UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 29, 2015
Health Insurance Innovations, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-35811 | 46-1282634 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
15438 N. Florida Avenue, Suite 201 Tampa, Florida |
33613 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (877) 376-5831
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. | Compensatory Arrangements of Certain Officers. |
On May 4, 2015, Health Insurance Innovations, Inc. (the Company) entered into an amendment to the Employment Agreement, dated July 14, 2014, between the Company and Bruce Telkamp. Under the amendment, Mr. Telkamps title was changed from Chief Operating Officer of the Company to Chief Executive Officer of the Companys Consumer Division. The Company believes that this title change more accurately reflects the roles and responsibilities of Mr. Telkamp within the Companys organizational structure. Mr. Telkamp will continue to serve as the Chief Executive Officer of the Companys HealthPocket, Inc. subsidiary. A copy of the amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Also on April 29, 2015, the Compensation Committee of the Board of Directors of the Company voted to increase the base salary of Mr. Telkamp from $275,000 to $350,000 per year, with such increase to be given effect as of January 1, 2015, and the base salary of Dr. Sheldon Wang, the Companys Chief Technology Officer, was also increased from $275,000 to $350,000, to be given effect as of January 1, 2015.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits . |
Exhibit
|
Description |
|
10.1 | Amendment, dated May 4, 2015, to Employment Agreement between Bruce Telkamp and Health Insurance Innovations, Inc. | |
99.1 | Press release of Health Insurance Innovations, Inc. dated May 5, 2015. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HEALTH INSURANCE INNOVATIONS, INC. | ||||
By: |
/s/ Michael A Petrizzo, Jr. |
|||
Name: | Michael A. Petrizzo, Jr. | |||
Title: | Executive Vice President, General Counsel, and Secretary |
Date: May 5, 2015
EXHIBIT INDEX
Exhibit
|
Description |
|
10.1 | Amendment, dated May 4, 2015, to Employment Agreement between Bruce Telkamp and Health Insurance Innovations, Inc. | |
99.1 | Press release of Health Insurance Innovations, Inc. dated May 5, 2015. |
Exhibit 10.1
May 4, 2015
Mr. Bruce Telkamp
935 Damian Way
Los Altos, CA 94024
Re: | Amendment to Employment Agreement |
Dear Bruce:
Reference is hereby made to the Employment Agreement, dated July 14, 2014 (the Employment Agreement), between you and Health Insurance Innovations, Inc. The purpose of this letter agreement is to amend Section 1(a) of the Employment Agreement. In particular, Section 1(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
(a) The Company shall employ Executive during the Term (as defined below) as CEO of the Companys Consumer Division and the CEO of HealthPocket. Executive shall have such authority and such responsibilities as are assigned or delegated to him from time to time by the Company, which shall include but not be limited to such authority and responsibilities as are customarily associated with such positions.
Except as amended and modified by this letter agreement, your Employment Agreement remains in full force and effect in accordance with its terms.
By signing this letter agreement below, you confirm your agreement to the foregoing.
Sincerely, |
/s/ Michael W. Kosloske |
Michael W. Kosloske, |
Chairman, President and Chief Executive Officer |
Acknowledged and Agreed as of May 4, 2015. | ||
Signature: |
/s/ Bruce Telkamp |
|
Bruce Telkamp, individually |
Exhibit 99.1
FOR IMMEDIATE RELEASE |
CONTACT: Kevin McVicker | |
May 5, 2015 |
Shirley & Banister Public Affairs | |
703-739-5920/800-536-5920 | ||
kmcvicker@sbpublicaffairs.com |
HII Simplifies Health Insurance Purchasing with AgileHealthInsurance.com
Consumers Can Still Obtain Health Insurance Online, Outside of Obamacare Enrollment Period
Tampa, FL (GLOBE NEWSWIRE) Health Insurance Innovations, Inc. (NASDAQ:HIIQ) (HII), a leading developer of affordable health plans, today announced its newest line of business, AgileHealthInsurance.com. AgileHealthInsurance.com is a pioneering website that makes it easy for consumers to purchase low-cost alternatives and supplements to Obamacare health plans. The website is optimized for an intuitive online experience and a streamlined application process whether it is accessed from a computer, tablet, or mobile device.
