Here’s a rundown on the changes of keenest interest to insurance advisors...
Bedford Park, Illinois (PRWEB) December 17, 2012
United Security Life and Health Insurance Company (USL&H) defines how adding ancillary insurance coverage can help fill a gap and complement the major medical plan by providing additional coverage for policies that have high deductibles. Ancillary insurance coverage can protect the insured and their loved ones from extreme financial hardship.
“A well thought out ancillary package can help direct some of the premium dollars being saved with a high deductible health plan improve the overall quality of a benefit package,” shared Sandra Horn, President, USL&H. “The advantage of these programs is that the consumer can use the savings from choosing a less expensive health insurance plan to buy an ancillary product that fits their needs. USL&H has done a very good job at simplifying the management of these packages,” Horn concluded.
Many ancillary products such accident hospital indemnity and, dental, vision and hearing coverage do not require underwriting. As long as the applicant completes the application and make monthly payments they will receive coverage. Consumers are buying ancillary products because they provide first dollar coverage in a world where many people have high deductibles.
Horn outlines several beneficial ancillary products:
1. Dental Plus Vision and Hearing– Despite dental being the third most requested benefit in America, according to the National Association of Dental Plans, a growing segment of the market place have no coverage or are significantly underinsured. USL&H designed our Dental Plus Vision and Hearing policy with a low $50 policy year deductible. The plan provides up to $1200 benefit per policy year for dental, vision and hearing services. This product is available as a stand along policy but it qualifies for a 15% customer discount if purchased in conjunction with a major medical policy.
2. Accident Hospital Indemnity Insurance – Every year, there are about 119.2 million visits to a hospital emergency room for accidental injuries. Emergency room treatments, and hospital stays, can quickly add up to thousands of dollars in out of pocket expenses, especially for high deductible major medical plans. The typical Accident Hospital Indemnity Insurance plan will pay the insured if they go to the emergency room or are admitted to the hospital due to an accident. For example USL&H will pay the insured: $200 per day for up to 90 days if they are admitted to the hospital due to an accident, an additional $200 per day for up to 30 days if accident related hospitalization require a burn unit or intensive care and $150 per visit if the insured requires emergency treatment from an accident without an overnight stay.
3. Critical Illness - This product is especially valuable because it provides a set financial benefit if the insured is diagnosed with a catastrophic illness. For example, USL&H’s Critical Illness plan pays benefits when a policyholder is diagnosed with any of the following dreaded diseases: cancer, heart attack, stroke, and kidney failure and organ transplant. The full benefit is paid out upon diagnosis, with no restrictions on how the money is to be used. For an additional premium, applicants can choose the Extended Plan, which expands the coverage above to include paralysis, severe burns, and loss of sight, speech and hearing. In some states, a Return of Premium Option is also available.
4. Short Term Disability – According to the Council for Disability Awareness, 30% of employees across America will experience a disability before they retire. Everyone should ask themselves what they would do if they were to become disabled tomorrow and could not work for two or three months. Would they have enough savings to cover living expenses? Short term disability form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work.
About United Security Life and Health Insurance Company:
USL&H is a regional insurance carrier that offers a variety of Health and Life insurance products, as well as Disability Income, Critical Illness, Cancer, Accident Hospital Indemnity, and a Dental Plus Vision and Hearing product to individuals and families. Founded in 1973, USL&H is licensed to sell its products in Arizona, Arkansas, Illinois, Indiana and Missouri and Nebraska through a network of independent insurance agents. For more information on United Security Life and Health Insurance Company please visit the company’s website at http://www.uslandh.com.
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