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As an insurance agent, you understand there is no insurance that covers every possible scenario life throws at your clients. Protecting clients from coverage gaps is essential. Gaps in insurance coverage can leave individuals vulnerable to unexpected financial burdens. No matter what type of insurance you offer, it is important that you understand and address these gaps. This is crucial for your client’s peace of mind and financial security.

Learn how ancillary product sales can protect your client’s assets.

Identify the coverage gaps

The first step in addressing coverage gaps is to identify them. This requires agents to review existing insurance policies and assess any potential financial risks. Below are a few common scenarios where coverage gaps can cause issues.

Underinsurance

In some cases, the coverage limits of a plan are insufficient to fully protect your client in the event of a major illness or accident. This can cause financial liability.

Exclusions

Health policies exclude specific conditions and or circumstances. This leaves enrollees without protection in some situations.

The client’s needs change

When there is a change in an individual’s life, such as marriage, the birth of a child, a death or the loss of a source of income, your clients may need to rethink their insurance coverage choices. They may want to add a life policy, long or short-term care policy, some other policy type or change coverage amounts.

Gaps Between Policies

In some instances, there are overlaps or gaps between different insurance policies that leave clients exposed to financial risks. If the client has a long-term care policy, they may need to add a short-term policy, or another specific plan designed to provide financial assistance during the waiting period imposed by their long-term care policy.

Strategies to Protect Clients from Coverage Gaps

Once you identify the gaps in coverage, it’s time to take action. Here are a few strategies agents should consider.

Agents should prepare a potential “menu” of policy types that can be used together to meet specific coverage needs not met by traditional health care policies. Good, better and best bundles are a good idea to have ready to show clients so they can find the best options for their budget. Each bundle can include a few product choices that fill a specific need such as dental, vision and hearing, cancer heart attack & stroke, final expense, disability or critical illness.

Review and update coverage

If you are an effective agent, it is a good idea to regularly check your client’s insurance coverage to ensure their needs are still met in a comprehensive and affordable way. This is a good way to avoid coverage gaps and update limits.

Find out what we offer our agents, click here

Bundle Policies

Many insurance providers offer discounts when an enrollee bundles multiple insurance policies. This can help ensure comprehensive coverage as well as fill gaps between different types of insurance.

Supplemental Insurance

Supplemental insurance policies cover specific risks not adequately addressed by your primary policies. For example, a cancer policy provides coverage for expenses and treatments beyond what is offered by your health policy. Specialty policies can provide coverage for specific conditions clients may have a chance of being diagnosed with.

Insurance professionals provide viable options and advice

Because navigating insurance coverage can be complex, a licensed professional can provide affordable options and explain coverage details that a client might miss. They can help identify potential coverage gaps, recommend appropriate ancillary policies, and ensure clients have the protection they need for their own unique situation.

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In most instances, medical expenses are unexpected. That is why Aetna ancillary products are a great way to help beneficiaries cover out-of-pocket costs and avoid the financial stress of a large expense. Because Medicare beneficiaries have individual needs, Aetna gives agents a way to provide personalized coverage options that fit their healthcare needs and budget. Aetna’s ancillary products are available in 45 states. Plan options include dental, vision & hearing, life products as well as cancer, heart attack or stroke, hospital, home and skilled nursing care.

Please note; the information in this post provides a brief product description and is for use by licensed healthcare agents. For product availability or details, contact our office.

Existing Crowe agents who want to add Aetna Ancillary products to their contract; click here.

If you are anew agent and want to join our team; click here for online contract

Dental, Vision & Hearing

There are 2 different plan options in Aetna’s Protection Series. There is the Dental, Vision & Hearing or Dental, Vision & Hearing Plus plans. Either plan option is available to individuals ages 18-89 who are located in plan’s service area. Plan benefits start at $1,000 and goes up as high as $5,000 (where applicable). Both plans provide in and out of network coverage and include a $100 per policy deductible. Benefits are paid to the insured unless assigned to the provider.

Final Expense whole life

Aetna offers a two different final expense whole life options. They have plans through Accendo Insurance Company as well as Continental Life Insurance. Issue ages range from 40-89, depending on the policy choice. Face amounts for each policy range from $2,000 to $50,000. The maximum amount of each policy depends on several factors including the age of the applicant. Riders are available on some plans.

Cancer Heart Attack or Stroke

The issue ages for Cancer, Heart Attack or Stroke policies is ranges from 18-89 with benefit amounts of $5,000 up to $75,000. Insured may opt for several plan choices including; cancer, cancer with recurrence benefit, heart attack or heart attack with recurrence benefit. The enrollee can choose different plan types and benefit amounts. The lump sum benefit is paid directly to either the insured or a designated beneficiary.

Watch our YouTube video on the importance of ancillary product sales

Hospital Indemnity

Hospital indemnity Flex is the plan Aetna offers as part of it’s Protection Series. Issue ages for this coverage ranges from 18-89. The benefits of this coverage include up to: $4,000 hospital admission, $1,000 per day hospital stay. Optional benefits include; $500 day skilled nursing facility care, $3,000 outpatient surgical benefit, $600 emergency room visit or ambulance service as well as $250 outpatient rehab and much more. These benefits pay directly to the insured unless assigned to a provider.

