Voluntary Hospital Indemnity Plans

Cost: $3,000; published 2017

Voluntary hospital indemnity and supplemental medical products have experienced significant change since the Affordable Care Act went into effect a few years ago. While this portion of the voluntary market used to be dominated by mini-med and gap plans, hospital indemnity and supplemental medical plans have evolved to meet the needs of today’s employers and employees. These newer products continue to fill gaps left by major medical coverage, but also give customers a way to better offset the out-of-pocket costs associated with higher deductible health plans and HSAs.

The 2017 Voluntary Hospital Indemnity Plans Spotlightâ„¢ Report examine the current voluntary hospital indemnity and supplemental medical products of leading carriers in the market. Specifically, the report looks at:

  • Market results and trends
  • Product structure and benefit paid
  • Product differentiation and positioning
  • Underwriting guidelines
  • Costs and commissions
  • Sales results, challenges and future trends

The report is designed to help carriers better understand the current versions of these products and how their product “stacks up” against the competition.

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

2. Market Overview

A. Overall Voluntary Hospital Indemnity/Supplemental Medical Market

B. Employer Perspective

C. Employee Perspective

D. Key Competitors

3. Product Details by Carrier

A. Product Structure and Specifics

1. Definition of Voluntary for Hospital Indemnity/Supplemental Medical Products

2. Percent of Groups with Employer Contributions

3. Product Platform

4. In-Hospital Benefits

5. Hospital Admissions Benefit

6. Outpatient Benefits

7. Physician’s Benefit

8. Intensive Care Benefit

9. Screening or Preventative Benefits

10. Other Benefits

11. Non-Traditional Plan Structures

12. Elimination Periods

13. Pre-Existing Exclusions

14. Coverage for Mental and Nervous Disorders

15. Other Exclusions

16. Renewability

17. Coverage Termination

18. Benefit Reductions

19. Other No-Cost Benefits/Value-Added Services

20. Other Benefits or Riders

21. Differentiators

22. Group Product Profitability

23. Positioning

B. Underwriting

1. Account Eligibility Guidelines

2. Ineligible Accounts/Industries

3. Employee Eligibility Guidelines

4. Guaranteed Issue Guidelines

5. Simplified Issue Guidelines

6. Full Underwriting Guidelines

7. Open Enrollment Options

8. Late Entrants

9. Renewal Process

C. Costs and Commissions

1. Published vs. Census Rates

2. Pricing Structure

3. Spouse and Dependent Coverage

4. Premium Rate Comparisons

5. Writing-Level Commissions

4. Results, Challenges and Future Trends

A. Competition and 2016 Results

1. VSTD Sales for 2016

2. Average Participation Percentage

3. Persistency/Retention

4. Claims

5. Profitability

6. Average Annual Premium per Employee

7. Typical Policyholder and Account Demographics

8. Most Common Plan Design

9. Takeovers vs. Virgin Cases

B. Challenges & Future Trends

1. Product Challenges

2. Product Trends

3. Product Changes Due to ACA




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