Pan-American Life Insurance Company of Puerto Rico, a member of Pan-American Life Insurance Group, a provider of insurance and financial services throughout the Americas, announced the introduction of PanaMed, a new limited benefit indemnity product.
The plan pays a fixed benefit amount to help individuals cover the cost of common medical services.
“PanaMed responds to market needs by offering employers and employees in Puerto Rico a quality healthcare alternative with reasonable premiums,” said Jose Luis Vargas, Pan-American Life Insurance Company of Puerto Rico country manager. “Our PanaMed product is easy to understand and provides affordable coverage for the times when it is most needed.”
PanaMed quality benefits cover doctors’ visits, diagnostic tests and x-rays, hospitalizations, emergency room treatment, wellness services and more with first dollar coverage, no deductibles or co-payments. Additionally the product features competitive pricing and the ability to customize offerings for a wide variety of industries, among them healthcare, hospitality, transportation, construction and agriculture.
“Launching PanaMed fits into the broader Pan-American Life’s strategy of offering a diversified workplace benefits portfolio to employees,” said John Foley, senior vice president – domestic markets. “We are committed to delivering products that deliver the quality services employees need and peace of mind for employers.”