Golden Rule Insurance Company

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Golden Rule Insurance Company
IndustryHealth insurance
FateAcquired by UnitedHealth Group
Founded1940; 79 years ago (1940)
DefunctNovember 2003; 15 years ago (2003-11)
HeadquartersIndianapolis

Golden Rule Insurance Company was a provider of health insurance based in Indianapolis with operations in 40 U.S. states and the District of Columbia. It was acquired by UnitedHealth Group in November 2003.[1][2][3]

It was closely involved in the establishment of health savings accounts (HSA) and the related tax incentives.[4] The company funded millions of dollars to prominent members of the Republican Party such as Newt Gingrich to support HSAs and to fight broader reform.[5][6][7][8][9][10]

Membership in Federation of American Consumers and Travelers (FACT) was required to buy certain insurance products.[11]

The company was named after the Golden Rule.

History[edit]

The company was founded in 1940.

In 1976, J. Patrick Rooney became CEO. In the 1980s, he moved the company from Lawrenceville, Illinois to Indianapolis. He retired from the company in 1996.[12]

In 1981, the company sued the Educational Testing Service (ETS) and the Illinois Department of Insurance, claiming that the ETS examination for Illinois insurance agents discriminated against members of minority groups. The parties reached a settlement.[13]

In August 1991, the company announced that it would pay half of the tuition for 500 low-income children in Indianapolis.[14]

The company was acquired by UnitedHealth Group in 2003.

References[edit]

  1. ^ "UnitedHealth to buy Golden Rule Financial". American City Business Journals. September 19, 2003.
  2. ^ "UnitedHealthcare cutting some individual health coverage". American City Business Journals. January 13, 2004.
  3. ^ Soltis, Cheryl (August 7, 2007). "Uninsured Grads Risk Finances, Future Coverage". The Wall Street Journal.
  4. ^ "The Long March of Newt Gingrich". PBS. January 16, 1996.
  5. ^ DREYFUSS, ROBERT; STONE, PETER H. (January 1996). "MediKill". Mother Jones.
  6. ^ Johnson, Dave (October 19, 2006). "A Particularly Poisonous Front Group". HuffPost.
  7. ^ Pear, Robert (April 14, 1996). "G.O.P. Plan Would Profit Insurer With Ties to Party". The New York Times.
  8. ^ "HOUSE OKS HEALTH-INSURANCE GUARANTEE". Deseret News. Associated Press. March 29, 1996.
  9. ^ Chandler, Clay (December 24, 1995). "FAVORED FEW STAND TO GAIN FROM REPUBLICAN TAX CUTS". The Washington Post.
  10. ^ Gottlieb, Martin (November 18, 1995). "Battle over the Budget - Medical Care; In G.O.P. Plan, Some See a Widening Gap Between Sick and Healthy". The New York Times.
  11. ^ Andrews, Michelle (December 15, 2002). "Golden Rule successful in avoiding paying for breast cancer treatments". The New York Times.
  12. ^ "Patrick Rooney; helped start accounts for medical savings". The Boston Globe. Associated Press. September 17, 2008.
  13. ^ Toch, Thomas (December 5, 1984). "Test Organization, Insurance Firm Settle Bias Suit". Education Week.
  14. ^ "Patrick Rooney". Legacy.com.