The Governments of the Eastern Caribbean Currency Union (ECCU) send a reminder to all eligible BAICO Health Insurance policyholders to take advantage of the unique opportunity that currently exists. The ECCU Health Insurance Support Fund has been in operation since May 18, 2011, with the aim of providing some financial relief to health insurance policyholders whose claims have not been paid since the collapse of BAICO.
To date, over 1,200 applications have been submitted to the Fund from BAICO health insurance policyholders in all eight (8) ECCU member territories. The Fund has already paid out over $1-Million EC Dollars to affected BAICO health insurance policyholders.
The Fund hopes to reach as many affected BAICO policyholders as possible, therefore all eligible policyholders are encouraged to make use of the resources available from the Fund.
In order to receive assistance, persons entitled to be paid the amount of the approved claim must make an Application to the Fund, and Applications must meet the Fund’s Eligibility Criteria. In general, the Health Insurance Claim must have been:
• accepted as a valid claim by BAICO; and
• incurred by 18 June 2011 (for example, if your claim is for a doctor’s visit, you must have visited your doctor on or before 18 June 2011).
For Claims incurred between 19 May and 18 June 2011 inclusive, persons may still apply to the Fund for assistance. However, they will only receive a payment if all other Approved Applications and expenses have been paid. Claims incurred on or after 19 June 2011 are not eligible to receive assistance from the Fund.
All applications MUST be received by the local BAICO branch no later than 31 December, 2011.
Applicants should allow up to ninety (90) days for processing once they have submitted their completed Applications. Payments will not be made on any Application until it is fully processed.
The Fund has been established as a trust, under a Trust Deed that outlines the operating rules for the Fund. The ECCU governments have appointed as the trustee a special purpose company called ECCU/BAICO Health Insurance Support Fund Inc. For additional information about the Fund, please visit your local BAICO branch in the ECCU, or visit the website at http://www.baico-intl.com.