New COVID-19 Premium Discount Plan for 2021
Updated November 4, 2020
The COVID-19 crisis has dramatically changed the delivery of healthcare in our country, and as a result, many of our current 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.
Effective with policy renewals occurring on or after January 1, 2021, MagMutual will offer a COVID-19 premium discount (subject to individual state department of insurance approval).
- Up to 30% over 3 years (potentially 5-10% per policy year)
- Discount amount is based on lost revenue (year-over-year billed patient visits)
- Eligibility begins with 2021 renewals
- Relevant discounts extend through 2023
- Applies to medical professional liability policies
Please contact your agent for additional details and to determine your eligibility. For additional financial support options, please visit the Financial Assistance section of the MagMutual COVID-19 Resource Center.