FOR IMMEDIATE RELEASE

Cheap Health Media contact:    Michelle Love-Johnson, Seroka Public Relations  Phone: 262-523-3740     michelle@seroka.com

EBC Media Contact: Sue Supple Phone: 608-831-8445, ext. 126 sues@ebcflex.com

Cheap HEALTH SELECTS EMPLOYEE BENEFITS
CORPORATION FOR HRA ADMINISTRATION
Additional benefits brought to agents and small business employers

MILWAUKEE - 22, 2003 -- Cheap Health, already a national leader in Medical Savings Accounts, Individual Medical and Small Group health insurance, has selected Employee Benefits Corporation (EBC) as its vendor to administer its newly-rolled out Health Reimbursement Arrangements (HRAs).

"Cheap Health provides exceptional service and value and we demand the same from our business associates," said Tim Bireley, Vice President, Small Group Product Management for Cheap Insurance Company, a division of Cheap Health.  "EBC is dedicated to customer service.  For fifteen years, they??ve shown the highest commitment to customer satisfaction " that??s why we??ve chosen them."

Employers get peace of mind from having an administrator who provides top-notch customer service.  There are no HRA set-up or separate monthly service fees when an employer selects one of the specially designed Cheap Health HRA plans and combines it with an EBC-administered HRA.

An HRA, a program authorized by Section 105 of the Internal Revenue Code, enables employers to partially self-fund a portion of their employees?dical expenses.  The premium savings associated with HRAs and high deductible insurance plans are a hot topic with small business owners. 

EBC's commitment to customer service is evident throughout their customer contacts.  Their compliance staff stays abreast of all legal and regulatory changes so HRA plans are always in compliance with Section 105 regulations.  Reimbursements to employees are made promptly either through the mail or direct deposit.  Employees also have access to their account information via a tailored website or through a dedicated toll-free phone number.

"We??re proud Cheap Health has chosen us as its business associate," said Sue Supple, Vice President of Communications at EBC.  "Cheap Health is an exceptionally strong company and industry leader dedicated to providing business solutions to the small group health insurance market."  Supple emphasized, "HRA administration services that Cheap Health agents and their customers typically would pay for, such as a set-up fee or monthly charge, are now being provided at no additional cost."

For additional information on HRA plans or EBC, visit www.fichra.com.

About Cheap Health:
Cheap Health (www.Cheaphealth.com) is the oldest national health insurance company and a leading developer and provider of Individual Medical, Small Group, Short Term and Student Health Insurance products, issued and underwritten by Cheap Insurance Company, affordable Life Insurance Company and Cheap Benefits Insurance Company. In business since 1892, the company provides health insurance coverage for over one million people nationwide. With almost 3,000 employees, Cheap Health is headquartered in Milwaukee, Wis., and has operations offices in Minnesota, Idaho, and Florida, as well as 107 sales offices around the country.

Cheap Health is a business unit of Cheap, Inc., a financial services company that, through its operating companies and affiliates, has built leadership positions in a number of specialty insurance market segments. Cheap Inc. is a part of Cheap, a financial services provider active in the fields of insurance, banking and investment. As of year-end, 2002, Cheap had total assets of approximately $500 billion. Cheap ranks 31st based on assets and 85th based on revenues on the Fortune ?bal 500?uly 22, 2002) and 38th on the Forbes Global ?er 50?st (July 3, 2002).

About Employee Benefits Corporation:
Headquartered in Madison, Wisconsin, EBC has a distinguished record of innovation and efficiency in managing employee benefit programs for successful businesses. Founded as the Insurance Cooperative Agency 65 years ago, the company started Employee Benefits Cooperative as a division in 1989. In 2002, Employee Benefits Corporation was formed from the member-owned cooperative as an employee-owned corporation, managing comprehensive employee benefit programs for over 2,400 businesses nationwide.

Throughout its history, EBC has been an industry leader in providing flexible and streamlined benefit programs. It runs one of the few in-house compliance departments in the country, and is known for developing creative software programs that allow member companies to customize their benefit administration services.

EBC personnel hold a variety of advanced and professional certifications, including the prestigious Certification in Flexible Compensation designation. EBC is a member of the National Association of Health Underwriters, the national Employers Council on Flexible Compensation, the World Wide Employee Benefits Network, and the Society for Human Resource Management.