American Council of Life Insurers: New Federal Regulation Preserves Access to Supplemental Benefits Products
In a new rule unveiled today, federal regulators wisely maintained access to a financial planning option that safeguards families from the cost of uncovered medical expenses. The new rule also includes important disclosures that will help consumers better understand the financial products they are considering.
The Departments of
"The agencies took care in the final regulations to ensure they did not adversely affect supplemental benefits," said American Council of Life Insurers (ACLI) President and CEO
Supplemental benefit policies help people pay for health expenses not covered by primary medical insurance. They can reimburse policyholders for safety modifications to an apartment or home, transportation to a medical facility, co-pays and deductibles, and many other expenses normally paid for "out-of-pocket".
In a recent Morning Consult survey (https://www.acli.com/posting/nr24-030), 82 percent of women with children believe supplemental insurance benefits are valuable; 77 percent of those who are currently employed say that having the option to purchase this coverage through their employer is appealing.
"Supplemental benefits are important for middle-income families. Some 80 percent of adults (https://www.acli.com/posting/nr23-055) with annual incomes between
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Original text here: https://www.acli.com/posting/nr24-034
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