Ford Motor Company announced that it will offer short term medical insurance as part of a buyout retirement offer for almost all of its 41,000 hourly workers. The offer is intended to reduce the firm's factory work force. The New York Times reports that in the past Ford kept laid-off workers in a job bank rather than remove them from the payroll. This year, however, Ford is actively reducing its work force in anticipation of lower demand for cars in the future.
The short term medical insurance plan is a six month basic health insurance policy but the details of the coverage are not provided. Ford has not announced how many workers are expected to elect the buyout offer.
Considering the larger regional trend of employers hiring temporary workers and the shift toward individual health insurance (as opposed to employer-sponsored group insurance), some of these workers in the Detroit area are likely to consider alternate affordable health insurance options for the long term before deciding whether to accept the buyout package. Those who do not qualify for lower cost options could face higher health insurance costs through their state's high risk Blue Cross insurance pool.
HCC announces affiliation with Travel Insured International
In a press release dated 10/30/09, HCC Medical Insurance Services, LLC announced its new alliance with Travel Insured International. HCC Medical Insurance Services LLC is a leader in online health insurance products for international travelers and expatriates. Travel Insured International is a provider of travel insurance services such as trip cancellation, trip interruption and travel assistance services.
HCC Medical Insurance Services President Mark Carney is quoted saying “We are very excited to announce our affiliation with Travel Insured International. In spite of the economic downturn, the international traveler and expatriate’s need for health insurance products continue to grow”.
Travel Insured International’s product portfolio will now include eight additional health insurance products that are already also available online at Freedom Benefits:
Atlas Travel Series – a short-term health policy for individuals traveling outside their home country
CitizenSecure(SM) – annually renewable major medical insurance with a term-life insurance option for individuals and families
StudentSecure(SM) – health coverage for international students and scholars studying abroad
IC+ International Term Life – term life insurance policy for individuals living outside the U.S. for up to 10 years
Other products offered by HCC Medical Insurance Services include: Atlas Group, Atlas Professional, CitizenSecureSM Economy, GroupSecureSM.
About Travel Insured International
Travel Insured International, based in East Hartford, CT, was founded in 1993 by the foresight of insurance industry executive Peter Gehris when he acquired the travel protection division of the Travelers Insurance Company. Travel Insured International delivers strong, affordable benefits in the customer’s choice of a broad range of travel plans, as well as group and customized protection programs. Travel Insured International has established and driven higher standards for policy quality and customer care.
About HCC Medical Insurance Services
The international products are administered by Indianapolis-based HCC Medical Insurance Services, LLC (HCCMIS), a recognized leader in international life and health insurance offering coverage to consumers in more than 130 countries. Through its staff and a worldwide network of distributors, HCCMIS provides quality and value to clients. The company is available 24 hours a day, 7 days a week to serve its clients worldwide. HCCMIS is a subsidiary of HCC Insurance Holdings, Inc. (NYSE: HCC), a leading international specialty insurance group headquartered in Houston, Texas. HCC has assets of $8.9 billion, shareholders’ equity of $2.8 billion and is rated AA (Very Strong) by Standard & Poor’s and AA (Very Strong) by Fitch Ratings. In addition, HCC’s major domestic insurance companies are rated A+ (Superior) by A.M. Best Company.
HCC Medical Insurance Services President Mark Carney is quoted saying “We are very excited to announce our affiliation with Travel Insured International. In spite of the economic downturn, the international traveler and expatriate’s need for health insurance products continue to grow”.
Travel Insured International’s product portfolio will now include eight additional health insurance products that are already also available online at Freedom Benefits:
Atlas Travel Series – a short-term health policy for individuals traveling outside their home country
CitizenSecure(SM) – annually renewable major medical insurance with a term-life insurance option for individuals and families
StudentSecure(SM) – health coverage for international students and scholars studying abroad
IC+ International Term Life – term life insurance policy for individuals living outside the U.S. for up to 10 years
Other products offered by HCC Medical Insurance Services include: Atlas Group, Atlas Professional, CitizenSecureSM Economy, GroupSecureSM.
About Travel Insured International
Travel Insured International, based in East Hartford, CT, was founded in 1993 by the foresight of insurance industry executive Peter Gehris when he acquired the travel protection division of the Travelers Insurance Company. Travel Insured International delivers strong, affordable benefits in the customer’s choice of a broad range of travel plans, as well as group and customized protection programs. Travel Insured International has established and driven higher standards for policy quality and customer care.
About HCC Medical Insurance Services
The international products are administered by Indianapolis-based HCC Medical Insurance Services, LLC (HCCMIS), a recognized leader in international life and health insurance offering coverage to consumers in more than 130 countries. Through its staff and a worldwide network of distributors, HCCMIS provides quality and value to clients. The company is available 24 hours a day, 7 days a week to serve its clients worldwide. HCCMIS is a subsidiary of HCC Insurance Holdings, Inc. (NYSE: HCC), a leading international specialty insurance group headquartered in Houston, Texas. HCC has assets of $8.9 billion, shareholders’ equity of $2.8 billion and is rated AA (Very Strong) by Standard & Poor’s and AA (Very Strong) by Fitch Ratings. In addition, HCC’s major domestic insurance companies are rated A+ (Superior) by A.M. Best Company.
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