, selection of medical professionals. The BAF Network offers access to high-quality hospitals locally, in the United States and across Latin America and the Caribbean.
The Pelican Network is a group of health plans provided by BAF in which particular physicians, dentists or pharmacists provide benefits to the client at a reasonable cost.
All three BAF Network plans offer lifetime benefits of transplant procedures up to $250,000; premature birth up to $150,000; congenital abnormality up to $150,000; dialysis of up to $100,000; HIV/AIDS of up to $100,000; and mental illness care of up to $25,000.
Worldwide in-patient benefits of the three plans cover: 100 per cent of the costs of hospitalisation; up to $25,000 of newborn care within the first 30 days; 100 per cent of surgical treatment; 100 per cent of intensive care up to a yearly maximum of 60 days; 100 per cent of medication and drugs; 100 per cent of physiotherapy, rehabilitation and other rehabilitative therapy at a maximum of 60 days per annum; with an additional benefit of one emergency air ambulance trip per year, at an annual maximum of $4,000.
Out-patient benefits under the Network plans include 80 per cent of ante-natal care and maternity benefits, available after a 10-month waiting period, covered up to $500.
With the Network 500 plan, customers can get up to $500,000 maximum calendar year benefits and up to 15 doctors’ visits annually, as well as dental and vision care.
The plan has maximum lifetime benefits of $1 million; a maximum calendar year benefit of $500,000 and a maximum benefit per episode of $250,000.
It also covers transplant procedures up to $250,000, premature birth of up to $150,000, congenital abnormality up to $150,000, dialysis up to $100,000, HIV/AIDS treatments of up to $100,000 and mental illness treatment of up to $25,000.
Local benefits provided in the Pelican Network include a maximum of four per annum physicians office visits, with a $15 co-pay, up to 15 per annum; three specialists consultations per annum, each in lieu of two office visits, with a $25 co-pay, with one specialist consultation, outside the Pelican Network, up to a maximum benefit of $125 with $25 co-pay.
The Network 250 offers up to $250,000 maximum calendar year benefits, up to 12 doctors’ visits annually, plus dental and vision care.
The local benefits within the Pelican Network include physicians’ office visits of a maximum of three per quarter, with a $15 co-pay – up to 12 per annum and two visits per year for specialists consultation, each in lieu of two office visits, at $25 co-pay. The benefits also cover prescription drugs and diagnostic services of up to $75 per month with a 20 per cent co-pay, up to $900 per annum.
The BAF Network 100 offers healthcare benefits of up to $100,000 per calendar year benefits and up to seven doctors’ visits annually, with low co-pays and affordable rates.
Local benefits provided in the Pelican Network include a maximum of two visits to the doctor per quarter, with a $15 co-pay – up to seven per year. They also include coverage of one specialists’ consultations per annum, each in lieu of two office visits, with a $25 co-pay; prescription drugs and diagnostic services up to a maximum of $50 per month with a 20 per cent co-pay, up to a maximum of $600 per annum.
The BAF MedSafe Value Plans offers three health plans, all of which include standard health insurance. These three plans are the basic BAF MedSafe Value Plan, the MedSafe Value Plan Plus and the MedSafe SHIC Plus.
All three offer a lifetime benefit of $1 million, calendar year benefit of $100,000 and a per episode benefit of $100,000.
BAF MedSafe Value Plan
Out-patient benefits of the MedSafe Value Plan include five visits per year to doctors or specialists, with 80 per cent of the first visit covered, up to $100 and the other four visits covered at 80 per cent, up to $80; it covers 80 per cent of the cost of ante-natal care, up to $500; and covers 100 per cent of emergency medical services, up to $4,000 and 100 per cent of haemodialysis up to $25,000 per episode.
In-patient benefits of the basic plan include co-insurance of 80 per cent of the first $2,500 and 100 per cent thereafter; daily room and board covered for up to 30 days per episode; and nursing for up to 30 days per episode. The services covered under this plan include: physicians’, specialists’ and surgeons’ services, including ambulant surgery; anaesthesia; use of operating room and recovery room; use of all inpatient services of any healthcare facility; standard surgical supplies including oxygen and surgical appliances; medication and drugs available only by prescription; use of physiotherapy, inhalation and other rehabilitative therapy facilities; x-ray and ultrasound services; and laboratory and pathological studies.
Value Plan Plus
The BAF MedSafe Value Plan Plus includes all the benefits in the MedSafe Value plan, as well dental and vision coverage.
The plan’s dental care coverage is a maximum of $2,000 per policy year, with 80 per cent co-insurance. Orthodontics are not included in the plan.
The vision care coverage is up to a maximum of $500 per policy year, with co-insurance of 80 per cent. There is also an additional benefit of emergency air ambulance coverage of one trip per year, at a cost of up to a maximum of $10,000.
Under this plan, life insurance coverage of $10,000 can be added to group coverage for at least $3.85 per person. The plan only applies to those 65 years and under.
The MedSafe SHIC Plus plan offers coverage for groups of five or more people and companies can offer employees standard insurance coverage with additional benefits at affordable rates.
The coverage includes maximum lifetime benefits of $1 million; calendar year benefits of up to $100,000; and $100,000 per episode.
Out-patient benefits include a maximum of three visits per year to doctors/specialists, with 80 per cent of the cost of the first visit covered, up to $80 and the other two visits covered at 80 per cent up to $80.
Eighty per cent of ante-natal care is covered, up to a cost of $500. Emergency medical services, including medication, drugs and ambulance services is covered at 80 per cent, up to $4,000. Haemodialysis is covered at 100 per cent up to $25,000 per episode.
Life insurance in the amount of $10,000 can be included for an additional $3.85 per person.
For in-patients, the policy offers co-insurance of 80 per cent for the first $2,500 and 100 per cent thereafter. It covers daily room and board for a maximum of 30 days per episode of illness and full nursing service for 30 days per episode.
BAF Insurance Company (Cayman) Limited, based in the Dot Com Centre in Dorcy Drive in George Town, Grand Cayman, is a subsidiary of BAF (Holdings) Cayman and a member of the BAF Global Group Ltd. The company is committed to providing affordable, quality life insurance, health insurance and pensions plans designed to meet the needs of a wide cross section of the residents of the Cayman Islands.
As a member of the BAF Global Group, BAF Insurance Company (Cayman) Ltd. is backed by a corporation with a reputation for being client-responsive, community-minded and a provider of first-rate financial products and services, using state-of-the-art technology to enhance service.
BAF Global Group Ltd, which was established in 1920, is headquartered in Nassau, Bahamas, and is an investment holding company invested principally in financial services in the Bahamas, Cayman Islands and Turks & Caicos Islands.
Among its other companies are BAF Financial & Insurance (Bahamas) Ltd., Bramer General Insurance Agency Limited, which operates full-services offices in the Bahamas, BAF General Insurance Brokers (Cayman) Ltd in Grand Cayman., and BAF General Insurance Brokers (TCI) Ltd. in the Turks & Caicos Islands.
For more information about BAF and its myriad health insurance or financial services products, visit the office at the Dot Com Centre or go to the company’s website at http://cayman.mybafsolutions.com