STAMFORD, Conn., April 29, 2020 (GLOBE NEWSWIRE) — Independence Holding Firm (IHC) introduced as we speak that it has entered the Medicare Complement Insurance coverage Market (Medigap), with an preliminary launch by Independence American Insurance coverage Firm (IAIC) in Iowa, Mississippi, Oklahoma and Utah. By July, we anticipate to have 15 states, together with Texas, and by the 2021 Annual Enrollment Interval (AEP) that begins on October 15, 2020, IAIC intends to have Medigap plans in roughly 30 states. IAIC Medicare Complement has quite a lot of plans for shoppers that can present protection that greatest meets their wants. IAIC’s first core Medicare Complement providing will embody plans A and F, in addition to plans G and N. The plans have aggressive charges, point-of-sale underwriting, easy-to-use e-application with voice signature and e-signature capabilities.
“This is an important milestone in the execution of a broad senior-market initiative for IHC,” mentioned Roy Thung, IHC’s CEO. “The population in the United States is aging with approximately 10,000 people per day turning age 65. IHC is pleased to add Medicare Supplement plans to an impressive portfolio of supplement products that reimburse for expenses not covered by traditional Medicare, such as Dental, Vision, Hearing, and Hospital Indemnity with Transition and Recovery Care. Medicare Part’s A and B cover many healthcare expenses, and our products help pay for many costs not covered by traditional Medicare. IHC will market plans through IHC Specialty Benefits call centers and career agents, and through select third party distribution channels, using a sophisticated buyer propensity and health model developed by our recently acquired MarTech division. By the beginning of the 2021 AEP, we expect to have 150 licensed call center agents selling senior products, including IAIC’s new Medicare Supplement plans.”
About Independence American Insurance coverage Firm
Independence American Insurance coverage Firm is domiciled in Delaware and licensed to put in writing property and/or casualty insurance coverage in all 50 states and the District of Columbia. Its merchandise embody pet insurance coverage, short-term medical, hospital indemnity, fastened indemnity restricted profit, group and particular person dental, and Medicare Complement. Independence American is rated A- (Wonderful) for monetary energy by A.M. Greatest, a widely known score company that charges insurance coverage firms on their relative monetary energy and skill to fulfill policyholder obligations (an A++ score from A.M. Greatest is its highest score).
About The IHC Group
Independence Holding Firm (IHC), shaped in 1980, is a holding firm that’s principally engaged in underwriting, administering and/or distributing group and particular person specialty profit merchandise, together with incapacity, supplemental well being, pet, and group life insurance coverage by way of its subsidiaries (Independence Holding Firm and its subsidiaries collectively known as “The IHC Group”). The IHC Group consists of three insurance coverage firms (Normal Safety Life Insurance coverage Firm of New York, Madison Nationwide Life Insurance coverage Firm, Inc. and Independence American Insurance coverage Firm). We additionally personal the next businesses: (i) PetPartners Inc., our pet insurance coverage administrator; (ii) IHC Specialty Advantages, Inc., a technology-driven full-service advertising and distribution firm that focuses on small employer and particular person client merchandise by way of its name heart, profession brokers, and Independence Brokerage Group; and (iii) The INSX Cloud Platform by way of My1HR, our wholly owned Net Based mostly Entity. Our InsureTech division is comprised of our name facilities, area and profession brokers, in-house MarTech synthetic intelligence capabilities and domains, together with www.healthedeals.com; www.healthinsurance.org; www.medicareresources.org; www.petplace.com; and www.mypetinsurance.com.
Sure statements and knowledge contained on this launch could also be thought-about “forward-looking statements,” corresponding to statements referring to administration’s views with respect to future occasions and monetary efficiency. These forward-looking statements might embody statements relating to IHC’s proposed tender supply, together with the utmost variety of shares of widespread stock IHC will supply to buy within the tender supply and the anticipated timing of the graduation of the tender supply. Such forward-looking statements are topic to dangers, uncertainties and different components that would trigger precise outcomes to vary materially from historic expertise or from future outcomes expressed or implied by such forward-looking statements. Potential dangers and uncertainties embody, however will not be restricted to, financial situations within the markets wherein IHC operates, new federal or state governmental regulation, IHC’s potential to successfully function, combine and leverage any previous or future strategic acquisition, and different components which might be present in IHC’s different information releases and filings with the Securities and Exchange Fee. IHC expressly disclaims any obligation to replace its forward-looking statements except required by relevant regulation.
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