Assurant Pennsylvania health insurance plans are provided through the parent company, Time Insurance. Time is a reliable and established company and recently, their HSA rates have become very competitive. Their “short-term” plans offer reasonable premiums in many parts of the state.
These plans also offer many coinsurance and deductible options, which is a feature many other carriers don’t offer. Other popular Pa temporary plans include policies from UnitedHealthcare and the Blue Cross companies. Celtic, a smaller company, no longer offers these policies so we typically do not recommend them.
Assurant Pricing
An important consideration is, of course, their rates. In most areas, their comprehensive plans cost more than other carriers such as Keystone, Geisinger, UPMC, Highmark and Aetna. However, they are one of the few companies to offer “child only” plans. That is, if you want to cover a dependent (without the parents), unless he/she is age 19 or older, there are very few options.
Assurant’s “short term” plan will cover your child at a very low premium. You can apply and get approval for a plan within 24 hours. However, if an adult is added to the policy, then most other carriers have affordable plans you can apply for. Also, benefits are likely to be much broader, with lower out-of-pocket costs.
HSAs
Health Savings Account rates, as previously mentioned, are now “in the ballpark” in most counties and sometimes the lowest premium offered. For example, in the 18091 zip code, a healthy 50 year-old male will pay approximately $192 per month for a $5,000 deductible with no coinsurance. Although prices from competitors may be lower, the difference is nominal. Separate deductibles may apply if there is more than one person in the household.
The 0% coinsurance decreases out-of-pocket costs. This compares favorably with United Healthcare’s rate of more than $300 and Aetna’s rate of $154. HealthAmerica and Blue Cross also have very attractive offers. You can also purchase the same contract as a non-HSA plan. The “One-Deductible” option gives you that choice.
Assurant also offers additional plans at reduced rates, including the “CoreMed” plan. Coverages are diminished and similar plans are also available from most of Pennsylvania’s other companies. In some instances, however, the CoreMed policy will meet your needs and offer a premium that is within your budget. The $7,500 and $5,000 deductibles seems to be two of the best options. There are a wide range of changes and tweaks that allow you to customize your benefits.
When comparing the top-rated policies, we always research all of the major companies. In many situations, Assurant’s prices and coverages are not as competitive as other Pa carriers. When/if this changes, we will include their most affordable options in recommendations. In 2012, their rates became more attractive and we expect the same to continue in 2013 and 2014.
UPDATES:
July 2011- Assurant, while still not a major player in the state, does have fairly low rates in selected pockets of the state. I actually anticipate the number of pockets to slowly increase so we’ll make sure we provide those situations to you. When (and if) the Pennsylvania Health Exchange becomes a reality in 2014, it will be interesting to see what Assurant’s role will be.
February 2012- No major changes in rates to report. The State Exchange may or may not become a reality. A Supreme Court ruling in a few months on parts of the health care reform legislation could help define their role.
July 2012- Premiums have reduced on the CoreMed and HSA plans. And, of course, the Supreme Court has upheld the legality of Obamacare. Not much will change in the next 18 months, but in 2014, Exchanges may be utilized to purchase plans. Our website will work with the Exchanges to continue to help you compare and apply for the most reasonably-priced plans.
October 2012- The “One-Deductible” contract is very competitively-priced.
June 2013- The State Health Insurance Exchange (also called a “Marketplace”) will begin Open Enrollment in October. Our website will continue to offer the lowest rates and best method to directly apply for coverage. We assume they will be one of the carriers that will be offering policies to consumers. Prices will be published within the next few months.
August 2015 – Assurant is terminating its health insurance business in Pennsylvania and the entire US within the next 18 months. Prices for its individual plans have typically been very high and uncompetitive, and the number of submitted policies has substantially reduced compared to levels 10 years ago.
Losses over the next 12-18 months are expected to be approximately a quarter of a billion dollars. The Employee-Benefits division, however, has been profitable and may be able to find a suitable buyer. The small-group market has been one of the strongest parts of the company. However, fines and legal judgements have hurt Assurant’s profitability in recent years.
