Transcript Your way forward

Assurant Supplemental Coverage
Matt Krueger
Assurant Supplemental Coverage
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Supplemental individual plans
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Generally not subject to health care reform
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Fits well with major medical high deductible plans,
Assurant Health AccessSM or Short Term Medical
plans
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May also be sold as standalone
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Great paired with group medical
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Option for those who can’t afford major medical
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Every customer is a potential supplemental
customer!
Assurant Supplemental Coverage
Market Opportunity
• More than 49.9 million uninsured
(Source: U.S. Census, Sept. 2011)
– Segment of this group has resources and desire to purchase
supplemental products
• Paradigm shift in benefits
– More high deductible plans with the opportunity to help cover
gaps and out-of-pocket expenses
– Fewer employer-sponsored benefits
– Consumer has more control over spending health dollars and
wants the most value per dollar
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Assurant Supplemental Coverage
Consumer Insights
• Direct questioning was utilized to determine the likelihood to purchase
supplemental products (% of 6 and 7 scores on a 1-7 scale).
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Consumer Insights
• Focus Group results
– Consumers don’t really understand this space
– Agents really help in explaining solutions
• Email Marketing
– Successful test utilizing dental
– Halo effect
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Q4.
Thinking about the insurance plans you have evaluated in this survey, how likely would you be to purchase supplemental
insurance in order to provide additional coverage for the following?
One simple application!
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Assurant Supplemental Coverage
Dental
Dental Insurance
• Scheduled indemnity plan which pays a set amount, up
to the policy max, per procedure
• Customers can choose their own dentist — no network
restrictions!
• Simplified rates - no ZIP code or industry based rates
• Benefits available the next day for cleanings
• Coverage is portable
• Great breadth of ages 0 - 70
• No underwriting, only dental professionals are
prohibited
• 40% discount when sold with IM or Health Access!
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Assurant Supplemental Coverage
Dental Insurance
• 3 affordable options to fit every customers budget
• Preventive does not count toward calendar year max
Preventive
Separated by 150 days
Basic services
Major services
Calendar year
max
Standalone
Premium
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Basic Plan
(Level I)
Intermediate Plan
(Level II)
Plus Plan
(Level III)
$75 per visit
$100 per visit
$100 per visit
$25 - $200
based on procedure
$50 - $400
based on procedure
$50 - $400
based on procedure
None
None
$20 - $1,000
based on procedure
$500
$1,000
$1,500
$15.50
$26.50
$35 - $75
Assurant Supplemental Coverage
Assurant Supplemental Coverage - Dental
May 2012 Product Availability
Issue Ages 0-64
Issue Ages 0-70
No Dental Available
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Assurant Supplemental Coverage
Critical Illness
Term-life CI and Cancer & Heart/Stroke
Setting the Stage
• Critical Illness plans are for customers worried about
not having enough money to pay for a life-threatening
disease
• Will he or she have the money to cover medical and
non-medical costs?
Critical Illness benefits can help cover:
Medical costs
•Deductibles and
coinsurance
•Out-of-network costs
•Experimental
treatments
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Unforeseen costs
• Lost income
• Travel to hospitals
• Home adaptations
• Home health care
Assurant Supplemental Coverage
Everyday costs
• Mortgage/rent
• Car payments
• Utilities
• Food
Cancer and Heart/Stroke Overview
• Why Cancer & Heart/Stroke?
– More than 1.6 million U.S. residents will be diagnosed with
cancer this year (American Cancer Society, Facts and Figures 2012)
– Somebody in the U.S. has a heart attack every 34 seconds (Centers
for Disease Control and Prevention, Heart Disease Fact Sheet, 2010)
• 3 Pillars of the Product
– Simple
• Easy to understand plan design and underwriting process
• Save time and integrate plans with just one click — only from Assurant!
