Humana Inc. (NYSE:HUM) is expanding the market area for a new product that can help individuals and families bridge coverage gaps.
Humana, Louisville, Ky., has started selling the HumanaOne Short Term Medical product in Illinois, Iowa, Missouri, Georgia and Kansas.
The product is now available in a total of 20 states.
Coverage can take effect the day after an applicant is approved, and coverage terms can range from 30 days to 6 months, or, in some cases, up to a year. The deductible can be $500 or $5,000 for individuals, or $1,000 or $10,000 for families.
Humana offers a 20% discount to customers who pay for the coverage up front, and customers can pay with a credit card as well as with monthly checks or with electronic funds transfers, the company says.
The plans have a $2 million maximum benefit. They do not cover preexisting conditions.
Humana is selling the product through insurance producers and directly to consumers.
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