Eastbridge’s 2017 Voluntary Hospital Indemnity and Supplemental Medical Products Spotlight™ Report found the majority of participating carriers experienced significant sales growth in their hospital indemnity/ supplemental medical product line compared to their 2015 sales numbers, with many showing double-digit increases. According to Eastbridge’s 2016 U.S. Voluntary/Worksite Sales Report, total hospital indemnity/supplemental medical sales were $622 million (up 16% relative to 2015) and accounted for almost eight percent of all voluntary sales in 2016. At both a carrier and market level, sales look strong.
Voluntary hospital indemnity/supplemental medical products are in demand by employers as evidence by their top ranking on a list amongst employers interested in offering new voluntary products currently not available. In Eastbridge’s 2016 MarketVision: The Employer Viewpoint study, one-third (32 percent) offer hospital indemnity/supplemental medical coverage to their employees. As the healthcare landscape continues to change, the latest versions of these products help employees cover out-of-pockets cost from high deductible health plans and fill gaps from major medical coverage.
The Spotlight™ Report helps carriers better understand the competitive landscape around today’s voluntary hospital indemnity/supplemental medical plans sold at the worksite. Following are a few findings from the report:
The 2017 Voluntary Hospital Indemnity and Supplemental Medical Products Spotlight™ Report includes data from 21 voluntary hospital indemnity/supplemental medical products of 18 carriers active in the market. Topics covered in the report include product structure and benefits, scope of coverage and portability, rates and commissions, underwriting and claims, competition and results and future trends.
Voluntary Hospital Indemnity and Supplemental Medical Products, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.