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Advantages of TPA Policy

Cost reduction

Unlike the case of insurance policies, in which the premium cost immediately burdens the client’s income statement, the TPA plan involves the creation of a shared account with the client and the payment of a registration fee per member.

The shared account is used to finance claims as they occur and approved according to the contract. The shared account balance, is owned by the client throughout the term who may withdraw it at any point the policy is terminated. A cost is only recognized after the approval of each individual claim.

Beyond that, the client pays a registration fee per member at the beginning of the coverage. This is approximately equal to 20% of an equivalent insurance premium, and is dedicated to purchase medical services in advance, at significantly discounted rates throughout our accredited network in the Philippines.

The above mechanism, results into considerable savings in comparison to premium based policies. Experience from annual reports, shows a cost reduction of 30%-40% against equivalent premium based plans.

Flexibility

The TPA policy, is tailor made to fit the needs of each individual corporate client. This results into enhanced flexibility which enables us to cover special needs within a certain group of people and also allows us to provide ex-gratia compensations to certain members, following the client’ s request and approval. Such procedure is highly unlikely to happen through the processes of an insurance company.

Transparency

The client is aware of all costs involved and may monitor all medical cases from admission to discharge and approval. Furthermore, Polaris informs clients through regular monthly and quarterly reports sent by Polaris Finance, showing the expected total annualized cost per member, at all stages of the annual term.