CieloStar announces launch of new Medical Recovery Insurance Plan Through Exclusive Distribution Partnership With London Based Insurer
MINNEAPOLIS, Oct. 9, 2013 /PRNewswire/ -- CieloStar announced today that it has entered into an exclusive distribution partnership agreement with MediCheque Cash Plans Limited (MCP) of London, England.
Under the arrangement CieloStar will become the sole distribution partner for offering MCP's Medical Recovery Insurance plans across the United States.
Aimed at employers and private individuals, CieloStar's Medical Recovery Insurance will be sold under the name CieloCheque. It represents a fresh approach to conventional hospital plans that offer set cash benefits irrespective of the length of time a person is unable to work. The result is an inexpensive insurance policy that acts independently of any existing health insurance and provides a vital injection of cash, that individuals and their families can use for out-of-pocket expenses and to supplant reduced income to help them manage until they're ready to return to work.
CieloCheque is based on four different benefit levels, with benefits matched to the normal recovery time for classifications of operation or procedure, from day case surgeries to more complex in-patient stays.
CieloStar Executive Chairman Bill Mehus said "The Medical Recovery Insurance plan developed by MediCheque will be a value-added proposition to our Fully Integrated Health and Benefits System that enables employers, affinity groups, brokers, third-party administrators and associations to offer private exchanges and defined contribution benefit solutions to their employees, clients and member organizations. Our roll-out of this service includes partnerships with numerous affinity groups including several private exchanges sponsored by several state chambers of commerce."
Commenting on the partnership MediCheque Managing Director Dominic Higham said "We are delighted to have reached an agreement with CieloStar. The company has a significant distribution network across the United States, and recent changes in Health Legislation in the United States through the Patient Protection and Affordable Care Act (PPACA), should generate increased demand and awareness amongst intermediaries and customers for ancillary healthcare products."
Founded in 1988, CieloStar (formerly OutsourceOne) is an established benefits administrator offering comprehensive technology and service solutions. Its expanding suite of products and services includes sophisticated decision support technology, private exchanges, enrollment solutions, CDH administration and account processing, multi-purse debit cards, mobile and web-enabled technology, health and wellness tools, health coaching, health risk assessment, bio metric health data, COBRA, bill consolidation and provider payment solutions. For more information please see www.cielostar.com
MediCheque Cash Plans Limited was founded in 2012 by former UK insurer PatientChoice Chief Executive Dominic Higham and Dr Tony Williams of leading Occupational Health Consultants Working Fit Limited. MRI's provide budgets of money which are designed to alleviate the out of pocket costs of undergoing a medical procedure. They represent a new approach which differs from traditional Hospital Cash Plans (which typically provide a small cash amount for each night's stay in hospital) by providing benefits which reflect the normal recovery time for a medical procedure. For more information please see www.medichequecashplans.com