SOURCE: AgileHealthInsurance

AgileHealthInsurance

May 11, 2016 09:36 ET

Term Health Insurance Shows Record Growth as Marketplace Evolves

AgileHealthInsurance.com Enrollment Increases Over 100 Percent During First Quarter

MOUNTAIN VIEW, CA--(Marketwired - May 11, 2016) - AgileHealthInsurance.com, the Internet's first website dedicated to helping consumers understand the value of term health insurance, announced today it topped 23,000 new policy sales in the first quarter of 2015. This figure breaks the startup's previous record of 11,000 policy sales for Q4 2015 and demonstrates the speed at which the market for affordable alternatives to Obamacare is growing. The figures include individual term health policies with one member, as well as family term health policies with multiple members.

There are several factors driving this growth, most importantly the rising costs of health insurance. A recent study by HealthPocket Inc. estimated that up to 33 million people nationwide are in the unsubsidized health insurance market, where they lack premium assistance from the government or employers. According to the Department of Health and Human Services, without subsidies, the average premium of a 2016 Obamacare plan purchased on HealthCare.gov was $396 a month per person. In comparison, the average monthly premium for a term health insurance plan selected on AgileHealthInsurance.com is less than $100 per person.

Additionally, term health insurance fills a critical need for consumers needing health insurance outside the open enrollment period. Without a qualifying life event, consumers will not be able to enroll in an Affordable Care Act (ACA) plan until the 2017 open enrollment period begins Nov. 1, and that coverage will not become active until Jan. 1 of the following year. Term health insurance, in contrast, has no enrollment period limitations and is an alternative for consumers seeking coverage before then.

"We launched AgileHealthInsurance one year ago, recognizing important gaps in ACA coverage options for many consumers," said Bruce Telkamp, CEO and co-founder of AgileHealthInsurance.com. "We were optimistic then, but the rapid adoption among consumers seeking affordable alternatives to the ACA online has well exceeded our expectations."

Term health insurance represents a distinct category of health insurance that is generally more affordable than Obamacare plans. Eligibility requirements and flexibility in benefits are major factors contributing to the cost savings realized by consumers. Unlike Obamacare plans, term health insurance applications are approved or rejected based on health status, including the nature of pre-existing conditions. Additionally, consumers may still be subject to the Obamacare Tax unless they qualify for one of several exemptions. However, the lower cost of term health insurance means that even for some consumers facing the tax penalty, the combination of penalty and premium is still less expensive than an unsubsidized Obamacare premium.

Consumers can compare term health plans from various insurers at AgileHealthInsurance.com, including HCC Life Insurance Co., Unified Life Insurance Co., Companion Life Insurance Co. and Standard Life. Agile customers can also enroll in Foundation dental and vision plans underwritten by Nationwide.®

To learn more about term health insurance, visit AgileHealthInsurance's Learning Center at www.AgileHealthInsurance.com.

AgileHealthInsurance is the Internet's first site dedicated to helping consumers understand the benefits of term health insurance. These plans are the culmination of extensive research on health insurance needs in the Affordable Care Act era. AgileHealthInsurance also provides best-of-class plan comparison and online enrollment tools to accompany these new plans from some of the nation's leading health insurance carriers, including HCC Life Insurance Co., Unified Life Insurance Co., Companion Life Insurance Co. and Standard Life, as well as Foundation dental and vision plans underwritten by Nationwide.® Additional information can be found at www.AgileHealthInsurance.com.

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