Ancillary Health Insurance
Ancillary health insurance coverage can provide an additional layer of protection for those who need it. Unfortunately, most health care plans do not cover every need a client has. Ancillary health products address gaps in coverage and offer additional benefits not included in a primary insurance policy.
Ancillary products include things such as, dental and vision, home health care as well as life products. These plans provide a diverse array of coverage options. Beneficiaries can find coverage options tailored to meet their healthcare needs. In this post we will go over some ancillary health coverage options and why it is a good idea to contract to offer them.
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Dental & Vision Insurance
One of the most requested ancillary health products is dental insurance. Regular dental care, including check-ups, cleanings, fillings, and major procedures such as; root canals and crowns, are not usually covered by standard health plans. In most cases, when these benefits are are included in a Medicare Advantage plan, the coverage is minimum at best. This leaves the client with a huge bill if they require dental care beyond cleanings. Dental insurance can offset the cost of these services, especially when beneficiaries use an in-network provider. Dental coverage makes it possible for individuals to maintain good oral health without financial burdens.
Vision insurance works similar to dental insurance. It covers routine eye care services such as, routine exams, prescription glasses, and contact lenses. Because many individuals need vision correction and regular eye exams to maintain good vision health. Vision insurance makes these services more accessible and affordable.
Long-Term & Short -Term Care Insurance
Long-term care insurance helps cover the costs associated with extended care services, such as nursing home care, assisted living facilities, and in-home healthcare. Medicare Supplement and Medicare Advantage plans provide limited coverage for long-term care, making long-term care insurance essential for individuals concerned about potential future care needs. Long-term care insurance policies vary in coverage options, benefit amounts, and eligibility criteria.
Learn more about short-term vs long-term care coverage
Short-term care insurance is very similar to long-term care in what it covers. The real differences are in the amount of time the policies cover. These policies cover care for a period of 1 year or less depending on the coverage option each beneficiary chooses. It is also much easier to qualify for coverage, there are no waiting periods, and the cost is much more affordable than a long-term care policy.
Cancer, Heart Attack & Stroke Insurance
If an individual is diagnosed with cancer or had a heart attack or a stroke, they already have enough to worry about, they do not need to add paying bills to that list. When it comes to the costs associated with Cancer, Heart Attack and Stroke, insurance that provides coverage for these conditions takes that concern away so beneficiaries can focus on recovery.
Once a beneficiary is diagnosed with any of these conditions, this coverage provides a lump-sum benefit amount. Beneficiaries receive payment in addition to other health coverage you already have. The amount of the benefit depends on the plan purchased and provides a benefit of up to $50,000. More than half the costs incurred with cancer can be non-medical. Patients may need help paying bills if they or a spouse is unable to work. The coverage may also provide financial assistance to receive out of network care with other providers.
Critical Illness Insurance
Critical illness insurance provides a lump-sum payment in the event of a serious illness or medical condition covered by the policy. This coverage helps individuals manage expenses not covered by their primary health insurance, such as lost income, medical bills, and additional caregiving costs. Critical illness insurance offers financial protection and peace of mind during challenging times, allowing individuals to focus on their recovery without financial strain.
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Accident Insurance
Because accidents are unpredictable, it is not easy to guess if or when you need the coverage. Accident insurance is beneficial for anyone who lives an active lifestyle which can increase the possibility of an accident. When this happens, you may lose pay due to injury especially if you are not eligible for workers compensation. Accident insurance can help cover costs beneficiaries incur from medical treatments, injuries, hospitalizations, accidental death, dismemberment, or other loss.
Hospital Indemnity
Although accident insurance is a good choice to cover an emergency room visit, hospital indemnity insurance provides another option to cover costs if the beneficiary requires an extended hospital stay or several visits for rehabilitation or other care. Once the beneficiary receives acre, they can submit a claim and, if it is valid, they receive a payment.
Click here to learn more about hospital indemnity plans
Disability Insurance
If a beneficiary is injured and it results in a covered disability, this insurance provides either short-term or long-term protection. The amount of coverage, like other plans depends on what the beneficiary chooses. This coverage gives the beneficiary a way to avoid the financial stress that comes from not being able to work. Beneficiaries may receive weekly payments for three months up to a year, depending on the policy. Get more information on disability insurance and what it covers.
Final Expense Insurance
Due to the high cost of funerals, many people choose to purchase a Final expense plan. This can alleviate at least some of the stress that comes from losing a loved one. A Final Expense plan can provide financial relief for your client’s family. Crowe and Associates’ agents have access to contracts with several top final expense carriers who offer level, graded and guaranteed issue types of plans. in all 50 states. A few of the carriers we are contracted with are: AIG, Foresters, Mutual of Omaha, TransAmerica, Cigna, Baltimore Life, Columbian Life, Royal Neighbors, and Gerber. Learn more about Final Expense plans.
Life Insurance
Although some employers offer life insurance coverage, the benefits usually rely on your employment. In the event a beneficiary loses a job or stops working, they may opt to add a supplemental life plan. There are many choices of life insurance, including term life insurance, whole life insurance and universal life insurance.
There are a wide variety of ancillary coverage options. Each individual has their own needs. A professional insurance agent can provide several options within a client’s budget tailored to supplement primary healthcare coverage. Adding ancillary products is a great way agents can add a steady stream of revenue to their business. Agents can add these products to their existing client’s coverage and both agent and client benefits.