Q: Estimate of ‘junk’ health insurance market -- more than 1,200 plans covering almost 4 million peopleSource: Forbes.com
With names like “Mini-Meds,” “Discount Health Cards,” “Medical Discount Plans” and “Fixed Benefit Indemnity Plans,” they sort of sound like health insurance. In fact, that’s exactly how they were marketed and sold – often on late night television.
One such company called HealthcareOne LLC had a particularly effective TV ad that pushed “A Real Healthcare Plan Starting As Little As 25 Cents A Day.”
Operating primarily out of a suburb of Phoenix, it was estimated that HealthcareOne was taking in about $500,000 to $600,000 per month – before the FTC shut it down. The list of DBA’s was impressive: