Profile: Health Insurance Innovations Inc (HIIQ.OQ)
Health Insurance Innovations, Inc., incorporated on October 26, 2012, is a developer, distributor and virtual administrator of individual and family health insurance plans and supplemental products. The Company sells individual and family insurance plans (IFP) that include short-term medical (STM) insurance plans and hospital indemnity plans. The Company operates through Insurance Plan Development and Distribution (IPD) segment. The Company's products include STM, hospital indemnity plans and supplemental products. The Company's STM plans cover individuals for over 360 days with a range of co-pay and deductible options. Individual major medical (IMM) plans cover prescription drugs, pre-existing conditions and preventive care, while STM plans provide optional coverage for prescription drugs. Its hospital indemnity plans provide a daily cash benefit for hospital treatment and doctor office visits, as well as accidental injury and death or dismemberment benefits.
The Company's STM plans provide approximately six, 11 or 12 months of health insurance coverage with a range of deductible and copay levels. STM plans feature a streamlined underwriting process offering immediate coverage options. The Company also offers a range of additional insurance and non-insurance products, such as pharmacy benefit cards, dental plans, vision plans, cancer/critical illness plans, deductible and gap protection plans and life insurance policies that are frequently purchased as supplements to IFP. The Company designs and structures these products on behalf of insurance carriers and markets them to individuals through its internal and external distribution network. It manages member relations through its online member portal, which is available around the clock. Its online enrolment process allows it to aggregate and analyze consumer data and purchasing habits to track market trends and drive product innovation.
The Company's Web-based technology platform provides customers with access to the products the Company sells through its owned and third-party distribution channels. The health insurance products it develops are underwritten by insurance carriers, and it assumes no underwriting, insurance or reimbursement risk. Its technology platform uses abbreviated online applications, some with health questionnaires, to provide an immediate accept or reject decision for products it offers that are not guaranteed-issue. Once an application is accepted, individuals can use its automated payment system to complete the enrolment process and obtain instant electronic access to their policy fulfilment documents, including the insurance policy, benefits schedule and identification cards.
The Company receives credit card and automated clearing house (ACH) payments directly from members at the time of sale. The Company also provides consumers with access to health insurance information search and comparison technology through its Website, HealthPocket.com. This free Website allows consumers to compare and rank various health insurance plans available for an individual, family or small business.
Health Insurance Innovations Inc
15438 N Florida Ave Ste 201
TAMPA FL 33613-1223