Many health insurance co-pays, deductibles, and co-insurance out-of-pocket expenses will rise again in 2016 as insurance companies and employers increasingly ask policyholders to pay more of their healthcare expenses. Combined Insurance, a leading provider of individual supplemental accident, disability, health, and life insurance products, and an ACE Group company, is encouraging people to take advantage of this year’s Open Enrollment period by carefully assessing their healthcare insurance coverage and considering supplemental insurance options.
Open enrollment is a time when millions of Americans make important health insurance decisions and can make changes in the plans they choose for the coming year. For those enrolled in a plan through their employer or a state or federal Affordable Care Act marketplace exchange, this year’s open enrollment is November 15 through January 31. Open enrollment for Medicare or Medicare Advantage plans began on October 15 and lasts until December 7.
Doug Abercrombie, SVP and Chief Agency Officer, at Combined Insurance explains, “As we learned late last month from The Washington Post, health insurance purchased through the Affordable Care Act increased 7.5 percent, on average. Many consumers, whether they are relying on health insurance provided by an ACA exchange, employer, or Medicare, are facing higher health insurance costs. This assessment can be critical to protecting an individual’s or family’s financial well-being. With benefits paid directly to policyholders, supplemental insurance can provide greater peace of mind by helping to bridge any coverage gaps that may exist.”
During open enrollment, Abercrombie recommends individuals take the time to review their current insurance to identify changes in premium costs and coverage compared to previous coverage, as well as changes in co-pays, deductibles, coinsurance amounts, and out-of-pocket limits. “Once policyholders have a clear understanding of what their primary insurance benefits cover, they can determine whether or not it would be beneficial to add supplemental insurance protection,” Abercrombie said.
How Supplemental Insurance Can Help
As its name implies, supplemental insurance complements existing major medical coverage. Benefits are paid directly to policyholders and can be used however they wish, including to help pay for uncovered or unreimbursed health insurance or medical expenses. It can also be used to pay for non-medical expenses often associated with serious illness or injury ‒ such as replacing lost income for time out of work and unforeseen costs, such as transportation, childcare, and household assistance.
Combined Insurance offers several types of supplemental insurance policies, each providing coverage for a particular illness, group of illnesses, injury, or life-changing event. Some of these include:
For more information on Combined Insurance supplemental insurance policies, please call 1-800-490-1322 or visit www.combinedinsurance.com.
About Combined Insurance Combined Insurance Company of America is a leading provider of individual supplemental accident, disability, health, and life insurance products and an ACE Group company. With a field sales force and corporate staff in excess of 5,000 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.
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About ACE 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.