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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on December&nbsp;15, 2009</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Registration No.&nbsp;333- </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HEALTHMARKETS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75-2044750</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>9151 Boulevard 26<BR>
North Richland Hills, Texas 76180</B><BR>
(Address of principal executive offices)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>HealthMarkets, Inc. InVest Stock Ownership Plan</B><BR>
(Full title of the plan)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Steven P. Erwin<BR>
Executive Vice President and Chief Financial Officer<BR>
HealthMarkets, Inc.<BR>
9151 Boulevard 26<BR>
North Richland Hills, Texas 76180<BR>
(817)&nbsp;255-5200</B><BR>
(Name and address, including zip code, and telephone number, including area code, of agent for service)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copy to:</I></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Peggy G. Simpson<BR>
Corporate Secretary<BR>
HealthMarkets, Inc.<BR>
9151 Boulevard 26<BR>
North Richland Hills, Texas 76180<BR>
(817)&nbsp;255-5200</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule
12b-2 of the Exchange Act. (Check one):
</DIV>




<DIV align=center>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0 width="100%"
border=0>

  <TR style="FONT-SIZE: 6pt">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=left>Large accelerated filer <FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap align=center>Accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD align=center>&nbsp;</TD>
    <TD noWrap align=center>Non-accelerated filer <FONT face="Wingdings">&#254;</FONT><BR>(Do not check if a smaller reporting
company)</TD>
    <TD align=center>&nbsp;</TD>
    <TD vAlign=top noWrap align=center>Smaller reporting company <FONT face="Wingdings">&#111;</FONT></TD></TR></TABLE></DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>per share</B><SUP style="font-size: 85%; vertical-align: text-top"> </SUP><B>(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B><SUP style="font-size: 85%; vertical-align: text-top"> </SUP><B>(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fee (3)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000" nowrap><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A-1 Common Stock, par value $0.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">19.95</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="CENTER" COLSPAN="3" style="border-top: 2px solid #000000">$39,900,000</TD>

    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="CENTER" COLSPAN="3" style="border-top: 2px solid #000000">$2,226.42</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A-2 Common Stock, par value $0.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">6,500,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">19.95</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="CENTER" COLSPAN="3" style="border-top: 2px solid #000000">$129,675,000</TD>

    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="CENTER" COLSPAN="3" style="border-top: 2px solid #000000">$7,235.87</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Registration Fee Offset (4)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="CENTER" COLSPAN="3" style="border-top: 2px solid #000000">$9,647.93</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD align="CENTER" COLSPAN="3" style="border-top: 2px solid #000000">$0.00</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
this Registration Statement also registers such additional shares of Class&nbsp;A-1 Common Stock
and Class&nbsp;A-2 Common Stock that may become issuable by reason of any stock dividend, stock
split, recapitalization or any similar transaction without receipt of consideration.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(h) under the Securities Act.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated pursuant to Section 6(b) of the Securities Act by multiplying 0.00005580 by the
proposed maximum aggregate offering price (as computed in accordance with Rule&nbsp;457 under the
Securities Act solely for the purpose of determining the registration fee of the securities
registered hereby).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 457(p) under the Securities Act, the registration fee is offset by
registration fees previously paid by the Registrant with respect to unsold shares of Class&nbsp;A-2
Common Stock registered under the following Registration Statements on Form S-8, which the
Registrant is contemporaneously deregistering by post-effective amendment:</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration No.&nbsp;333-133650, filed April&nbsp;28, 2006 with which registration fees of
$6,892.61 were paid with respect to 1,740,999 unsold shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Registration No.&nbsp;333-156793, filed January&nbsp;16, 2009 with which registration fees of
$2,755.32 were paid with respect to 3,000,000 unsold shares.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The unsold shares are shares which were not issued under the Amended and Restated HealthMarkets,
Inc. Agents&#146; Total Ownership Plan (the &#147;ATOP Plan&#148;), the Amended and Restated HealthMarkets,
Inc. Agency Matching Total Ownership Plan (the &#147;AMTOP Plan&#148;), the Amended and Restated
HealthMarkets, Inc. Agents&#146; Contribution to Equity Plan (the &#147;ACE Plan&#148;), and the Amended and
Restated HealthMarkets, Inc. Matching Agency Contribution Plan (the &#147;MAC Plan&#148; and, collectively
with the ATOP Plan, the AMTOP Plan and the ACE Plan, the &#147;Prior Plans&#148;). The Registrant
adopted, effective as of January&nbsp;1, 2010, the HealthMarkets, Inc. InVest Stock Ownership Plan
(the &#147;New Plan&#148;), which will replace the Prior Plans. Under the terms of the New Plan, shares
which remained available for issuance under the Prior Plans are available for grant under the
New Plan. After giving effect to the carry forward of the previously paid registration fees for
the previously registered shares described above, no additional amounts with respect to the
registration fee applicable to this Registration Statement on Form S-8 are due.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The chart below details the calculation of the registration fee:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="18" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price Per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                  <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Shares of Class&nbsp;A-1 Common Stock
reserved for issuance under the
HealthMarkets, Inc. InVest Stock
Ownership Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">19.95</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$39,900,000.00</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Shares of Class&nbsp;A-2 Common Stock
reserved for issuance under the
HealthMarkets, Inc. InVest Stock
Ownership Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">6,500,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">19.95</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$129,675,000.00</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Proposed Maximum Aggregate Offering Price</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$169,575,000.00</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Registration Fee</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
  <TD colspan="3" align="center" style="border-top: 2px solid #000000">$9,462.29</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Registration Fee Offset</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$9,647.93</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">$0.00</TD>

    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="18" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="d70398cexv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="d70398cexv23w1.htm">EX-23.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="d70398cexv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;14, 2009, the board of directors of HealthMarkets, Inc. (the &#147;Registrant&#148;)
approved the HealthMarkets, Inc. InVest Stock Ownership Plan (the &#147;New Plan&#148;), which replaced the
Amended and Restated HealthMarkets, Inc. Agents&#146; Total Ownership Plan (the &#147;ATOP Plan&#148;), the
Amended and Restated HealthMarkets, Inc. Agency Matching Total Ownership Plan (the &#147;AMTOP Plan&#148;),
the Amended and Restated HealthMarkets, Inc. Agents&#146; Contribution to Equity Plan (the &#147;ACE Plan&#148;),
and the Amended and Restated HealthMarkets, Inc. Matching Agency Contribution Plan (the &#147;MAC Plan&#148;
and, collectively with the ATOP Plan, the AMTOP Plan and the ACE Plan, the &#147;Prior Plans&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 relates to the registration of (i)&nbsp;1,740,999 shares of
Class&nbsp;A-2 Common Stock previously registered on the Registration Statement on Form S-8 filed on
