Did you know Hospital Indemnity is currently one of the fasting growing products in the voluntary market? A recent LIMRA study reported sales jumping 12% year-over-year, with industry experts correlating the growth to a variety of outside factors: rising costs of hospital-related services due to inflation; the lack of savings most Americans have at their disposal; and/or the increased awareness and possibility of hospitalizations resulting from the COVID-19 pandemic.
Whatever the reason, Hospital Indemnity products are seeing a steep growth in popularity. Historically, hospital indemnity policies have offered a standard cash benefit for covered hospital-related expenses, but new products are driving innovating new coverages, both inside and outside hospital walls.
For example, BCS’s EssentialCare Group Hospital Indemnity features up to 39 different benefit types, including coverages outside of hospital confinement such as mental health and nursing facilities, and support service coverages such as wellness, dependent adult and child care and more. The modular, adaptable plan designs can be tailored to complement client need and underlying major medical and HSA compatibility.
For more information about how Plans and brokers can offer this exciting coverage, contact Carmen Freeman at [email protected] or Bobby Jann at [email protected].
