What you need to know about an insurer that’s offering ‘high-risk’ policies
A group of six insurance agencies is offering low-risk, high-reward policies to help people cover their medical expenses.”We’re trying to make sure people can stay in the market,” said Rob Bell, a spokesperson for Arrowhead Insurance Group.
“We don’t want to get them in trouble.”
The company has an insurance plan for families with young children, and a plan for older adults.
Those are available to people under age 26, but not everyone has a job.Under its new policies, Arrowhead offers a low-cost policy for people who are uninsured, meaning they don’t have a job, or are enrolled in Medicare.
It’s available to those with a medical condition, including diabetes and heart disease.The company says that it also offers policies for individuals who are in the workforce, but who don’t work full-time, or have limited income.
That’s important, as the company is trying to cut costs while still offering the highest rates in the industry.
“We are trying to ensure that we are going to be able to offer a reasonable amount of coverage to people who might be struggling to pay their bills,” Bell said.
The company is currently selling the policy at a rate of $1,836 a year.
For the family of a couple with two kids, that will cost $1.1 million.
“If you’re going to have a family of two, you’re looking at a total of $2,890, which is a little bit higher than a lot of other companies,” Bell explained.
“So we’ve got to keep up with the inflationary pressures.”
Arrowhead’s policy covers up to $7,500 for a medical issue.
For individuals with a disability, that’s $1 million for a family.
Bell said they are considering other benefits as well, including dental coverage and life insurance.
People who need to have insurance coverage in a state where the insurance rate is lower will still have to pay a premium, but the company doesn’t plan on raising the cost of coverage for everyone.
Bell said they’re offering the plan at a competitive rate because they’re trying not to push anyone into a higher rate.
“It’s not an incentive to just buy a policy,” he said.
“If you don’t need the coverage, we’re not going to give you it.””The premiums are going up because of inflation.”‘
I have to save up’As it stands, the company charges a $1 monthly premium, or $1 for the entire year, depending on how much of a condition you have.
“There are people who have to do a lot to make ends meet,” Bell told CBC News.
“I don’t know how to get to that point.
I just have to work hard and save up for that.””
We know that we’re in the best position we can be,” Bell added.
“There are other insurers that are offering more generous rates and we are.”
The cost of Arrowhead’s coverage is lower than most other insurers, and that’s why the company’s rate is higher than many other insurers.
Bell says Arrowhead is offering the policy in several states.
He said the company also offers plans in Quebec, the US and Canada.