April&nbsp;28, 2006 (File No.&nbsp;333-133650) that may be issued under the New Plan, (ii)&nbsp;3,000,000 shares
of Class&nbsp;A-2 Common Stock previously registered on the Registration Statement on Form S-8 filed on
January&nbsp;16, 2009 (File No.&nbsp;333-156793) that may be issued under the New Plan (collectively, with
the shares of Class&nbsp;A-2 Common Stock described in item (ii)&nbsp;above, the &#147;Carryover Shares&#148;), (iii)
1,759,001 additional shares of Class&nbsp;A-2 Common Stock that may be issued under the New Plan and
(iv)&nbsp;2,000,000 shares of Class&nbsp;A-1 Common Stock that may be issued under the New Plan. None of the
Carryover Shares may be issued under any of the Prior Plans; such Carryover Shares may only be
issued, offered and sold under the New Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the principals set forth in interpretation 89 under Section&nbsp;G of the
Division of Corporation Finance&#146;s Manual of Publicly Available Telephone Interpretations dated July
1997 and Instruction E to the General Instructions of Form S-8, this Registration Statement on Form
S-8 carries forward the $9,647.93 aggregate registration fees previously paid with respect to the
Carryover Shares. The Company is filing post-effective amendments to the Registration Statement on
Form S-8 filed on April&nbsp;28, 2006 (Registration No.&nbsp;333-133650) and the Registration Statement on
Form S-8 filed on January&nbsp;16, 2009 (Registration No.&nbsp;333-156793) to deregister the Carryover Shares
contemporaneously with the filing of this Registration Statement.
</DIV>
<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Rule&nbsp;428 under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), and the note on Part&nbsp;I of Form S-8, the information specified in Part&nbsp;I of Form S-8 has been
omitted from the filing of this Registration Statement. The documents containing the information
specified in Part&nbsp;I of Form S-8 will be sent or given to participants as specified by Rule
428(b)(1) under the Securities Act. Such documents and the documents incorporated by reference in
this Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II of this Registration Statement, taken
together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Registrant pursuant to the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), are incorporated by reference in this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Reports on Form 10-Q for the quarterly periods ended March
31, 2009, June&nbsp;30, 2009 and September&nbsp;30, 2009;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Reports on Form 8-K, filed with the Commission on January&nbsp;20,
2009, February&nbsp;12, 2009, March&nbsp;2, 2009, April&nbsp;6, 2009, April&nbsp;13, 2009, September&nbsp;1,
2009, September&nbsp;14, 2009 and November&nbsp;20, 2009; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Class&nbsp;A-2 Common Stock, par value
$0.01 per share, contained in the Registrant&#146;s Registration Statement on Form 8-A
filed on April&nbsp;5, 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference into this Registration Statement and to be part
hereof from the date of filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
into this Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement, or
in any other subsequently filed document that also is or is deemed to be incorporated by reference
into this Registration Statement, modifies or supersedes such prior statement. Any statement
contained in this Registration Statement shall be deemed to be modified or superseded to the extent
that a statement contained in a subsequently filed document that is or is deemed to be incorporated
by reference into this Registration Statement modifies or supersedes such prior statement. Any
statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Class&nbsp;A-1 Common Stock, par value $0.01 per share, is subject to the following terms:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Dividend Rights</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The board of directors of the Registrant may, but is not obligated to, declare dividends at
its discretion. Before any dividends are paid on the Registrant&#146;s common stock, the holders
of any preferred stock that may be issued will be entitled to receive their dividends at the
rates provided for the shares of their series. Any dividends that may be declared on the
common stock will be paid in an equal amount for each share of Class&nbsp;A-1 and Class&nbsp;A-2
Common Stock. Restrictions on the payment of cash dividends may be imposed in connection
with future issuances of preferred stock and indebtedness by the Registrant. Any decisions
as to the payment of cash dividends will be made by the board in light of then current
conditions, including earnings, operations, capital requirements, liquidity, financial
condition, restrictions in financing arrangements and any other relevant factors as
determined by the board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Voting Rights</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Each outstanding share of Class&nbsp;A-1 Common Stock and Class&nbsp;A-2 Common Stock is entitled to
one vote per share on each matter submitted to a vote of the stockholders of the Registrant,
voting together as a single class. The affirmative vote of a majority of the common stock
present in person or by proxy and entitled to vote, voting as a single class, is required to
approve any act or action requiring a vote of the common stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Pursuant to Delaware law, any amendment to the charter also requires approval by the
affirmative vote of holders of a majority of the voting power of each affected class voting
separately as a class, in addition to the affirmative vote of holders of a majority of the
voting power of all classes of common stock, voting together as a single class.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Liquidation Rights</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Upon the liquidation, dissolution or winding up of the Registrant, after payment of
creditors and any liquidation preference of preferred stock that may be issued, the
remaining net assets of the Registrant will be distributed pro rata to the holders of the
common stock.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Transfer Restrictions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The holders of Class&nbsp;A-1 Common Stock have entered into a stockholders agreement (the
&#147;Stockholders Agreement&#148;) which provides that shares of Class&nbsp;A-1 Common Stock may only be
transferred, and the holder may only agree to transfer shares of Class&nbsp;A-1 Common Stock, as
follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the Registrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon the death of the holder, pursuant to applicable laws of descent and
distribution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for estate planning purposes, pursuant to a transfer to the holder&#146;s immediate
family, whether directly or indirectly by means of a trust or partnership or other
bona fide estate-planning vehicle the only beneficiaries of which the holder&#146;s
immediate family;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after an initial public offering of the Registrant (and subject to the
provisions of the registration rights and coordination agreement into which the
holders of Class&nbsp;A-1 Common Stock have entered) (an &#147;IPO&#148;), in a registered public
offering; pursuant to Rule&nbsp;144 promulgated under the Securities Act; in a
distribution of shares by any affiliate of The Blackstone Group, Goldman Sachs
Capital Partners or DLJ Merchant Banking Partners (collectively, the &#147;Private
Equity Investors&#148;) to its general or limited partners, members, managers or
shareholders; or with the approval of the Private Equity Investors holding a
majority of the shares held by the Private Equity Investors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if (i)&nbsp;prior to an IPO, (1)&nbsp;a Private Equity Investor(s) holding a majority of
all shares of Class&nbsp;A-1 Common Stock held by the Private Equity Investors proposes
to transfer at least one percent (1%) of the outstanding shares of Class&nbsp;A-1 Common
Stock or (2)&nbsp;a Private Equity Investor(s) proposes to transfer at least five
percent (5%) of the outstanding shares of Class&nbsp;A-1 Common Stock or (ii)&nbsp;after an
IPO, a Private Equity Investor(s) proposes to transfer at least ten percent (10%)
of the outstanding shares of Class&nbsp;A-1 Common Stock, then the Private Equity
Investors not party to such proposed transfer may participate in such sale on a pro
rata basis. If the percentage of shares of Class&nbsp;A-1 Common Stock to be sold in
such proposed transfer exceeds fifty percent (50%) of the total shares of Class&nbsp;A-1
Common Stock outstanding, then all holders (including the Private Equity Investors)
