“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
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
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
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
USL&H is a regional insurance carrier that offers a variety of
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