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Supplemental Coverage is Getting Popular |
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Home - Disability Insurance - Supplemental Coverage is Getting Popular |
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Supplemental Coverage is Getting Popular |
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Because of recession, employers are now cutting back employee benefits which cause insurance gaps. Many companies are now offering voluntary supplemental coverage that the employees can opt for against a monthly deduction of $10 to $50 from the salary. And, this supplemental coverage is getting popular among the employees. The beneficial coverage may include;
Since, the economy is down and the employers are raising deductibles and cutting insurance benefits, supplemental coverage is getting popular. Aflac Incorporated, Columbus, GA is the most popular provider of supplemental voluntary insurance coverage. The company's financial report supports the fact that the supplemental coverage is getting popular and becoming lucrative to the providers. Dental insurance, disability and supplemental term-life insurance are on higher demand. Supplemental term-life insurance and supplemental disability coverage are bought since they are portable and perfect to cover insurance gaps. Accident, critical illness, hospital and cancer indemnity insurance are also on demand since these are not covered by conventional health insurance like rehabilitation, private nursing as well as outpatient and inpatient expenses, prescription drugs and child care. Moreover, the insurance payments help covering a family's basic expenses. These days, medical expenses are becoming the key contributor to the bankruptcy. And, basic medical insurance is good for paying hospitals and doctors; while supplemental health coverage is good for covering living expenses like house payments and car payments. Supplemental coverage is getting popular among middle income group. People belong to this group can pay only some bucks from their salary for extra coverage. Females are more likely to buy supplemental coverage. People from higher-paid community are less likely to purchase insurance since they are able to afford deductibles. Brokerage for selling supplemental coverage to the businesses can be over 50%. The commission or brokerage is split between the agent and enrollment firm. Previously, companies with hourly employees in sectors like hospitals and manufacturing offered such supplemental coverage; but now companies with upscale workers are also interested in offering supplemental insurance. Supplemental coverage is getting popular in blue collar market, too. Even the high-salaried employees with HSA might have up to $16,000 in out-of-pocket expenses for an accident or a critical illness. Highly paid employees, especially who live in highly populated cities may want to pay even $300 every year for the accident-disability supplemental coverage. Elderly employees with the family history of cardiac diseases or cancer are also interested in such supplemental insurance coverage like critical illness and cancer indemnity. Along with Aflac, there are a number of insurance companies like Trustmark, ING and UNUM which also provide supplemental insurance coverage. However, before opting for a company that offers supplemental coverage, it's very important reviewing its Standard & Poor and A.M.Best's financial strength ratings. It's also important to think about how many should sign up for a plan before the insurance company will provide coverage and the quantity of “guaranteed issue policies” or the coverage that does not need any medical underwriting. However, most of the guaranteed issue policies that are created for a particular reason have smaller face value. Even though, some of the companies provide a critical illness indemnity with guaranteed issue of 5,000 USD, but others provide 10,000 USD as guaranteed issue. |
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