IAIC Takes Action Regarding COVID-19 and its Short-Term Medical Plans

Thursday, March 12, 2020 Tropical Disease News
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Independence American Insurance Company (IAIC) announced today that in an effort to provide protection and peace of mind to its insureds during the COVID-19 outbreak will, effective immediately, waive certain cost sharing provisions on its Short-Term Medical plans (STM) in order to remove financial barriers to COVID-19 testing.

NEW YORK, March 11, 2020 /PRNewswire-PRWeb/ -- Independence American Insurance Company (IAIC) announced today that in an effort to provide protection and peace of mind to its insureds during the COVID-19 outbreak will, effective immediately, waive certain cost sharing provisions on its Short-Term Medical plans (STM) in order to remove financial barriers to COVID-19 testing.

As a part of its efforts, IAIC will

  • Waive all insured cost sharing, including deductibles, copays and coinsurance, for:
o    The COVID-19 diagnostic test; and o    COVID-19 diagnostic related services, including the related office, emergency or urgent care visit.

  • Waive any preauthorization requirements related to COVID-19 testing.
David Kettig, the President of IAIC, stated, "STM is a potential solution for many people who cannot purchase insurance through the Affordable Care Act market. Right now, if someone is uninsured and doesn't have a Special Enrollment Period, STM may be their only option for coverage at a time when health insurance is more important than ever."

This will apply to all IAIC STM Plans for any covered testing performed on or after March 11, 2020 through April 30, 2020. IAIC will continue to evaluate other ways in which to assist its insureds during this emergent situation.

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About Independence American Insurance Company Independence American Insurance Company is domiciled in Delaware and licensed to write property and/or casualty insurance in all 50 states and the District of Columbia. Its products include short-term medical, hospital indemnity, fixed indemnity limited benefit, group and individual dental, and pet insurance. Independence American is rated A-(Excellent) for financial strength by A.M. Best, a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations (an A++ rating from A.M. Best is its highest rating).

About The IHC Group Independence Holding Company (NYSE:IHC), formed in 1980, 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 (Independence Holding Company and its subsidiaries collectively referred to as "The IHC Group"). The IHC Group consists of three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company), PetPartners Inc., our pet insurance administrator, IHC Specialty Benefits, Inc., a technology-driven full-service marketing and distribution company that focuses on small employer and individual consumer products through its call center, IHC Specialty Benefit Advisors, general agents, independent agents, private label arrangements, and INSX Cloud, our wholly owned Web Based Entity. IHC also owns the following domains http://www.healthedeals.com; http://www.my1hr.com; http://www.healthinsurance.org; http://www.medicalresources.org; and http://www.petplace.com.

 

SOURCE The IHC Group



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