Voluntary Hospital Indemnity and Supplemental Medical Products
Cost: $3,000; published 2022
Voluntary hospital indemnity and supplemental medical products continue to evolve to meet the needs of today’s employers and employees — filling gaps left by major medical coverage and providing a way to offset other out-of-pocket costs associated with increasingly popular high-deductible health plans and health savings accounts. Key issues for carriers in this market include ever-changing regulations, increasing numbers of carriers and products in the market, and the variety and amounts of benefits offered.
The 2022 Voluntary Hospital Indemnity and Supplemental Medical Products Spotlight™ Report examines the current voluntary hospital indemnity and supplemental medical products of leading carriers in the market. Specifically, the report looks at:
- Overall market/sales results and trends
- Product structure and benefits paid
- Product differentiation and positioning
- Underwriting guidelines
- Rates and commissions
- Claims problems, payment and integration practices
- Sales and product results
- Current challenges and future trends
With this data, carriers can evaluate their own products and strategies to determine if changes are needed to make their offering more competitive.
View Table of Contents
1. Executive Summary
A. Report Objectives
B. Methodology
C. Key Findings
2. Market Overview
A. The Overall Market
B. The Employer Perspective
C. The Employee Perspective
D. The Broker Perspective
E. Key Competitors
3. Product Details by Carrier
A. Product Structure and Specifics
1. Definition of Voluntary
2. Employer Contributions Allowed
3. Years Product on the Market and Last Revision
4. Product Platform
5. In-Hospital Confinement Benefits
6. Hospital Admission Benefit
7. Observation Benefits
8. Physician’s Benefit
9. Rehabilitation Facility Benefit
10.Outpatient Benefits
11. Intensive Care Benefit
12. Wellness, Screening or Preventative Benefits
13.Well Baby/Healthy Newborn Hospitalization Benefit
14. Other Benefits – Ambulance, Lodging/Transportation & Diagnostic Tests
15. Other Benefits – Prescription Drugs, ER/Urgent Care & Inpatient Surgery/Anesthesia
16. Other Additional Benefits
17. Pregnancy Waiting Period
18. Elimination Periods
19. Pre-Existing Exclusions
20. Coverage for Mental and Nervous Disorders
21. Coverage for Substance Abuse
22. Other Limitations or Exclusions
23. Policy Renewability
24. Coverage Termination
25. Benefit Reduction at Any Age
26. Other No-Cost Benefits/Value-Added Services
27. Additional Riders or Optional Benefits
28. Product Differentiators
29. Portability (Group Products)
30. Product Positioning
B. Underwriting
1. Account Eligibility Guidelines
2. Ineligible Accounts/Industries
3. Employee Eligibility Guidelines
4. Actively at Work Definition
5. Guaranteed Issue Guidelines
6. Simplified Issue Guidelines
7. Simplified Issue Questions
8. Other Simplified Issue Questions
9. Full Underwriting Guidelines
10. Open Enrollment Options
11. Late Entrants
12. Renewal Process
13. Utilization Reporting During Renewal Process
C. Rates
1. Published vs. Census Rates
2. Pricing Structure
3. Spouse and Dependent Child Coverage
4. Premium Rate Comparisons
D. Commissions
1. Writing-Level Commissions
E. Claims
1. Claims Problems
2. Average Speed of Claims Payment or Denial
3. Percent of Claims Denied
4. Current Loss Ratio Expectations
5. Claim Integration Practices
4. Product Results, Challenges and Future Trends
A. Product Results
1. 2021 Sales Results
2. Average Participation
3. Persistency/Retention
4. Profitability
5. Average Annual Premium per Employee
6. Typical Policyholder and Account Demographics
7. Most Common Plan Design
8. Takeovers vs. New/Virgin Cases
B. Challenges & Future Trends
1. Product Challenges
2. Current and Future Product Trends
3. Product Changes Due to Diversity, Equity & Inclusion Initiatives
4. Product Changes Due to Regulations
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Spotlight™ Report Index
For more information, please contact us at [email protected] or (860) 676-9633.