Combined Insurance Encourages Consideration Of Supplemental Insurance To Help Protect Against Rising Deductibles And Out-Of-Pocket Medical Costs
The Affordable Care Act’s (ACA) second round of open enrollment is underway now through February 15. As of July, an estimated 10.3 million uninsured Americans gained health care coverage under the ACA, according to a study by the New England Journal of Medicine. In addition, now is the time of year most employers hold open enrollment periods, allowing employees to make changes to their coverage.
Because open enrollment is a time when millions of Americans are making important health insurance decisions, Combined Insurance, a leading supplier of individual supplemental accident, disability, life and health insurance products, and an ACE Group company, recommends that people also consider supplemental insurance options.
Regardless of whether an individual has major medical insurance through his or her employer or through an ACA exchange, gaps in coverage still exist. And, health care co-pays, deductibles, and co-insurance out of pocket expenses are also continuing to rise as insurance companies and employers increasingly ask policyholders to pay more of the healthcare expenses.
That’s where supplemental insurance can help. Supplemental insurance, as its name implies, supplements existing coverage. Benefits are paid directly to policyholders and can be used to help pay for the extra non-medical expenses often associated with serious illness or injury, as well as co-pays, deductibles, and co-insurance costs.
“Despite strides in the number of Americans gaining major medical insurance coverage, too many families face significant financial hardship from out-of-pocket expenses associated with accident or illness,” says Jan Martin, vice president of product innovation for Combined Insurance. “Supplemental insurance is really just a separate insurance plan that adds to or ‘supplements’ the health or Medicare coverage you might already have. It provides extra protection and pays cash directly to the insured when it’s needed most.”
As part of the open enrollment process, Martin recommends individuals take the time to review their current coverage to identify:
- Shortfalls or gaps in insurance compared to previous coverage
- Changes in co-pay and/or deductible amounts
- Co-insurance percentage
- Adjustments in out-of-pocket limits
- Changes in premiums costs
“After individuals gain a thorough understanding of what their primary medical insurance benefits cover, and what they do not, they can determine the type of additional protection they need to fill in the gaps,” continues Martin. “Supplemental insurance provides a wide range of coverage options and price ranges, making it an affordable solution for added protection and peace of mind.”
As a leading supplemental insurance provider, Combined Insurance is rated A+ by the Better Business Bureau, as well as A.M. Best, one of the world’s top insurance rating and information firms. Combined Insurance also has been recognized for five consecutive years as a top performing life-health insurance company on Ward’s 50, a list of the top performing insurance companies that have achieved outstanding results in the areas of safety, consistency and financial performance over a five year period. In addition, the company ranks first on G.I. Jobs magazine’s list of top 100 military friendly employers.
About Combined Insurance
Combined Insurance (www.combinedinsurance.com.) is a leading provider of supplemental accident, health and life insurance products and is a member of the ACE Group of Companies. With a field sales force and corporate staff in excess of 10,000 people worldwide, Combined Insurance meets the growing coverage needs of policyholders around the globe. For more information, call 1-800-490-1322 or visit www.combinedinsurance.com.
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at http://www.acegroup.com.
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