Health Insurance Innovations Partners With HCC Life Insurance Company to Expand Short-Term Medical Portfolio
TAMPA, Fla., July 3, 2013 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. ("HII") (Nasdaq: HIIQ), an industry leader in the sale of Short-Term Medical (STM) plans, announces the launch of HealtheMed STM through its partnership with HCC Life Insurance Company (NYSE: HCC), a leading provider of medical stop loss, group term and short term medical insurance.
The newest addition to HII's short-term options, HealtheMed STM, offers customizable, affordable, high-quality short-term, limited-duration insurance to fill gaps in coverage. HealtheMed STM is ideal for individuals between jobs, new hires, early retirees, recently naturalized citizens, and recent college graduates. Consumers may purchase a HealtheMed STM plan for up to six or eleven months, depending on location. This robust addition to HII's suite of STM products debuts at the perfect time, as the market for affordable health insurance appears poised for rapid growth.
"HII's new short-term medical plan with HCC is being launched in 45 states and will enhance our national presence by providing a competitive product that meets the needs of today's consumers," said Mike Kosloske, President & CEO of Health Insurance Innovations. "ACA implementation in 2014 and beyond is expected to be the largest increase of entrants to the US individual health marketplace. HII's commitment to making short-term medical available to and affordable for every American who needs coverage, and HCC Life's track-record of underwriting highly-successful niche insurance products, creates a strong and long-lasting partnership that will benefit the U.S. consumer."
About HCC Life Insurance Company
HCC Life Insurance Company (HCC Life) is an Indiana-domiciled life insurance company with an extensive product portfolio including medical stop loss, group term and short term medical insurance. HCC Life's short-term medical insurance is backed by the financial stability of its parent company, HCC Insurance Holdings, Inc. (NYSE: HCC). HCC Life has consistently held an A+ (Superior) rating for financial strength by A.M. Best Company as well as AA (Very Strong) ratings by Standard & Poor's and Fitch Ratings.
About Health Insurance Innovations, Inc.
Headquartered in Tampa, Fla., Health Insurance Innovations, Inc., (HII) (Nasdaq: HIIQ) creates customizable and affordable, high-quality health insurance products and supplemental services through partnerships with best-in-class carriers. We are an industry leader in the sale of 12-month short-term medical insurance plans, which provide an economical alternative to Individual Major Medical plans. HII pioneered and engineered its next-generation, cloud-based technology platform to provide licensed agents, brokers, and call centers with real-time health insurance solutions, allowing them to tailor plans to fit consumers' budgets and needs.
Additional information about HII can be found at www.hiiquote.com. The reference to our website is not intended to incorporate our website into this press release.
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for our products, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition, changes and developments in the United States health insurance system and laws, the ability to maintain and enhance our name recognition and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in HII's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as other documents that may be filed by HII from time to time with the Securities and Exchange Commission.
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