may participate in such sale on a pro rata basis; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to the provisions in &#147;Required Sale of Shares&#148; set forth below.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Required Sale of Shares</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the Private Equity Investors collectively own at least fifty percent (50%) of the
Registrant&#146;s outstanding Class&nbsp;A-1 Common Stock, and Private Equity Investors owning at
least thirty-five percent (35%) of the Registrant&#146;s Class&nbsp;A-1 Common Stock enter into a
definitive written agreement to sell shares of the Registrant&#146;s common stock to any third
party which, taking into account all shares to be transferred in this and all related
transactions, would result in the transfer of greater than fifty percent (50%) of the
outstanding common stock of the Registrant, then the selling affiliates will have the option
pursuant to the Stockholders Agreement to obligate each holder of Class&nbsp;A-1 Common Stock to
sell the same proportion of the holder&#146;s shares as is sold by the selling affiliates. Upon
the exercise of this required sale option, each holder of Class&nbsp;A-1 Common Stock will be
subject to the same terms as those applicable to shares held by the selling affiliates,
including, but not limited to, the obligation to have a portion of the purchase price held
back or held in escrow pending the satisfaction of any indemnity obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Redemption Rights</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Registrant has the right, pursuant to the Stockholders Agreement, to purchase any and
all shares of Class&nbsp;A-1 Common Stock held by a Management Stockholder (as defined in the
Stockholders Agreement) upon such Management Stockholder&#146;s termination of employment with
the Registrant for any reason. The purchase price for such shares shall be the fair market
value of the shares as determined by the Registrant&#146;s board of directors pursuant to the
terms of the certificate of incorporation; <I>provided</I>, that in the event such termination of
employment is for Cause (as defined in the certificate of incorporation), then such purchase
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">price shall be the lesser of (i)&nbsp;fair market value and (ii)&nbsp;the weighted average price per
share paid by such Management Stockholder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Preemptive Rights</U></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Pursuant to the Stockholders Agreement, subject to certain exceptions, including issuances
pursuant to any employee benefit plan, if the Registrant proposes to issue shares of Class
A-1 Common Stock or other equity securities, each holder of shares of Class&nbsp;A-1 Common Stock
shall have the right to elect to purchase, for the same price and on the same terms and
conditions as such proposed issuance, a number of such securities equal to the number of
securities proposed to be issued multiplied by a fraction, the numerator of which shall be
the number of shares of Class&nbsp;A-1 Common Stock owned by such holder, and the denominator of
which shall be the total number of shares of Class&nbsp;A-1 Common Stock outstanding prior to
such issuance.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Stock Exchange Listing</U></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Registrant&#146;s Class&nbsp;A-1 Common Stock is not listed on any stock exchange.</DIV>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The legality of the shares of Class&nbsp;A-1 and Class&nbsp;A-2 Common Stock of the Registrant to be
issued in connection with the New Plan is being passed upon for the
Registrant by Richard Bierman, Vice President and Associate General
Counsel of the Registrant. Mr.&nbsp;Bierman, as a participant in the
Second Amended and Restated HealthMarkets 2006 Management Option Plan, holds options to purchase shares of the Registrant&#146;s Class&nbsp;A-1 Common Stock.</DIV>

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145(a) of the Delaware General Corporation Law (the &#147;DGCL&#148;) provides that a
corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation) by
reason of the fact that such person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the person in connection with such action, suit or proceeding
if the person acted in good faith and in a manner the person reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145(b) of the DGCL provides that a corporation may indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action or suit
by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
such person acted in any of the capacities set forth above, against expenses (including attorneys&#146;
fees) actually and reasonably incurred by such person in connection with the defense or settlement
of such action or suit if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the corporation, except that no
indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation, unless and only to the extent that the
court in which such action or suit was brought shall determine that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the court shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further subsections of DGCL Section&nbsp;145 provide that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent a present or former director or officer of a corporation has been
successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in subsections (a)&nbsp;and (b)&nbsp;of Section&nbsp;145 or in defense of any claim,
issue or matter therein, such person shall be indemnified against expenses
(including attorneys&#146; fees) actually and reasonably incurred by such person in
connection therewith;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the indemnification and advancement of expenses provided for pursuant to Section
145 shall not be deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled under any bylaw,
agreement, vote of stockholders or disinterested directors or otherwise; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporation shall have the power to purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person&#146;s
status as such, whether or not the corporation would have the power to indemnify
such person against such liability under Section&nbsp;145.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;XI of the Registrant&#146;s certificate of incorporation (i)&nbsp;authorizes the indemnification
of directors and officers (the &#147;Indemnitees&#148;) under specified circumstances to the fullest extent
authorized by the DGCL, (ii)&nbsp;provides for the advancement of expenses to the Indemnitees for
defending any proceedings related to the specified circumstances, (iii)&nbsp;gives the Indemnitees the
right to bring suit against the Company to enforce the foregoing rights to indemnification and
advancement of expenses, and (iv)&nbsp;authorizes the Company to maintain certain policies of insurance
to protect itself and any of its directors, officers or employees. The Registrant has an insurance
policy covering its directors and officers against certain personal liability, which may include
liabilities under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.17 of the Stockholders Agreement provides for the indemnification of the Private
Equity Investors and each of their directors, officers, employees, shareholders, general partners,
limited partners, members, advisory directors, managing directors and affiliates (other than the
Registrant and its subsidiaries) against any and all losses, claims, damages or liabilities, and
expenses (including attorneys&#146; fees) to which such person may be come subject to the extent such
losses, claims, damages or liabilities or expenses arise out of or are based upon the merger of
certain affiliates of the Private Equity Investors with and into the Registrant pursuant to the
Agreement and Plan of Merger, dated as of September&nbsp;15, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant enters into employment agreements with certain of its executive officers and
consultants that provide indemnification to the fullest extent permitted by the DGCL (including a
payment of expenses in advance of final disposition of a proceeding). The employment agreements
provide that the relevant executives will be indemnified against all costs, charges and expenses
whatsoever incurred or sustained by such executive or his or her legal representatives at the time
such costs, charges and expenses are incurred or sustained, in connection with any action, suit or
proceeding to which the executive (or his or her legal representatives or other successors) may be
made a party by reason of his or her having accepted employment with the Registrant or by reason of
his or her being or having been a director, officer or employee of the Registrant, or any
subsidiary of the Registrant, or his serving or having served any other enterprise as a director,
officer or employee at the request of the Registrant. The relevant executive officers are also
entitled to the protection of any insurance policies that the Registrant elects to maintain for the
benefit of its directors and officers against such costs, charges and expenses. Such right to
