IHC Group Short Term Health Insurance Overview

Independence Holding Company (IHC) offers short term health plans that are designed to bridge the gap between major medical policies. The plans are designed for times between jobs, when you graduate from college and don’t have a parent’s plan to fall back on, or when you’ve missed the open enrollment period for healthcare but need some protection in place while you wait for the next signup period.

HealthNetwork’s Review and Ratings of Short Term Plans Offered by IHC Group:

42State OfferingsNumber of States

BMarketing ScoreA – F Grade

ExcellentPlan ValuePoor, Good, Excellent

5.3Trust ScoreOut of 10

State Offerings

The IHC Group offers short term coverage in 42 states, including California. It is the only carrier to offer short term coverage in the State of California.

There are five states that prohibit any carrier from offering a short term plan in the state. Those states are: Massachusetts, New Jersey, New York, Rhode Island and Vermont.

Marketing Score

The IHC Group received an B on HealthNetwork’s Rating and Reviews’ Marketing Score Category, which means that consumers should not feel too frustrated by the application process if they work directly with IHC to get enrolled in a plan.

Additionally, IHC is very transparent about the additional fees it charges consumers who enroll in one of their plans. IHC’s website www.healthedeals.com discloses the $15.00 recurring fee before the consumer started the application for a product and disclosed the one-time fee of $25.00 on the plan listing page.

Plan Value

IHC short term plans are considered an Excellent Value on the Plan Value Category, which means that consumers should feel like they are receiving a good deal for their money.

IHC offers plans that limit the consumer’s out-of-pocket costs to $1,000 per term, which means that after the consumer pays their deductible for the term, they will not have to pay more than $1,000 before the plan will pick up 100% of the medical bills.

Regarding deductibles, IHC also offers four different amounts under $10,000 so individuals and families can decide what kind of risk they want to take on. Another perk to IHC short term plans is that they will cover up to $2,000,000 in medical bills, which means that if something catastrophic happens while you’re insured by one of The IHC Group’s short term plans and you incur medical bills that surpass a $1 million, you do not have to fear being stuck paying those bills out-of-pocket.

Trust Score

The IHC Group received 5.3 out of 10 on HealthNetwork’s Review and Ratings’ Trust Score Category. Although the IHC Group is a publicly traded entity, information available to the public reveals that they only employ a few hundred people and is a relatively small carrier amongst its competition in the space. Dealing with a carrier that is relatively smaller may not matter to some consumers and may matter a great deal to others, so it’s important to consider all of the information when making a decision on a particular carrier.

About IHC Group

Incorporated in 1980, IHC Group is primarily a holding agency that offers life and health insurance products. Their home office is located in Stamford, Connecticut. Several members of senior management have been with IHC from the beginning. The company focuses on specialized disability and health coverage to commercial customers as well as individuals. Subsidiaries of IHC Holdings include Standard Security Life Insurance Company of New York, IHC Specialty Benefits, Healthinsurance.org, PetPartners, IHC Carrier Solutions, Cook & Company Insurance Services, Madison National Life Insurance Company, and Independence American Insurance. The Top 2 underwriter of short term medical, IHC Group has a market cap over $400 million with a book value of $28.19 per share.

Short Term Health Plans

IHC Group offers short term medical plans designed to offer a temporary solution during short periods when you’re uninsured. Before 2016, IHC Group short term plans could last up to 364 days in some states, although most states allowed coverage for 30 days to three months. Current rules limit short term policies to three months, which could change again under the Trump administration.

Plans may cover hospital stays, emergency room services, ambulance rides, diagnostic tests and doctor visits, among other things. Unique among temporary health plans, some plans offered by IHC Group cover preexisting conditions, even though they are not required to do so under the law. Some types of coverage are not available with any IHC short term policy. These include:

  • Pregnancy
  • Injuries sustained from ATVs, including dirt bikes, snowmobiles and go-carts
  • Injuries incurred during dangerous or extreme activities, such as snowboarding
  • Motorcycle, aircraft or boat racing injuries
  • Injuries that you get from sport-related activities
  • Tobacco, drug and alcohol treatments

As with any short term policy, all claims are subject to insurer discretion, meaning IHC would have the final say over whether your injuries or medical claims were covered by the plan. Only expenses that are incurred after the policy takes effect and before the policy expires are covered.

Short term plans are priced considerably less than ACA-compliant plans because these policies don’t cover as much as major medical does. The average ACA plan costs $393 a month for individuals. Families pay around $1,021 a month. The average individual short-term plan costs $109 a month, $284 less than the ACA plan. Families also save on premium costs with temporary health plans, averaging a savings of over $750 a month vs. an ACA plan.

IHC Group Short Term Plans:
1

IHC Group offers three short term health plan options, each with its own set of deductibles, cost-sharing amounts (copays and/or coinsurance depending on policy), out-of-pocket maximums and coverage. All plans are available in terms ranging from 30 to 90 days.

$1K - $10K

Deductible Options

$750K - $2M

Lifetime Benefits Cap

Value Short-Term

20%

Coinsurance

  • $1k - $5k Deductible
  • $50 Copay Doctor Visits
  • $750,000 Benefits Cap

Young, healthy adults who are trying to find low-cost plans may benefit from the Value plan offered by IHC Group. With this plan, you'll find deductibles ranging from $1,000 to $5,000 with a $50 copay requirement for regular doctor's office visits. Benefits cap at $750,000 per coverage period. The Value plan does not cover pre-existing conditions.

Basic Short-Term

20%

Coinsurance

  • $1k - $5k Deductible
  • $50 Copay Doctor Visits
  • $2,000,000 Benefits Cap

Similar to the Value plan, IHC Group's Basic plan does not cover pre-existing conditions, and there's a $50 copay when you visit a doctor's office. Deductibles range from $1,000 to $5,000. The difference between this and the lower-tiered plan is that the Basic plan includes coverage for up to $2 million per coverage period (vs. $750,000 with Value). This plan is better suited for young, healthy adults who want added protection against medical expenses.

Plus Short-Term

20%

Coinsurance

  • $2k - $10k Deductible
  • $50 Copay Doctor Visits
  • $2,000,000 Benefits Cap

Short term policies typically don't cover pre-existing conditions at all, and they're usually strict about what counts as "pre-existing". With the Plus plan from IHC Group, you may have some protection when it comes to pre-existing conditions because this plan covers them (with exceptions) up to $25,000. There's a $50 copay for doctor’s office visits, and deductibles range from $2,000 to $10,000. As with the Basic plan, the cap on payouts is $2 million per coverage period for the Plus plan.

Along with its short term health insurance offerings, IHC Group also offers a number of supplemental health benefits – including prescription discount cards, dental and vision coverage, and accident insurance, among other products – to help you build a customized benefits package. If you need medical insurance but don't want or can't afford the premiums of comprehensive Obamacare plans, consider short-term as an alternative solution.