Lieutenant Governor Tregenza A. Roach, Esq., also serving as the Commissioner of Insurance, announces the availability of individual healthcare insurance coverage in the U.S. Virgin Islands through the licensing of Optimum Global Insurance Company (OGIC) by the Division of Banking, Insurance, and Financial Regulation.
Addressing the Need
Lt. Gov. Roach highlights the significant gap in healthcare coverage faced by residents due to the absence of a health insurance mandate like the one in the Affordable Care Act. Up to 30% of the population has been uninsured, necessitating urgent action to fill this void and provide accessible insurance options.
Partnership with AXA PPP Healthcare Limited
OGIC has partnered with AXA PPP Healthcare Limited (AXA) to offer health insurance coverage in the territory. AXA, a globally recognized insurer, assumes all financial risk for the policies written by OGIC, providing assurance of financial stability and reliability. AXA’s impressive group rating of A+ (Superior) from AM Best further underscores its credibility.
Range of Coverage Options
OGIC offers three distinct plans: Essential, Standard, and Superior, catering to various healthcare needs and preferences. All plans include coverage for hospitalization and emergency care, with additional options for outpatient care, maternity, and dental coverage. This comprehensive range ensures that individuals can find a plan that suits their requirements.
Ensuring Regulatory Compliance
The approval process for OGIC involved an exhaustive review by the Division of Banking, Insurance, and Financial Regulation to ensure compliance with regulatory standards. This meticulous assessment aimed to safeguard residents’ interests and ensure the quality and reliability of the insurance products offered.
Accessible Coverage
The availability of individual health insurance coverage extends beyond the U.S. Virgin Islands to Puerto Rico, other U.S. territories, the U.S. Mainland, and worldwide, providing residents with comprehensive coverage options regardless of their location.
Conclusion
The introduction of individual health insurance coverage through OGIC marks a significant milestone in addressing healthcare disparities in the U.S. Virgin Islands. Lt. Gov. Roach’s commitment to expanding access to healthcare reflects a dedication to improving the well-being of all residents. With reliable insurance options now available, residents can access essential healthcare services and enjoy greater peace of mind regarding their medical needs.
