Humana is continuing what it started in 2007.
The Kentucky-based carrier has added new individual health insurance plans under its HumanaOne(r) brand in nine states: Alabama, Arkansas, Iowa, Indiana, Mississippi, Nebraska, Oklahoma, South Carolina, and Utah. Last year, Humana introduced the individual health insurance coverage options in 15 other states, where they have enjoyed a good reception from consumers, the carrier reported.
The HumanaOne portfolio gives individuals, families, and businesses the ability to select a plan according to their own preferences, lifestyles, and budgets. They are designed for the self-employed, small-business employees, part-time workers, students, and early retirees. And, to make it easy for these varied groups of consumers to start the process of applying for coverage, Humana markets these plans directly to consumers through the Web or by phone, as well as through insurance agents and brokers.
HumanaOne plans include a wide range of benefits, with three in-network coinsurance levels and 17 annual deductible choices. Deductibles range from $1,000 to $7,500 for single coverage, and from $2,000 to $15,000 for family coverage. Premiums start at $30 per month for single coverage and increase according to the plan, its features, and level of benefits.
Consumers can shop for a plan by looking in one of three categories tailored for their needs:
- People who are security-minded and want benefits like those provided by big employers.
- People who want flexibility to fit their financial plan, including HSA-qualified offerings.
- People who want a low-cost plan with a safety net "just in case."
Furthermore, consumers can customize the plan of their choice with optional benefits, such as dental insurance, life insurance, and supplemental accident coverage.
Jerry Ganoni, president of HumanaOne, Humana Small Business, and HumanaDental, said that the carrier rolled out HumanaOne plans with the understanding that individual health insurance plans cannot be one-size-fits-all.
"That's why we created three separate families of plans, each tailored for a particular kind of consumer, but at the same time highly customizable," Ganoni said. "This represents the most significant product expansion for HumanaOne since its inception in 2002."
The U.S. market for individual health plans is at 18 million, and Steve DeRaleau, chief operating officer of HumanaOne, said his company believes this market will grow at a rate of five to eight percent annually over the next five years.
"As more people leave group health plans, retire early, become self-employed or work part-time, they will increasingly look to individual health plans, and HumanaOne will be there to serve them with a plan ideally suited to their distinct needs," DeRaleau said.
Last year, Humana launched HumanaOne plans in Arizona, Colorado, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Michigan, Missouri, North Carolina, Ohio, Tennessee, Texas and Wisconsin. The company plans to introduce the new product portfolio in the other two states-Nevada and Virginia- where HumanaOne operates.
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