Our client the Shipping Company and Polaris Financial Services LTD agree to formulate a Shared Account (Revolving Medical Fund) in order to service the payment of claims and commissions related to the TPA Plan.
Our Client or their appointed agent provides Polaris Financial Services with a list of the members with all necessary information required.
Polaris Financial Services assists the Shipping Company in the design of the Benefits Plan.
The Revolving Medical Fund's initial amount deposited depends on the number of members and the level of coverage provided in the Benefit Plan.
All of your seafarers and their family members have been provided with the Polaris Health Card, which is recognized nationwide in the Philippines. Furthermore they may download the Polaris Mobile Application and immediately gain full access to personalized information about the eligibilities and benefits, the process, access to hospitals and other health providers and overall service.
The Revolving Medical Fund is only replenished in case its balance drops below the 50% benchmark of its initial value. At the end of the term, the balance is returned to the Shipping Company. During the TPA policy term, the current balance of the Revolving Medical Fund is not considered as an expense but rather as a reserve, part of the assets of the Shipping Company. The client may terminate the TPA policy any time before its expiration and bear no further cost or penalty.