indemnification continues without time limit for so long as the executive officer may be subject to
any such liability, whether or not the employment term for such executive may have ended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant enters into indemnification agreements with each of its directors and officers.
Each indemnification agreement requires the Registrant to indemnify and hold harmless such
directors and officers against any and all damages, losses, liabilities, judgments, fines,
penalties, settlements and reasonable expenses (including attorneys&#146; fees) incurred by the director
or officer in connection with investigating, defending, being a witness in or participating in
(including on appeal) any threatened, pending or completed action, suit or proceeding related to
the fact that such person is, was or has agreed to serve as a director or officer, or in a similar
capacity for any other entity at our request, or for anything done or not done by such director or
officer in any such capacity. These agreements include certain limitations on the Registrant&#146;s
obligations, particularly in situations in which such indemnification is prohibited or limited by
applicable law. These agreements also require the Registrant, subject to specific terms and
conditions, to advance expenses to the directors and officers incurred in connection with such
actions, and provide for the reimbursement to the Registrant if it is found that such director or
officer is not entitled to indemnification. The relevant directors and executive officers are also
entitled to the protection of any insurance policies that the Registrant elects to maintain for the
benefit of its directors and officers against such costs, charges and expenses.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of the Registrant&#146;s employee benefit plans provide indemnification of directors and
other agents against certain claims arising from administration of such plans.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of Incorporation of the Registrant (incorporated by reference to
Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form 10-Q for the period ended June
30, 2008).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended By-Laws of the Registrant (incorporated by reference to Exhibit&nbsp;3.2 to
the Registrant&#146;s Quarterly Report on Form 10-Q for the period ended June&nbsp;30, 2008).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Richard Bierman regarding legality of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Independent Registered Public Accounting Firm&#151;KPMG LLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Richard Bierman (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on signature page).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HealthMarkets, Inc. InVest Stock Ownership Plan.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by section 10(a)(3) of the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in
the information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20%
change in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">Provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not
apply if the registration statement is on Form S-8, and the information required to
be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by reference
in the registration statement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability under the Securities Act to any
purchaser:</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the registrant is relying on Rule&nbsp;430B:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3)
shall be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2),
(b)(5), or (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the
purpose of providing the information required by Section 10(a) of the Securities
Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness
or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to
be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering
of such securities at that time shall be deemed to be the initial bona fide
offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date, supersede
or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document
immediately prior to such effective date; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the registrant is subject to Rule&nbsp;430C, each prospectus filed pursuant to
Rule 424(b) as part of a registration statement relating to an offering, other than
registration statements relying on Rule&nbsp;430B or other than prospectuses filed in
reliance on Rule&nbsp;430A, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that
no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior
to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any
such document immediately prior to such date of first use.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining liability of the registrant under the
Securities Act to any purchaser in the initial distribution of the securities: The
undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will be considered to offer
or sell such securities to such purchaser:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule&nbsp;424;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the undersigned
registrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the registrant&#146;s annual report pursuant to section
13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan&#146;s annual report pursuant to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</TD>
</TR>
<TR style="font-size: 6pt">
<TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of North Richland Hills, State of Texas, on December&nbsp;15,
2009.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>HEALTHMARKETS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;Steven P. Erwin</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steven P. Erwin&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and
Chief Financial Officer<br>
(Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Phillip J. Hildebrand and Steven P. Erwin, jointly and severally, as his or her true
and lawful attorney-in-fact and agent, acting alone, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on December&nbsp;14, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Phillip J. Hildebrand<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Phillip J. Hildebrand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
President and Chief Executive Officer<br>
and Director (Principal Executive Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Steven P. Erwin<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Steven P. Erwin</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Executive Vice President and Chief<br>
Financial Officer<br>
(Principal Financial Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Connie Palacios<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Connie Palacios</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Vice President, Controller &#038; Principal Accounting Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Chinh E. Chu<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Chinh E. Chu</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the Board of Directors</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Jason K. Giordano<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jason K. Giordano</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Adrian M. Jones<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Adrian M. Jones</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Mural R. Josephson<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Mural R. Josephson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;David K. McVeigh<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
David K. McVeigh</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Sumit Rajpal<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Sumit Rajpal</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Steven J. Shulman<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Steven J. Shulman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;Ryan M. Sprott<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ryan M. Sprott</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of the Registrant (incorporated by reference to
Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the period ended
June&nbsp;30, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended By-Laws of the Registrant (incorporated by reference to Exhibit&nbsp;3.2
to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the period ended June&nbsp;30, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Richard Bierman regarding legality of securities.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm&#151;KPMG LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Richard Bierman (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HealthMarkets, Inc. InVest Stock Ownership Plan.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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sv8
Table of Contents
As filed with the Securities and Exchange Commission on December 15, 2009
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
HEALTHMARKETS, INC.
