Health Insurance Innovations Strengthens Product Portfolio With Addition of ‘Principle Advantage’ to Address Specialty Insurance Markets

TAMPA, Fla., Aug. 22, 2013 (GLOBE NEWSWIRE) -- Health Insurance Innovations, Inc. ("HII"), (Nasdaq:HIIQ), an industry leader in the sale of Short-Term Medical ("STM") plans, today announced the launch of Principle Advantage Limited Benefit Health Insurance with Companion Life Insurance Co., a specialist in the employee benefit market for over 40 years.

Principle Advantage is an impactful new addition to Health Insurance Innovations' Limited Benefit selections, designed for individuals looking for affordable, fixed-benefit coverage to assist with out-of-pocket medical expenses. Principle Advantage offers consumers the option of selecting one of four benefit levels to pay set amounts for doctor visits, surgery, lab work, anesthesia, ambulance, and hospital charges. Eligible insureds are able to remain on the policy until age 65, with benefits renewing per policy year.

"Today's debut of Principle Advantage, a dynamic, guaranteed-issue Limited Benefit plan, expands, enhances, and promotes Health Insurance Innovations' growing product portfolio to a broad and rapidly-developing market," said Mike Kosloske, President & CEO of Health Insurance Innovations. "Principle Advantage helps people pay for the medical services they need when they cannot afford or qualify for individual major medical insurance. Plus, the product is backed by Companion, a trusted partner and 'A+' rated insurance carrier."

About Companion Life

Headquartered in Columbia, S.C., Companion Life Insurance Co. has specialized in employee benefits since 1971. The company markets life, dental, disability, accident, and specialty health insurance products through a network of independent agents and brokers, general agents and managing general underwriters. Companion Life markets its products and services in 46 states and the District of Columbia. The company holds an A+ (Superior) rating from A.M. Best Company.

About Health Insurance Innovations, Inc.

Headquartered in Tampa, Florida, Health Insurance Innovations, Inc. creates customizable and affordable, high-quality health insurance products and supplemental services through partnerships with best-in-class carriers. We are an industry leader in the sale of 12-month short-term medical insurance plans, which provide an economical alternative to Individual Major Medical plans. HII pioneered and engineered its next-generation, cloud-based technology platform to provide licensed agents, brokers, and call centers with real-time health insurance solutions, allowing them to tailor plans to fit consumers' budgets and needs. 

Additional information about HII can be found at www.hiiquote.com. The reference to our website is not intended to incorporate our website into this press release.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include without limitation, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors and the risk of customer attrition; our ability to retain our members, the demand for our products, the amount of commissions paid to us or changes in health insurance plan pricing practices, competition and our ability to compete successfully; changes and developments in the United States health insurance system and laws, the ability to maintain and enhance our name recognition; our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting; our ability to identify and complete acquisitions, manage our growth and integrate acquisitions; potential liability for the use of incorrect or incomplete data; interruption of our operations due to outside sources; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; compliance with existing laws, regulations and industry initiatives and future change in laws or regulations in the healthcare industry; breach of our security by third parties; our dependence on the expertise of our key personnel; and potential write-offs of goodwill or other intangible assets. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are discussed in HII's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as other documents that may be filed by HII from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking statements. 

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on the statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

CONTACT: Health Insurance Innovations, Inc.:          Michael Hershberger          Chief Financial Officer          (877) 376 5831 ext.313           Investor Contact:          Susan NoonanS.A. Noonan Communications, LLC          (212) 966 3650           Media Contact:          Andreas Marathovouniotis          Russo Partners, LLC          (212) 845-4235

Source: Health Insurance Innovations