HealthMarkets
Encyclopedia
HealthMarkets, Inc is a company, formerly known as UICI and headquartered in North Richland Hills, Texas, that provides health and life insurance products to individuals, families, the self-employed and small businesses.
HealthMarkets offers products and services through its subsidiaries, The Chesapeake Life Insurance Company, Mid-West National Life Insurance Company of Tennessee, The MEGA Life and Health Insurance Company, and has historically maintained close financial ties to the National Association for the Self-Employed (NASE) and The Alliance for Affordable Services (AAS), the latter two through which they also broker insurance via these aforementioned insurance companies, a practice which has resulted in regulatory investigation and a 5-year ban in the state of Massachusetts.
The company, rated #826 by Fortune (2006), is owned by a group of private equity investors, including affiliates of The Blackstone Group, Goldman Sachs Capital Partners
and DLJ Merchant Banking Partners
, members of management and the Company’s independent, licensed agents through the Company’s agent stock accumulation plans. HealthMarkets won the Stevie Award
for Insurance Sales Organization of the Year and was recognized in six other categories in the 2007 Selling Power Sales Excellence Award. HealthMarkets was also listed #189 by Forbes
(2007) in their annual list of "America's Largest Private Companies" The company currently sells a scheduled benefit and PPO plan that is tailored to each individual, as opposed to the "Basic Hospital Medical Surgical plan" which it previously sold.
The company has been the subject of legal disputes and regulatory fines regarding their illegal practices - including fraud, deceptive advertising, predatory sales practices, failing to provide health benefits required under state law, disclosing consumers’ personal information to third parties, illegally requiring individuals and small businesses to join associations to gain access to health plans, and bad faith denial of claims - which have resulted in $20 million in fines from insurance regulators in 29 states.
Mid-West National Life Insurance Company of Tennessee
The MEGA Life and Health Insurance Company
Alliance for Affordable Services / affordableservices.com
HealthMarkets offers products and services through its subsidiaries, The Chesapeake Life Insurance Company, Mid-West National Life Insurance Company of Tennessee, The MEGA Life and Health Insurance Company, and has historically maintained close financial ties to the National Association for the Self-Employed (NASE) and The Alliance for Affordable Services (AAS), the latter two through which they also broker insurance via these aforementioned insurance companies, a practice which has resulted in regulatory investigation and a 5-year ban in the state of Massachusetts.
The company, rated #826 by Fortune (2006), is owned by a group of private equity investors, including affiliates of The Blackstone Group, Goldman Sachs Capital Partners
Goldman Sachs Capital Partners
Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally....
and DLJ Merchant Banking Partners
DLJ Merchant Banking Partners
DLJ Merchant Banking Partners is a private equity investment firm focused on leveraged buyout transactions. The firm is currently an affiliate of Credit Suisse and traces its roots to Donaldson, Lufkin & Jenrette, the investment bank acquired by Credit Suisse First Boston in 2000...
, members of management and the Company’s independent, licensed agents through the Company’s agent stock accumulation plans. HealthMarkets won the Stevie Award
Stevie Awards
The Stevie Awards were created in 2002 to honor and generate public recognition of the efforts, accomplishments, and positive contributions of companies and business people worldwide...
for Insurance Sales Organization of the Year and was recognized in six other categories in the 2007 Selling Power Sales Excellence Award. HealthMarkets was also listed #189 by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
(2007) in their annual list of "America's Largest Private Companies" The company currently sells a scheduled benefit and PPO plan that is tailored to each individual, as opposed to the "Basic Hospital Medical Surgical plan" which it previously sold.
The company has been the subject of legal disputes and regulatory fines regarding their illegal practices - including fraud, deceptive advertising, predatory sales practices, failing to provide health benefits required under state law, disclosing consumers’ personal information to third parties, illegally requiring individuals and small businesses to join associations to gain access to health plans, and bad faith denial of claims - which have resulted in $20 million in fines from insurance regulators in 29 states.
HealthMarkets Subsidiaries
The Chesapeake Life Insurance CompanyMid-West National Life Insurance Company of Tennessee
The MEGA Life and Health Insurance Company
Alliance for Affordable Services / affordableservices.com