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. Fortis, Inc. has total assets of approximately $14 billion and in 1997, the company total revenues of $3.3 billion and net
income of $125 million.
Fortis, Inc. is part of Fortis, a worldwide group of companies active in the field of insurance, banking and investments, with assets
in excess of $175 billion.
Products & Services
Fortis PPO Plans offer comprehensive medical plans with Preventive care, 100% lab coverage in or out of network and a prescription card.
Deductibles range from $250 to $2500 with Coinsurance of 100% to 50%. Fortis -RBG plans do not offer an accident benefit and the best prescription card benefits still have significant copayments relative to other carriers. On the plus side, Fortis is the only carrier we are aware of that allows multiple network choice for each employee in a small group. In Indiana, an indivudual employee may choose PHCS or Sagamore PPO network.
Underwriting
HIPAA requires all group carriers to offer coverage to every qualified employer group.
HIPAA does not madate pricing. Thus underwriting does still have an imporatant consideration. Fortis-RBG has a unique underwriting guide. They are liberal with Diabetics and tough on heart conditions. Underwriting is by health Statement. The underwriting procerss takes 5-7 business days.
Renewals
Renewal factors are highly dependent on the area that you live. In most states, current (1/99) FORTIS renewals are better than
the current
industry average of 11-16%. In the CHicago area, trend rates are increasing at 10% above the industry average. This could be a short term adjustment for the area or a national trend developing.
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