Recovery Care

The issue ages for Recovery Care plans is between 50-89. Plans pay indemnity benefits up to $400 daily for either a hospital or nursing facility. This includes assisted living facilities. A rider of $1,200 weekly is available. Benefits pay either directly to the insured or can be assigned to a provider.

Home Care

Home Care Plus coverage is available to anyone ages 50-89. Plans offer benefit amounts up to $1,500 weekly or a daily benefit of up to $400. Optional benefits include; lump sum cancer, hospital emergency room or ambulance service. This plan pays benefits directly to the insured or may be assigned to a provider.

Please note; agents should check product availability in a specific area before proceeding with any sales quotes.

If you are a client and need assistance choosing a plan, please contact our office either by email teal@croweandassociates.com or by phone 203-796-5403.

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If you are a licensed health agent, you should consider adding GTL Ancillary Products to your offerings. GTL offers several product choices in most states.

GTL Supplemental Health Products- click here and see what’s available

Learn the benefits of adding ancillary health products to your sales.

Here are some of the products that GTL offers to individuals:

Important; product availability varies by state. If you want to check what’s available in your area;

click here for GTL product state approval lists.

Hospital Indemnity

GTL offers Advantage Plus Elite Hospital Confinement Indemnity Insurance to help with the expenses associated with a stay in the hospital such as co-pays, deductibles and other out-of-pocket expenses not covered by a health insurance plan. Medical costs can quickly add up and beneficiaries can use the cash benefit any way they like.

Beneficiaries receive a cash benefit if they are confined to a hospital or receive any other covered care. The Advantage Plus Elite plan pays between $100 and $750 per day. The amount depends on the plan selected. Plans provide coverage for a period of either 3-10 or 15 days The benefit period resets when the beneficiary is out of the hospital for 60 days. There are also plan options that offer a 1-day benefit period with a $2,500 daily benefit amount.

Click here for Crowe online contract and add GTL to your products.

Already a Crowe agent and want to add GTL – Click here

Cancer Insurance

Precision Care Cancer Insurance helps policyholders who are diagnosed with cancer access advanced treatments that may not be covered by insurance. Precision Care lets policyholders access TGen’s world class Cancer Physicians and their cutting-edge genomic sequencing services. It also provides cash to pay for the services and the specialized cancer treatments. Learn more about Precision Care, just go to: outsmartmycancer.com.

If the beneficiary is diagnosed with cancer, TGen (the Transitional Genomics Research Institute) an affiliate of City of Hope nonprofit medical research institute receives a biopsy of the tumor, and the DNA is sequenced in TGen’s lab. Once this is done, doctors use the findings to suggest treatments that have been used to target the same mutations. For more information about TGen, visit www.tgen.org.

Cancer Heart Attack & Stroke Insurance

GTL also offers Cancer, Heart Attack and Stroke Insurance that provides beneficiaries a lump-sum benefit amount paid directly to them regardless of other health coverage they may have upon diagnosis of cancer or if they suffer either a heart attack or stroke. The amount of the benefit can range to as much as $50,000 for any of the covered diagnoses. The amount depends on the coverage chosen at the time of enrollment.

Short-Term Care Insurance

Recover Cash is short-term care insurance that GTL offers to provide coverage for several care options. Options include assisted living facilities, nursing homes, or in the enrollee’s home. Because there are gaps in health insurance coverage, Recover Cash provides a way to pay out-of-pocket expenses. Policyholders have access to TCARE’s Family Caregiver Concierge Services. This service provides support to caregivers to help prevent burnout. Policyholders receive this cash benefit directly and can use it any way they like.

GTL helps with both financial support and family caregiver support from TCARE. This helps the beneficiary and their family member through a difficult time.

Short-Term Home Health Care Insurance

Short-Term Home Health Care Insurance helps cover deductibles and co-pays for home health care services. The policy offers several riders to choose from as well as a Short-Term Home Health Care Aide Benefit and a Prescription Drug Benefit.

GTL’s Short-Term Home Health Care Insurance pays a daily benefit for many types of home health care services. Benefit amounts depend on the plan selected. There is a maximum benefit period of 360 days. A Licensed health care provider must certify the cognitive impairment or inability to perform at least two of the six activities of daily living (bathing, dressing, eating, continence, toileting or transferring) without substantial assistance.

Critical Illness Insurance

Critical Provider Plus is critical illness insurance that helps alleviate the financial hardships that come with a critical illness or accident. Coverage options range from $10,000 up to $100,000. The coverage pays up to two times for two separate critical illnesses. GTL issues policies to anyone from age 18 to 64. Lifetime maximum benefit amounts are between $25,000 and $250,000.

Please note: the information in this post is for use by licensed insurance agents only and is not intended for use by consumers. If you are looking for an agent to assist with the purchase of one of the GTL products, please contact our office either by email at teal@croweandassocites.com or by phone 203-796-5403.