Patent ID: 7933788

Claim:
A method for providing pre-funded health insurance, the method comprising: receiving at a server of a health insurance intermediary applicant information relating to pre-funded health insurance for an applicant; identifying an insurance activation date for the applicant; determining an applicant payment schedule for a health insurance policy based on the applicant information and the insurance activation date for the applicant; identifying a health insurance provider to support the health insurance policy; initiating at the server of the health insurance intermediary a first agreement between the applicant and the health insurance intermediary for pre-funded health insurance, the first agreement comprising a responsibility for applicant payments according to the determined payment schedule, wherein according to the determined payment schedule, all applicant payments for the health insurance policy are made prior to the identified insurance activation date; and initiating at the server of the health insurance intermediary a second agreement between the health insurance intermediary and the health insurance provider, the second agreement comprising an obligation of the health insurance provider to provide health insurance to the applicant beginning on the insurance activation date for the applicant, wherein the applicant payment schedule designates applicant payments over at least 10 years, and wherein the date corresponding to the insurance activation date for the applicant is at least 10 years after the first agreement and second agreement are initiated, wherein the first agreement is part of an employment agreement between the applicant and a first employer, the first employer comprising the health insurance intermediary, and wherein according to the first agreement a portion of the applicant payments are paid by the first employer on behalf of the applicant, wherein according to the first agreement, after employment between the applicant and the first employer has terminated, the applicant has the option of transferring responsibility for the applicant payments to a second employer or assuming the responsibility for the applicant payments, wherein the first agreement permits the applicant to increase the amount of the applicant payments during the term of the first agreement in exchange for shortening the length of the payment schedule, and wherein the first agreement permits the applicant to withdraw during the term of the first agreement and receive a return payment based on the sum of applicant payments previously paid, and wherein the processing system cancels the obligations of the health insurance provider with respect to the second agreement in response to a withdrawal of the applicant from the first agreement.