Golden Rule...American Community Mutual...Yada Yada Yada...

Important Notice Regarding American Community Business and Golden Rule

June 15, 2010

On April 8, 2010, the Michigan Office of Insurance Regulation's ("OFIR") Commissioner Ken Ross obtained an order from a Michigan Circuit Court placing American Community Mutual Insurance Company ("American Community") into rehabilitation and naming Ross as the company's rehabilitator.

Last Wednesday, the court approved a Transition Plan Agreement submitted by the OFIR which provides 42,000 of American Community's insured individuals in 15 states the option to transfer their coverage to UnitedHealthcare's Golden Rule Insurance Company ("Golden Rule") on a guaranteed basis and without any lapses in coverage. The OFIR's press release indicated this will help American Community's customers remain continually insured by giving them access to quality and affordable health-care coverage from Golden Rule, a well respected and financially sound insurer.

Starting in July, Golden Rule will be mailing letters to the eligible American Community customers with the details of the offer which will include:




The option to purchase a guaranteed-issue plan with no waiting periods or preexisting condition exclusions or limitations at standard new business rates.
If they previously had a copay plan, they will be offered Golden Rule's Copay SelectSM; and
If they had a high deductible health plan with a health savings account they will be offered Golden Rule's HSA 100SM.
The option to purchase an underwritten plan for those seeking benefits different from the guaranteed-issue offering.
Pursuing this option will not affect their rights to the guaranteed-issue plan, so long as they act within 30 days of Golden Rule's underwriting decision.
Each option includes access to the expansive UnitedHealthcare Choice Plus network of hospitals and doctors.
For those who take advantage of the guaranteed issue offer, their new coverage with Golden Rule will take effect on August 15, 2010.
Golden Rule is pleased to work with the OFIR to help American Community customers and looks forward to helping thousands of Americans who could have been left without health insurance protection.
 
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Golden Rule will begin offering GI and underwritten plans to ACM policyholders in July (effective in August).

I'm sure you will be hearing more on this...perhaps today if you received my email.

Received the same email


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It'll be interesting to see the pricing differential between the GI and the underwritten.
 
"The option to purchase a guaranteed-issue plan with no waiting periods or preexisting condition exclusions or limitations at standard new business rates."
 
There's a disparity there.

That's because in order to continue to build market share, and curry favor with the regulators, they are taking on a small amount of policies from a tiny carrier.

You really think going forward, they can take on mighty sick folk on GI/no pre-x for the standard rate?

Not likely.
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I wonder if the original agent will be kept in the fold on this transaction?

Like they care?
 
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