Tuesday, August 03, 2010

AIM Health Plan - Busted!

AIM Health Plans, a "guaranteed issue", allegedly HIPAA approved creditable plan, is gone. Actually it was closed down a few months ago and the managers tried to resurrect it as "new and improved" but that didn't last long.

We ran into this offering several years ago and did a lot of exploration. I talked with the Georgia Dept. of Insurance and they had never heard of this plan. I sent them the limited material that was available at the time and they said it had never been filed in Georgia, and had it been, it would not have been approved.

AIM was supposedly the answer to high priced health insurance by offering a flat rate for everyone, regardless of age or health. Those who could not qualify medically for health insurance were given a free pass by AIM since there were no health questions and everyone was approved.

As if this wasn't enough, the managers of this offering claimed the plan was "HIPAA approved" and would be creditable coverage you could use to transition back on to an employer group health insurance plan.

Sounds too good to be true, and there is a reason.

It was too good to be true.

We never offered the plan but I knew several agents that were heavily promoting it right up to the very end. Now the Florida Dept. of Insurance has finally gotten around to issuing a cease & desist notice.

The DFS has received complaints from over 96 consumers involving 49 agents soliciting health benefits through different unauthorized entities. Most notably, AIM recently marketed "AIM Health Plans."

Insurance Resource Group (IRG) is another name associated with AIM Health Plans. Some of the individuals involved with the sale of AIM plans have also participated in the unauthorized sale of health insurance products with other companies including Serve America Assurance and Real Benefits Association.

Other unauthorized plans marketed by AIM are known to include—but are not limited to:

AIM Health Solutions

AIM Guaranteed Health Insurance

"CEO Club Benefits"

"CEO Health Club Benefits"

"Chief Executive Officers Club"

"CEO Health Select"

AIM is also known to associate with the names of:

National Association of Business Leaders (NABL)

Worldwide Family Benefit Association

Insurance Resource Group (IRG)

Integrated Insurance Marketing (IIM)

Phoenix Insurance / Star, U.K. / Star Group, U.K.

Viking Administrators

Commerce Benefits Group Agency

No entity under these names is currently authorized by the OIR to transact health insurance business in Florida.

While this order applies to plans under Florida governance, if residents of Georgia or other states have one of these plans you might want to contact your state insurance department.

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