Blog | Wednesday, December 3, 2008

Insurance insurance (no, that's not a typo)

Worried that the recession might lead you to lose your job and therefore your health insurance? Relax. UnitedHealth is here to ease your mind with a new policy that will ensure your right to buy insurance in the future if you get sick, the New York Times reports.

Got that? They're not selling you insurance. They are selling you, a healthy person, the opportunity to buy insurance later, should hard times befall you and you get laid off, then stricken with illness. All for the low-low monthly cost of 20% of an individual policy premium. That's $50 a month for Richard A. Collins, the president of UnitedHealth's individual insurance unit.

Mr. Collins calls the policy a "hedge." (You know, sort of like credit default swaps.) It's a huge vote of confidence for heath insurance reform, no?