HealthMarkets Launches The "FIT" Series Individual Health Insurance Plans

HealthMarkets insurance subsidiary launches three new individual health insurance plans

North Richland Hills, Texas – July 28, 2009 – HealthMarkets, Inc. (http://www.healthmarkets.com) announced today that its insurance subsidiary, The Chesapeake Life Insurance Company (https://www.chesapeakeins.com), has introduced the HealthMarketssm "Fit" series of individual health insurance plans in Texas, Michigan, Wisconsin, Louisiana and Wyoming.

HealthMarkets® is the brand name for health insurance plans underwritten and issued by the health insurance subsidiaries of HealthMarkets, Inc., located in North Richland Hills, TX. Health insurance products provided under the HealthMarkets brand are designed to provide personalized health insurance protection to individuals, families and the self-employed.

HealthMarkets BasicFitsm is the scheduled benefits plan designed to appeal to consumers most concerned with affordability. BasicFit is a PPO insurance plan that provides members with coverage for a variety of services, including inpatient hospitalization and outpatient surgery, chemotherapy and emergency room care... Additional coverage is available for doctor's office visits (including preventive care), outpatient diagnostics and prescription drugs, and continued care services. Other new features include:

  • Customer choice of 24 or 36 month premium rate guarantee
  • Optional Covered Services Extension Rider ("CSE") for additional stop-loss protection
  • Customer access to a third-party advocate who will negotiate with providers if their benefits are exhausted and they have out-of-pocket expenses

HealthMarkets EssentialFitsm is a catastrophic PPO product. This product is designed to appeal to consumers who are more concerned with protecting their assets through high calendar year and lifetime policy maximums.

In this plan design, after the deductible and coinsurance maximum (if applicable) are met, services (including diagnostics, emergency, hospital, surgical, etc.) are covered 100% up to the selected $1 or $2 million calendar year maximum. Consumers can choose to customize the plan to increase their lifetime benefit up to $8 million, lower their in-network coinsurance to 80% or 90% and/or add doctor's office visits (including preventive care) and Rx coverage. Additional plan features include:

  • Calendar year deductible
  • Five deductible options
  • Three coinsurance options

HealthMarkets ClassicFitsm is the plan in the middle. It is a PPO plan that offers consumers a wide range of coverage, including inpatient hospitalization and outpatient surgery, chemotherapy and emergency room care. ClassicFit also offers customers an array of deductible and coinsurance options.. Additional coverage is available for:

  • Doctor's office visits (including preventive care)
  • Outpatient diagnostics
  • Accidents
  • Pregnancy/childbirth
  • Outpatient prescription drugs
  • Continued care services

The Chesapeake Life Insurance Company underwrites the HealthMarkets Fit series of health insurance plans. The products will be rolled out in additional states as regulatory approvals are received.