New COVID-19 Premium Discount Plan for 2021
Posted April 09, 2020
The COVID-19 crisis has dramatically changed the delivery of healthcare in our country, and as a result, many of our affected PolicyOwners are seeing fewer patients and performing fewer procedures. As a mutual company, we are committed to always operating in your best interest. That means ensuring that the premium you pay is in line with the risk exposures you face.
During April 2020, we are requesting from the Departments of Insurance in the states where we operate the ability to provide COVID-19-related discounts. We anticipate receiving approval in advance of 2021 renewals and plan to extend the discounts through 2023.
MagMutual’s Proposed COVID-19 Premium Relief:
- Up to 30% over 3 years (potentially 5-10% per policy year)
- Discount amount would be based on lost revenue (year-over-year billed patient visits)
- Eligibility would begin with 2021 renewals
- Relevant discounts would extend through 2023
- Would apply to medical professional liability policies
Once Department of Insurance approvals are granted, your agent or company representative will reach out to you with details prior to your 2021 renewal, if relevant discounts apply. For additional financial support options, please see our premium deferral option, which lets you defer your premium payment for nine months.