UPDATE: Independence Holding Company Announces Connect Plus Short-Term Medical
April 06 2018 - 11:11AM
Independence Holding Company (NYSE:IHC) today announced that it is
launching Connect Plus and adding it to its leading portfolio of
affordable alternatives to Affordable Care Act (“ACA” or
“Obamacare”) plans. Connect Plus will launch in 22 states, on
www.healthedeals.com, as well as through other preferred
distribution partners, on April 20, 2018. This
first-of-its-kind temporary medical plan provides coverage for
certain pre-existing conditions up to $25,000 to consumers who
qualify, subject to a deductible and coinsurance.
Short term limited duration (“STM” or
“short-term medical”) plans are much more affordable than ACA plans
because, as an underwritten product, not everyone qualifies for
coverage. In addition, STM plans do not cover claims for
pre-existing conditions. For example, with a traditional STM
policy, a person receiving post-surgical physical therapy for an
injury incurring before the effective date of the STM plan or who
has asthma that incepted before the effective date of the STM plan,
would qualify for a policy, but these particular conditions and any
claims associated with them would be excluded because they arose
prior to the effective date of the STM plan. Under the innovative
Connect Plus product, both the physical therapy and the asthma
described above and certain other pre-existing conditions would be
covered, assuming the person passes the underwriting
questions. For those who do qualify, coverage for up to
$25,000 in certain pre-existing conditions is an important
enhancement.
David Kettig, President and Chief Executive
Officer of IHC Specialty Benefits, Inc., commented, “Connect Plus
is an important addition to our portfolio of affordable health
insurance options. IHC offers the following “core” products:
Connect Lite (STM for the budget-minded), Connect (STM for those
not concerned with pre-existing condition limitations), Connect
Plus (our enhanced STM offering), Care Access (first dollar
indemnity coverage for hospitalizations) and Fusion (Care Access
coupled with a high deductible STM product which provides both
first dollar coverage for hospitalizations and peace of mind for
large expenditures). We couple our core products with
well-priced ancillary coverages, including: MetalGap (an affordable
coverage for both accidents and critical illnesses), dental,
vision, Rx discount card and telemedicine. In addition, we
also sell group and individual limited medical for those who are
interested.”
“Health insurance must always strike a balance
between coverage that is affordable but may not be available to
everyone and ACA plans that are available to all during open
enrollment but are unaffordable to many. IHC is a leader in
bringing innovative and affordable products to the marketplace for
those who qualify for underwritten products. We are delighted
to introduce Connect Plus as an enhancement to our industry-leading
portfolio of affordable health insurance products. The rule
proposed by the Trump Administration that would change the maximum
duration of short-term medical policies to less than 12 months, as
opposed to the current maximum duration of less than three months,
together with the repeal of the individual mandate penalty
effective January 1, 2019 as part of tax reform, will have a
positive impact on the future of our Company.”
About The IHC Group
Independence Holding Company (NYSE:IHC) is a
holding company that is principally engaged in underwriting,
administering and/or distributing group and individual specialty
benefit products, including disability, supplemental health, pet,
and group life insurance through its subsidiaries since 1980.
The IHC Group owns three insurance companies (Standard Security
Life Insurance Company of New York, Madison National Life Insurance
Company, Inc. and Independence American Insurance Company), and IHC
Specialty Benefits, Inc. (IHC SB), a technology-driven full-service
marketing and distribution company that focuses on small employer
and individual consumer products through general agents,
telebrokerage, advisor centers, private label arrangements, and
through the following brands: www.HealtheDeals.com; Health eDeals
Advisors; Aspira A Mas; www.PetPartners.com; and
www.PetPlace.com. IHC creates value for insurance producers,
carriers and consumers (both individuals and small businesses)
through a suite of proprietary tools and products, all of which are
underwritten by IHC’s carriers or placed with highly rated
insurance companies.
Forward-looking Statements
Certain statements and information contained in
this release may be considered “forward-looking statements,” such
as statements relating to management's views with respect to future
events and financial performance. Such forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from
historical experience or from future results expressed or implied
by such forward-looking statements. Potential risks and
uncertainties include, but are not limited to, economic conditions
in the markets in which IHC operates, new federal or state
governmental regulation, IHC’s ability to effectively operate,
integrate and leverage any past or future strategic acquisition,
and other factors which can be found in IHC’s other news releases
and filings with the Securities and Exchange Commission. IHC
expressly disclaims any duty to update its forward-looking
statements unless required by applicable law.
CONTACT: Loan Nisser |
(646) 509-2107 |
www.IHCGroup.com |
|
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