UnitedHealth to Insure the Right to Insurance

[RedEarth]

For these economically uncertain times, the UnitedHealth Group has a “first of its kind” product: the right to buy an individual health policy at some point in the future even if you become sick.

Called UnitedHealth Continuity, the product is not actual medical insurance, but is aimed at people who may have insurance now but are worried they may lose it — and may not be able to obtain replacement insurance on their own. They may expect to retire early, for example, before they qualify for Medicare. Or they are worried about the possibility of losing their job and their health coverage.

People who are already sick will generally not be eligible for the new product. Those who do pass a medical review, will pay 20 percent each month of the current premium on an individual policy to reserve the right to be insured under the plan at some point in the future.

“What this product is designed to do, for a very modest premium, is to essentially protect your insurability for the future,” said Richard A. Collins, the president of UnitedHealth’s individual insurance unit, who says he is the first policy holder. His monthly fee is $50.

http://www.nytimes.com/2008/12/03/business/03insure.html?_r=2&hp=&pagewanted=print

[valerief]

1. So they can collect a whole bunch of money and not provide coverage.

But they'll promise it. Hmm, sounds like most med insurance now!

(Only kidding. I get it.)

[Kceres]

2. So they are offering insurance for insurance? Only in Amercia.

GMAFB!

[bemildred]

3. Oh good, health care "derivatives".

I can hardly wait until we get a market in these things.