(Exact name of registrant as specified in its charter)
Delaware
75-2044750
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
9151 Boulevard 26
North Richland Hills, Texas 76180
(Address of principal executive offices)
HealthMarkets, Inc. InVest Stock Ownership Plan
(Full title of the plan)
Steven P. Erwin
Executive Vice President and Chief Financial Officer
HealthMarkets, Inc.
9151 Boulevard 26
North Richland Hills, Texas 76180
(817) 255-5200
(Name and address, including zip code, and telephone number, including area code, of agent for service)
Copy to:
Peggy G. Simpson
Corporate Secretary
HealthMarkets, Inc.
9151 Boulevard 26
North Richland Hills, Texas 76180
(817) 255-5200
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of
"large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule
12b-2 of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
þ
(Do not check if a smaller reporting
company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
maximum
maximum
Amount of
Title of each class of
Amount to be
offering price
aggregate
registration
securities to be registered
registered (1)
per share
(2)
offering price
(2)
fee (3)
Class A-1 Common Stock, par value $0.01 per share
2,000,000
$
19.95
$39,900,000
$2,226.42
Class A-2 Common Stock, par value $0.01 per share
6,500,000
$
19.95
$129,675,000
$7,235.87
Registration Fee Offset (4)
$9,647.93
Total
$0.00
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
this Registration Statement also registers such additional shares of Class A-1 Common Stock
and Class A-2 Common Stock that may become issuable by reason of any stock dividend, stock
split, recapitalization or any similar transaction without receipt of consideration.
(2)
Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(h) under the Securities Act.
(3)
Calculated pursuant to Section 6(b) of the Securities Act by multiplying 0.00005580 by the
proposed maximum aggregate offering price (as computed in accordance with Rule 457 under the
Securities Act solely for the purpose of determining the registration fee of the securities
registered hereby).
(4)
Pursuant to Rule 457(p) under the Securities Act, the registration fee is offset by
registration fees previously paid by the Registrant with respect to unsold shares of Class A-2
Common Stock registered under the following Registration Statements on Form S-8, which the
Registrant is contemporaneously deregistering by post-effective amendment:
•
Registration No. 333-133650, filed April 28, 2006 with which registration fees of
$6,892.61 were paid with respect to 1,740,999 unsold shares.
•
Registration No. 333-156793, filed January 16, 2009 with which registration fees of
$2,755.32 were paid with respect to 3,000,000 unsold shares.
The unsold shares are shares which were not issued under the Amended and Restated HealthMarkets,
Inc. Agents' Total Ownership Plan (the "ATOP Plan"), the Amended and Restated HealthMarkets,
Inc. Agency Matching Total Ownership Plan (the "AMTOP Plan"), the Amended and Restated
HealthMarkets, Inc. Agents' Contribution to Equity Plan (the "ACE Plan"), and the Amended and
Restated HealthMarkets, Inc. Matching Agency Contribution Plan (the "MAC Plan" and, collectively
with the ATOP Plan, the AMTOP Plan and the ACE Plan, the "Prior Plans"). The Registrant
adopted, effective as of January 1, 2010, the HealthMarkets, Inc. InVest Stock Ownership Plan
(the "New Plan"), which will replace the Prior Plans. Under the terms of the New Plan, shares
which remained available for issuance under the Prior Plans are available for grant under the
New Plan. After giving effect to the carry forward of the previously paid registration fees for
the previously registered shares described above, no additional amounts with respect to the
registration fee applicable to this Registration Statement on Form S-8 are due.
The chart below details the calculation of the registration fee:
Offering
Number of
Price Per
Aggregate Offering
Securities
Shares
Share
Price
Shares of Class A-1 Common Stock
reserved for issuance under the
HealthMarkets, Inc. InVest Stock
Ownership Plan
2,000,000
$
19.95
$39,900,000.00
Shares of Class A-2 Common Stock
reserved for issuance under the
HealthMarkets, Inc. InVest Stock
Ownership Plan
6,500,000
$
19.95
$129,675,000.00
Proposed Maximum Aggregate Offering Price
$169,575,000.00
Registration Fee
$9,462.29
Registration Fee Offset
$9,647.93
Total
$0.00
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EX-5.1
EX-23.1
EX-99.1
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EXPLANATORY NOTE
On December 14, 2009, the board of directors of HealthMarkets, Inc. (the "Registrant")
approved the HealthMarkets, Inc. InVest Stock Ownership Plan (the "New Plan"), which replaced the
Amended and Restated HealthMarkets, Inc. Agents' Total Ownership Plan (the "ATOP Plan"), the
Amended and Restated HealthMarkets, Inc. Agency Matching Total Ownership Plan (the "AMTOP Plan"),
the Amended and Restated HealthMarkets, Inc. Agents' Contribution to Equity Plan (the "ACE Plan"),
and the Amended and Restated HealthMarkets, Inc. Matching Agency Contribution Plan (the "MAC Plan"
and, collectively with the ATOP Plan, the AMTOP Plan and the ACE Plan, the "Prior Plans").
