Wednesday, December 03, 2008

Continuing Continuous Continuity

Insurance for insurance: just what the economy and perverted health care system ordered:
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.
Who says these guys aren't thinking ahead?

Now, just so they don't think doctors aren't one up on the insurers, I'd like to introduce "Dr Wes's Continuous Continuity Continuation Insurance," guaranteed to be sure you can get other Continuity insurance from any and all other insurance vendors sure to hop on the insurance-on-insurance bandwagon. It is available for nominal premium of $1 a month, payable directly to my bank account and conveniently payable through PayPal. (Why should I be left out of the fun and games?)

These financial guys are something, aren't they? Its another product similar to the derivatives market for the housing industry, no?

Brilliant.

-Wes

2 comments:

Andrew Garland said...

Possibly, this is a way of offering catastrophic coverage while avoiding state laws mandating unwanted coverage for minor medical needs.

The client would pay $600 per year for the right to a future policy that covers everything, but he would only purchase the full policy if he had a major medical condition. Everything depends on the definition and limits on the policy he would have the option of purchasing.

DrWes said...

Andrew-

I like Dr Rich's take on this: it's nothing more than hedge insurance.