Health insurance alternatives to Obamacare are especially important now that the Obamacare Special Enrollment Period for Tax Season ended on April 30th. Obamacare plans will not be available again, without a qualifying life event, until the 2016 open enrollment periods begins on November 15 th and the earliest that coverage can start for those plans is January 1, 2016. Unfortunately, many consumers are unaware of the Obamacare lock-out situation. A recent nationwide survey by HII demonstrated that only one-out-of-five adults knew when the enrollment period for Obamacare health plans ended.
As a direct-to-consumer division of HII, AgileHealthInsurance.com was created to educate people about the benefits of Term Health Insurance and provide a fast online process for purchasing these plans. Term Health Insurance is a flexible and low-cost alternative to COBRA and Obamacare health plans, for individuals without expensive pre-existing health conditions. Term Health Insurance can also provide bridge coverage for periods between health plan coverage, such as during periods of unemployment or during summer months for students. Term health plans offer consumers the flexibility to choose health plans with the benefits that matter most to them and combine these benefits with unrestricted provider networks that allow them greater choice in the doctors and hospitals they use.
Consumers face more individual responsibility than ever in their search for quality health insurance coverage that meets their personal needs while still fitting their budgets. AgileHealthInsurance.com offers a marketplace of new and affordable health insurance options that consumers will not find on government-run health insurance exchanges, said Bruce Telkamp, CEO of HIIs Consumer Division . At AgileHealthInsurance.com, consumers can search for, compare, and confidently purchase affordable and high-quality Term Health Insurance plans from multiple insurance companies. The process is so simple that consumers can obtain proof-of-insurance in minutes, not weeks.
Bruce Telkamp is the co-founder and CEO of HealthPocket Inc., which was acquired by HII in July 2014, and also the CEO of HIIs Consumer Division. Mr. Telkamp had also previously served as HIIs Chief Operating Officer but has transitioned his HII operational responsibilities in Tampa, Florida to other members of the HII Senior Leadership Team in order to focus on HealthPocket and HIIs Consumer Division businesses, both headquartered in Mountain View, California.
More on HIIs Consumer Division
The HII Consumer Division was formed in response to consumers changing needs in the post-Obamacare health insurance marketplace. Our purpose is to streamline the online health insurance shopping experience by designing consumer-centric products and technology innovations. AgileHealthInsurance.com, a division of HII, and HealthPocket.com, an independent subsidiary of HII, are both headquartered in Mountain View, California.
More on the Term Health Insurance Market
The Term Health Insurance market offers traditional health benefits for a defined period of time, from 30 to 364 days in most states. These policies can be bought anytime during the year and applicants health is taken into consideration during the application approval process. When comparing premiums for nonsmoking men and women ages 30, 40, and 50, a February 2015 study published by AgileHealthInsurance.com found that Term Health Insurance premiums were 66% less expensive on average than unsubsidized premiums for Obamacare bronze plans. All ages saw major pricing advantages in Term Health Insurance. 30 year-old applicants had premium quotes over 70% lower while applicants who were 50 had premium quotes over 50% lower.
Health Insurance Innovations, Inc . (HII) is a market leader in developing innovative health insurance products that are affordable and meet the needs of millions of health insurance plan shoppers. HII partners with best-in-class insurance companies for its product development. HIIs insurance products are sold through thousands of independent, licensed insurance agents across the nation. HIIs data-centric paperless business model is facilitated by its Consumer Division that provides real-time data used to identify opportunities and underserved needs in the health insurance market. Additional information about HII can be found at www.hiiquote.com. HIIs Consumer Division includes AgileHealthInsurance.com, a website for researching, comparing and purchasing Term Health insurance products and www.HealthPocket.com, an independently managed free website that compares and ranks all health insurance plans, and uses objective data to publish unbiased health insurance market analyses and other consumer advocacy research.
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 our current assumptions, expectations and belief and are generally identifiable by use of words may, might, will, should, expects, plans, anticipates, believes, estimates, predicts, potential or continue, or similar expressions, 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, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, 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, our ability to integrate our acquisitions (including our July 2014 acquisition of HealthPocket, Inc.), competition, changes and developments in the United States health insurance system and laws, and our ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure (including our launch of AgileHealthInsurance.com and its timing) and processes to maintain effective control over financial reporting. 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 HIIs Annual Report on Form 10-K for the year ended December 31, 2014 all as filed with the Securities and Exchange Commission as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission. 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 any forward-looking 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.
For more information, please contact Kevin McVicker, Shirley & Banister Public Affairs at (703) 739-5920 or (800) 536-5920.