Cut Costs Using Ancillary Insurance Products
What is the Ancillary craze all about? You might be asking. But, more than likely, your main concern is: How can I reduce Insurance premiums; why am I hearing so much about Ancillary benefits? The reason is, ancillary benefits, if implemented correctly, will help reduce health insurance premiums. If you are not familiar with the term 'ancillary benefits' in regards to health care, here is a simple explanation.
Ancillary is a supplementary or indemnity type of health insurance coverage used to cover medical expenses. A predetermined benefit is paid for services rendered for in-patient or out-patient hospital stays, which also may including diagnostic testing and doctor visits. Supplementary benefits can cover expenses such as medical supplies, like crutches, ambulance transportation and physical therapy.
These benefits are generally used to augment what your major medical policy does not or will not cover. Ancillary benefits are offered to help cover the out of pocket exposure associated with todays cost of healthcare. There are many forms of ancillary benefit plans from staright up one-time payout to those that use an estimated multiplier of day-to-day benefits provided by the hospital. For instance, a supplementary policy may cover 20-times this daily benefit.
Ancillary products like Colonial Life help reduce health care premiums and other costs?
On average, clients using Colonial ancillary products save about 20% on insurance premiums.
Colonial Life indemnity plans help with high deductibles.
Ancillary idemnities like Colonial Life pay cash directly to the policy holder to help with out-of-pocket costs.
Is there additional value to Colonial Life Ancillary products?
Employees can choose products and services they value and are willing to pay for.
When using Colonial Life enrollers (a no cost service) the enrollment/education process helps employees become better educated on their current benefits and the costs associated with benefits.
Colonial Life has several products and services that are free.
Employers can use the ancillary products to reduce the out-of-pocket exposure assoicated with high deductible plans.
Why do I need additional insurance?
Did you know that accidental accidents, including death, are increasing through the years even when adjusted for growth in population? Matter of fact, according to the Center for Disease Control and Pervention, the number of emergency department hospital visits for unintentional injuries was 31.0 million.
The U.S. Department of Health and Human Serivces states, "Nearly 1 in 3 American adults has hypertension, also known as high blood pressure. Only half have it under control putting them at greater risk of developing heart disease or stroke—two of the leading causes of death in the U.S." Often times hospital stays reveal the disease.
Additionally, The National Safety Council, based in the Chicago suburb of Itasca, estimates accidental deaths and injuries cost the nation $625.5 billion in 2005, including wage and productivity losses, medical expenses and motor vehicle damage. Moreover, it wouldn’t be a bad idea to compare auto insurance while you are looking into supplementary insurance to be sure you are getting the best rate.
Because of the multitude of unforeseen accidents and illnesses that can occur, Integrated Insurance Agency has joined with Colonial Life – to help America’s workers, including yourself, preserve and safeguard the critically important things you work so hard to build….your family and your home.
What can Integrated Insurance do for you?
Integrated Insurance Agency associates integrate carriers to give the the most coverage at the lowest rate.
Your local IIA Associate can explain in detail how this no-cost tool can reduce your health care premiums.
Your independent Integrated Insurance agent should be able to help you reduce your health care costs by about 20%.
Your IIA associate will advise you on the how to use ancillary products through Colonial Life to expand the benefit coverage and, at the same time, reduce the premium costs.
At Integrated we are an independent agency and work with multiple carriers always striving to work at making sure you have the best coverage at the lowest price. Many carriers offer free value added services to our clients. Give us a call at 888-823-1342, and see if you are getting the most out of your benefit package.
Associate focus of the Month
Troy Piper – “The Go to Guy”
Troy Piper is a long time resident of St. Clair County and has been in the auto industry for over 10 years. Though Troy specializes in the Property and Casualty aspect of insurance, he has an affinity for helping people with getting all their insurance needs handled.
As the 'Go to guy,' Troy personally makes sure his clients are well taken care of in every aspect of insurance.
REMINDER – Integrated Insurance Agency associates are always striving to provide the best service at the lowest rate. If you are not using Integrated Insurance, you’re paying too much for insurance!
We look forward to helping you wherever you live. We are continuing to expand, through the years, with offices in:
· Brighton, Michigan
· Novi, Michigan
· St. Clair Shores, Michigan
· Port Huron, Michigan
We are also growing in other states, such as, Nevada, Texas, Kentucky, Ohio and Indiana. with even more locations to come.
References:
www.cdc.gov
www.nsc.org
www.hhs.gov