This Registration Statement on Form S-8 relates to the registration of (i) 1,740,999 shares of
Class A-2 Common Stock previously registered on the Registration Statement on Form S-8 filed on
April 28, 2006 (File No. 333-133650) that may be issued under the New Plan, (ii) 3,000,000 shares
of Class A-2 Common Stock previously registered on the Registration Statement on Form S-8 filed on
January 16, 2009 (File No. 333-156793) that may be issued under the New Plan (collectively, with
the shares of Class A-2 Common Stock described in item (ii) above, the "Carryover Shares"), (iii)
1,759,001 additional shares of Class A-2 Common Stock that may be issued under the New Plan and
(iv) 2,000,000 shares of Class A-1 Common Stock that may be issued under the New Plan. None of the
Carryover Shares may be issued under any of the Prior Plans; such Carryover Shares may only be
issued, offered and sold under the New Plan.
In accordance with the principals set forth in interpretation 89 under Section G of the
Division of Corporation Finance's Manual of Publicly Available Telephone Interpretations dated July
1997 and Instruction E to the General Instructions of Form S-8, this Registration Statement on Form
S-8 carries forward the $9,647.93 aggregate registration fees previously paid with respect to the
Carryover Shares. The Company is filing post-effective amendments to the Registration Statement on
Form S-8 filed on April 28, 2006 (Registration No. 333-133650) and the Registration Statement on
Form S-8 filed on January 16, 2009 (Registration No. 333-156793) to deregister the Carryover Shares
contemporaneously with the filing of this Registration Statement.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
In accordance with Rule 428 under the Securities Act of 1933, as amended (the "Securities
Act"), and the note on Part I of Form S-8, the information specified in Part I of Form S-8 has been
omitted from the filing of this Registration Statement. The documents containing the information
specified in Part I of Form S-8 will be sent or given to participants as specified by Rule
428(b)(1) under the Securities Act. Such documents and the documents incorporated by reference in
this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken
together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents previously filed with the Securities and Exchange Commission (the
"Commission") by the Registrant pursuant to the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), are incorporated by reference in this Registration Statement:
(a)
Annual Report on Form 10-K for the fiscal year ended December 31, 2008;
(b)
Quarterly Reports on Form 10-Q for the quarterly periods ended March
31, 2009, June 30, 2009 and September 30, 2009;
(c)
Current Reports on Form 8-K, filed with the Commission on January 20,
2009, February 12, 2009, March 2, 2009, April 6, 2009, April 13, 2009, September 1,
2009, September 14, 2009 and November 20, 2009; and
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(d)
The description of the Registrant's Class A-2 Common Stock, par value
$0.01 per share, contained in the Registrant's Registration Statement on Form 8-A
filed on April 5, 2006.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference into this Registration Statement and to be part
hereof from the date of filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference
into this Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement, or
in any other subsequently filed document that also is or is deemed to be incorporated by reference
into this Registration Statement, modifies or supersedes such prior statement. Any statement
contained in this Registration Statement shall be deemed to be modified or superseded to the extent
that a statement contained in a subsequently filed document that is or is deemed to be incorporated
by reference into this Registration Statement modifies or supersedes such prior statement. Any
statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
Item 4. Description of Securities.
The Class A-1 Common Stock, par value $0.01 per share, is subject to the following terms:
Dividend Rights
The board of directors of the Registrant may, but is not obligated to, declare dividends at
its discretion. Before any dividends are paid on the Registrant's common stock, the holders
of any preferred stock that may be issued will be entitled to receive their dividends at the
rates provided for the shares of their series. Any dividends that may be declared on the
common stock will be paid in an equal amount for each share of Class A-1 and Class A-2
Common Stock. Restrictions on the payment of cash dividends may be imposed in connection
with future issuances of preferred stock and indebtedness by the Registrant. Any decisions
as to the payment of cash dividends will be made by the board in light of then current
conditions, including earnings, operations, capital requirements, liquidity, financial
condition, restrictions in financing arrangements and any other relevant factors as
determined by the board.
Voting Rights
Each outstanding share of Class A-1 Common Stock and Class A-2 Common Stock is entitled to
one vote per share on each matter submitted to a vote of the stockholders of the Registrant,
voting together as a single class. The affirmative vote of a majority of the common stock
present in person or by proxy and entitled to vote, voting as a single class, is required to
approve any act or action requiring a vote of the common stockholders.
Pursuant to Delaware law, any amendment to the charter also requires approval by the
affirmative vote of holders of a majority of the voting power of each affected class voting
separately as a class, in addition to the affirmative vote of holders of a majority of the
voting power of all classes of common stock, voting together as a single class.
Liquidation Rights
Upon the liquidation, dissolution or winding up of the Registrant, after payment of
creditors and any liquidation preference of preferred stock that may be issued, the
remaining net assets of the Registrant will be distributed pro rata to the holders of the
common stock.
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Transfer Restrictions
The holders of Class A-1 Common Stock have entered into a stockholders agreement (the
"Stockholders Agreement") which provides that shares of Class A-1 Common Stock may only be
transferred, and the holder may only agree to transfer shares of Class A-1 Common Stock, as
follows:
•
to the Registrant;
•
upon the death of the holder, pursuant to applicable laws of descent and
distribution;
•
for estate planning purposes, pursuant to a transfer to the holder's immediate
family, whether directly or indirectly by means of a trust or partnership or other
bona fide estate-planning vehicle the only beneficiaries of which the holder's
immediate family;
•
after an initial public offering of the Registrant (and subject to the
provisions of the registration rights and coordination agreement into which the
holders of Class A-1 Common Stock have entered) (an "IPO"), in a registered public
offering; pursuant to Rule 144 promulgated under the Securities Act; in a
distribution of shares by any affiliate of The Blackstone Group, Goldman Sachs
Capital Partners or DLJ Merchant Banking Partners (collectively, the "Private
Equity Investors") to its general or limited partners, members, managers or
shareholders; or with the approval of the Private Equity Investors holding a
majority of the shares held by the Private Equity Investors;
•
if (i) prior to an IPO, (1) a Private Equity Investor(s) holding a majority of
all shares of Class A-1 Common Stock held by the Private Equity Investors proposes
to transfer at least one percent (1%) of the outstanding shares of Class A-1 Common
Stock or (2) a Private Equity Investor(s) proposes to transfer at least five
percent (5%) of the outstanding shares of Class A-1 Common Stock or (ii) after an
IPO, a Private Equity Investor(s) proposes to transfer at least ten percent (10%)
of the outstanding shares of Class A-1 Common Stock, then the Private Equity
Investors not party to such proposed transfer may participate in such sale on a pro
rata basis. If the percentage of shares of Class A-1 Common Stock to be sold in
such proposed transfer exceeds fifty percent (50%) of the total shares of Class A-1
Common Stock outstanding, then all holders (including the Private Equity Investors)
may participate in such sale on a pro rata basis; and
•
pursuant to the provisions in "Required Sale of Shares" set forth below.
