HumanaOne is introducing new Short Term Medical health insurance to help unemployed people fill the gap until they find another job.
The Short Term Medical health insurance is initially being rolled out in Wisconsin, Alabama, Arizona, Colorado, Louisiana, Michigan, Nebraska and Ohio. Plan design varies somewhat by state.
The product is designed for the unemployed; students who are about to graduate; people who are between jobs; part-time, temporary or seasonal employees; recent retirees waiting for Medicare; and new employees waiting for benefits.
"It can be very tempting to forgo insurance when you're between jobs or waiting for your benefits to kick in, particularly when you're young and healthy," said Steven DeRaleau, chief operating officer of Louisville, Ky.-based HumanaOne. "But that's a gamble you could lose, leaving you saddled with medical debt for the next decade or longer."
Applicants can choose the length of their policy (from 30 days up to one year), the deductible ($500 to $5,000 for individuals or $1,000 to $10,000 for families) and the payment method. A discount of up to 20 percent is offered to those who pay the full amount up front.
The plans have a $2 million maximum benefit and include prescription drug coverage. They do not cover preexisting conditions.
"These plans are meant primarily as a bridge to protect people against sudden illness or accident until they can get to another plan," DeRaleau said.
HumanaOne launches new insurance line for unemployed
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