31 July 2014 Insurance

Ironshore offers first Medi-Care Set-Aside policy

IronHealth, the specialty healthcare unit of Ironshore, will offer the first insurance Medi-Care Set-Aside liability policy.

The policy is designed to protect self-insured employers and workers’ compensation insurance carriers that opt not to seek approval by the Federal Centers for Medicare and Medicaid Services (CMS) for workers’ compensation Medicare Set-Aside Arrangements (MSA).

The coverage is designed to remove the uncertainty of future Medicare enforcement actions from the workers’ compensation settlement process. Coverage will substitute Ironshore insurance protection for CMS assurances on both an individual and aggregate claims basis.

Matt Dolan, president of IronHealth, said: “Ironshore is very comfortable assuming the long-term risk of insurance for a non-CMS approved settlement, and pleased to help make the MSA process more efficient for our insureds. The new MSA product demonstrates an ongoing commitment to working with those employers who choose to self-insure their liability, employee health benefits or workers’ compensation programmes.”

“Seeking CMS approval of an MSA has been a decade long challenge when settling workers’ compensation insurance claims. The Ironshore Medicare Set-Aside Liability Policy is an alternative programme now available in the marketplace, designed to adhere to the letter and spirit of the law, while eliminating CMS’ review as part of the settlement process.”

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