Required Sale of Shares
If the Private Equity Investors collectively own at least fifty percent (50%) of the
Registrant's outstanding Class A-1 Common Stock, and Private Equity Investors owning at
least thirty-five percent (35%) of the Registrant's Class A-1 Common Stock enter into a
definitive written agreement to sell shares of the Registrant's common stock to any third
party which, taking into account all shares to be transferred in this and all related
transactions, would result in the transfer of greater than fifty percent (50%) of the
outstanding common stock of the Registrant, then the selling affiliates will have the option
pursuant to the Stockholders Agreement to obligate each holder of Class A-1 Common Stock to
sell the same proportion of the holder's shares as is sold by the selling affiliates. Upon
the exercise of this required sale option, each holder of Class A-1 Common Stock will be
subject to the same terms as those applicable to shares held by the selling affiliates,
including, but not limited to, the obligation to have a portion of the purchase price held
back or held in escrow pending the satisfaction of any indemnity obligations.
Redemption Rights
The Registrant has the right, pursuant to the Stockholders Agreement, to purchase any and
all shares of Class A-1 Common Stock held by a Management Stockholder (as defined in the
Stockholders Agreement) upon such Management Stockholder's termination of employment with
the Registrant for any reason. The purchase price for such shares shall be the fair market
value of the shares as determined by the Registrant's board of directors pursuant to the
terms of the certificate of incorporation;
provided
, that in the event such termination of
employment is for Cause (as defined in the certificate of incorporation), then such purchase
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price shall be the lesser of (i) fair market value and (ii) the weighted average price per
share paid by such Management Stockholder.
Preemptive Rights
Pursuant to the Stockholders Agreement, subject to certain exceptions, including issuances
pursuant to any employee benefit plan, if the Registrant proposes to issue shares of Class
A-1 Common Stock or other equity securities, each holder of shares of Class A-1 Common Stock
shall have the right to elect to purchase, for the same price and on the same terms and
conditions as such proposed issuance, a number of such securities equal to the number of
securities proposed to be issued multiplied by a fraction, the numerator of which shall be
the number of shares of Class A-1 Common Stock owned by such holder, and the denominator of
which shall be the total number of shares of Class A-1 Common Stock outstanding prior to
such issuance.
Stock Exchange Listing
The Registrant's Class A-1 Common Stock is not listed on any stock exchange.
Item 5. Interests of Named Experts and Counsel.
The legality of the shares of Class A-1 and Class A-2 Common Stock of the Registrant to be
issued in connection with the New Plan is being passed upon for the
Registrant by Richard Bierman, Vice President and Associate General
Counsel of the Registrant. Mr. Bierman, as a participant in the
Second Amended and Restated HealthMarkets 2006 Management Option Plan, holds options to purchase shares of the Registrant's Class A-1 Common Stock.
Item 6. Indemnification of Directors and Officers.
Section 145(a) of the Delaware General Corporation Law (the "DGCL") provides that a
corporation may indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation) by
reason of the fact that such person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the person in connection with such action, suit or proceeding
if the person acted in good faith and in a manner the person reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Section 145(b) of the DGCL provides that a corporation may indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action or suit
by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
such person acted in any of the capacities set forth above, against expenses (including attorneys'
fees) actually and reasonably incurred by such person in connection with the defense or settlement
of such action or suit if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the corporation, except that no
indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation, unless and only to the extent that the
court in which such action or suit was brought shall determine that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the court shall deem proper.
Further subsections of DGCL Section 145 provide that:
•
to the extent a present or former director or officer of a corporation has been
successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in subsections (a) and (b) of Section 145 or in defense of any claim,
issue or matter therein, such person shall be indemnified against expenses
(including attorneys' fees) actually and reasonably incurred by such person in
connection therewith;
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•
the indemnification and advancement of expenses provided for pursuant to Section
145 shall not be deemed exclusive of any other rights to which those seeking
indemnification or advancement of expenses may be entitled under any bylaw,
agreement, vote of stockholders or disinterested directors or otherwise; and
•
the corporation shall have the power to purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against any liability asserted against such person and
incurred by such person in any such capacity, or arising out of such person's
status as such, whether or not the corporation would have the power to indemnify
such person against such liability under Section 145.
Article XI of the Registrant's certificate of incorporation (i) authorizes the indemnification
of directors and officers (the "Indemnitees") under specified circumstances to the fullest extent
authorized by the DGCL, (ii) provides for the advancement of expenses to the Indemnitees for
defending any proceedings related to the specified circumstances, (iii) gives the Indemnitees the
right to bring suit against the Company to enforce the foregoing rights to indemnification and
advancement of expenses, and (iv) authorizes the Company to maintain certain policies of insurance
to protect itself and any of its directors, officers or employees. The Registrant has an insurance
policy covering its directors and officers against certain personal liability, which may include
liabilities under the Securities Act.
Section 7.17 of the Stockholders Agreement provides for the indemnification of the Private
Equity Investors and each of their directors, officers, employees, shareholders, general partners,
limited partners, members, advisory directors, managing directors and affiliates (other than the
Registrant and its subsidiaries) against any and all losses, claims, damages or liabilities, and
expenses (including attorneys' fees) to which such person may be come subject to the extent such
losses, claims, damages or liabilities or expenses arise out of or are based upon the merger of
certain affiliates of the Private Equity Investors with and into the Registrant pursuant to the
Agreement and Plan of Merger, dated as of September 15, 2005.
The Registrant enters into employment agreements with certain of its executive officers and
consultants that provide indemnification to the fullest extent permitted by the DGCL (including a
payment of expenses in advance of final disposition of a proceeding). The employment agreements
provide that the relevant executives will be indemnified against all costs, charges and expenses
whatsoever incurred or sustained by such executive or his or her legal representatives at the time
such costs, charges and expenses are incurred or sustained, in connection with any action, suit or
proceeding to which the executive (or his or her legal representatives or other successors) may be
made a party by reason of his or her having accepted employment with the Registrant or by reason of
his or her being or having been a director, officer or employee of the Registrant, or any
subsidiary of the Registrant, or his serving or having served any other enterprise as a director,
officer or employee at the request of the Registrant. The relevant executive officers are also
entitled to the protection of any insurance policies that the Registrant elects to maintain for the
benefit of its directors and officers against such costs, charges and expenses. Such right to
indemnification continues without time limit for so long as the executive officer may be subject to
any such liability, whether or not the employment term for such executive may have ended.
The Registrant enters into indemnification agreements with each of its directors and officers.
Each indemnification agreement requires the Registrant to indemnify and hold harmless such
directors and officers against any and all damages, losses, liabilities, judgments, fines,
penalties, settlements and reasonable expenses (including attorneys' fees) incurred by the director
or officer in connection with investigating, defending, being a witness in or participating in
(including on appeal) any threatened, pending or completed action, suit or proceeding related to
the fact that such person is, was or has agreed to serve as a director or officer, or in a similar
capacity for any other entity at our request, or for anything done or not done by such director or
officer in any such capacity. These agreements include certain limitations on the Registrant's
obligations, particularly in situations in which such indemnification is prohibited or limited by
applicable law. These agreements also require the Registrant, subject to specific terms and
conditions, to advance expenses to the directors and officers incurred in connection with such
actions, and provide for the reimbursement to the Registrant if it is found that such director or
officer is not entitled to indemnification. The relevant directors and executive officers are also
entitled to the protection of any insurance policies that the Registrant elects to maintain for the
benefit of its directors and officers against such costs, charges and expenses.
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Certain of the Registrant's employee benefit plans provide indemnification of directors and
other agents against certain claims arising from administration of such plans.
Item 8. Exhibits.
4.1
Certificate of Incorporation of the Registrant (incorporated by reference to
Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended June
30, 2008).
4.2
Amended By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 to
the Registrant's Quarterly Report on Form 10-Q for the period ended June 30, 2008).
5.1
Opinion of Richard Bierman regarding legality of securities.
23.1
Consent of Independent Registered Public Accounting Firm—KPMG LLP.
23.2
Consent of Richard Bierman (included in Exhibit 5.1).
24.1
Power of Attorney (included on signature page).
99.1
HealthMarkets, Inc. InVest Stock Ownership Plan.
Item 9. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in
the information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20%
change in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;
Provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not
apply if the registration statement is on Form S-8, and the information required to
be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by reference
in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act to any
purchaser:
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(i)
If the registrant is relying on Rule 430B:
(A)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3)
shall be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and
(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2),
(b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the
purpose of providing the information required by Section 10(a) of the Securities
Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness
or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to
be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering
of such securities at that time shall be deemed to be the initial bona fide
offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a
document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such effective date, supersede
or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document
immediately prior to such effective date; or
(ii)
If the registrant is subject to Rule 430C, each prospectus filed pursuant to
Rule 424(b) as part of a registration statement relating to an offering, other than
registration statements relying on Rule 430B or other than prospectuses filed in
reliance on Rule 430A, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that
no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior
to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any
such document immediately prior to such date of first use.
(5)
That, for the purpose of determining liability of the registrant under the
Securities Act to any purchaser in the initial distribution of the securities: The
undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned registrant will be a seller to the purchaser and will be considered to offer
or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus relating to the offering prepared by or on
behalf of the undersigned registrant or used or referred to by the undersigned
registrant;
(iii)
The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the registrant's annual report pursuant to section
13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to
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section 15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of North Richland Hills, State of Texas, on December 15,
2009.
HEALTHMARKETS, INC.
By:
/s/ Steven P. Erwin
Name:
Steven P. Erwin
Title:
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Phillip J. Hildebrand and Steven P. Erwin, jointly and severally, as his or her true
and lawful attorney-in-fact and agent, acting alone, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully to all intents and purposes as he or she
might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on December 14, 2009.
Signature
Title
/s/ Phillip J. Hildebrand
Phillip J. Hildebrand
President and Chief Executive Officer
and Director (Principal Executive Officer)
/s/ Steven P. Erwin
Steven P. Erwin
Executive Vice President and Chief
Financial Officer
(Principal Financial Officer)
/s/ Connie Palacios
Connie Palacios
Vice President, Controller & Principal Accounting Officer
/s/ Chinh E. Chu
Chinh E. Chu
Chairman of the Board of Directors
/s/ Jason K. Giordano
Jason K. Giordano
Director
/s/ Adrian M. Jones
Adrian M. Jones
Director
/s/ Mural R. Josephson
Mural R. Josephson
Director
/s/ David K. McVeigh
David K. McVeigh
Director
/s/ Sumit Rajpal
Sumit Rajpal
Director
/s/ Steven J. Shulman
Steven J. Shulman
Director
/s/ Ryan M. Sprott
Ryan M. Sprott
Director
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EXHIBIT INDEX
Exhibit
Number
Description
4.1
Certificate of Incorporation of the Registrant (incorporated by reference to
Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the period ended
June 30, 2008).
4.2
Amended By-Laws of the Registrant (incorporated by reference to Exhibit 3.2
to the Registrant's Quarterly Report on Form 10-Q for the period ended June 30, 2008).
5.1
Opinion of Richard Bierman regarding legality of securities.
23.1
Consent of Independent Registered Public Accounting Firm—KPMG LLP.
23.2
Consent of Richard Bierman (included in Exhibit 5.1).
24.1
Power of Attorney (included on signature page).
99.1
HealthMarkets, Inc. InVest Stock Ownership Plan.