– Flexible
• Clients choose coverage for cancer only, heart/stroke only, or both
• Available age 18 – 64 and greater face amounts for bundling with IM or AHA
– Affordable
• Clients pay for only the conditions they worry about most
• Clients choose a benefit level ($10k to $75k) to suit their needs and budget
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Term Life - Critical Illness Overview
• Life policy with Critical Illness benefits
• Provides a one-time lump sum payment of up to
$100,000 upon diagnosis of any of 15 life threatening
conditions
• Policy term: 10 or 20 years
• Apply ages 18 - 59
• Features:
– Waiver of premium option
– Accidental Death Benefit option (not available in OH)
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Assurant Supplemental Coverage
Term Life - Critical Illness Plan Summary
• Rates
– Issue age (not attained) based, 18 through 59
– Preferred/standard based on tobacco use
• Waiting periods (vary by state)
– 90 days for cancer
– 30 days for all other sickness-related conditions
• Underwriting
– Critical Illness has its own self-standing application
– Each applicant will undergo an MIB and Rx check
– There are ineligible occupations and ineligible vocations which will
appear in the quoting tool
– Height/weight chart matches individual medical for ineligibles
Please read the coverage documents carefully for a complete listing of benefits, limitations and exclusions. Benefits
vary by state.
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Assurant Supplemental Coverage
The Good News
• The good news is that people are living longer and
more successfully combating critical illnesses
– The challenge is that the costs of fighting these diseases can be
costly — 60% of costs for fighting cancer may be non-medical*
– 33% of families deplete all or most of their savings in the event
of a critical illness**
• A lump sum payment helps cover the costs of treatment
because:
– The payment is made directly to the insured, who can spend
the money at his or her discretion
– Benefit is paid upon first diagnosis of condition
Source:
* American Cancer Society, 2008. Statistics do not imply endorsement.
** Market Facts, LIMRA, 2002.
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Assurant Supplemental Coverage
Assurant Supplemental Coverage – Critical Illness
May 2012 Product Availability
Term Life – CI and Cancer Heart Stroke
Term Life CI
No CI or Life Product Available
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Assurant Supplemental Coverage
Accident
Accident Fixed Benefit & Accident Medical Expense
The Need for Accident Insurance
In 2007, 62 percent of bankruptcies were
caused by medical debt.
The American Journal of Medicine
In 2008, there were 42.4 million injury-related
emergency room visits in the U.S.
U.S. Department of Health and Human Services, February 2011
In 2009, 21.4% of adults in the U.S. had an
emergency room visit.
U.S. Department of Health and Human Services, February 2011
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Assurant Supplemental Coverage
Accident Coverage Options in Summary
Accident Medical Expense
Accident Fixed Benefit
 Pays a set cash benefit for each
covered injury service that can be
used for any expenses
 Reimburses up to the chosen benefit
level ($2,500, $5,000, $7,500, $10,000)
for out-of-pocket medical expenses
 No deductible
 Low $250 deductible per accident
 Rates vary based on occupation
 Individual or family coverage rates
 customer chooses 24 hour coverage
or off-the-job coverage
 24-hour coverage included
 Simplified underwriting process
 Guaranteed issue – no medical
underwriting
 Available 18 - 64
 Available 0 - 64
 Great fit with Health Access!
 Great fit with Individual Medical!
Both accident plans also have these great features:
• No waiting period
• Use the accident benefits over and over without an annual maximum
• Rates will not be raised for using the plan multiple times
• Visit any doctor or hospital
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Assurant Supplemental Coverage
Accident Fixed Benefit – Key Benefits
Benefit Summary
Level 1
Level 2
Accident Emergency Treatment
(ER or doctor’s office)
$100 Adult/$50 Child
$100 Adult/$50 Child
Initial Accident Hospitalization
$1,000
$1,000
ICU Confinement
$500/day
$500/day
Accident Hospital Confinement
$250/day
$300/day
- Burns
Up to $2000 (2nd degree)/
$20,000 (3rd degree)
Up to $2500 (2nd degree)/
$25,000 (3rd degree)
- Coma
$15,000
$20,000
- Dislocation
Up to $1000/$4000
Up to $1250/$5000
- Fractures
Up to $3000/$4000
Up to $3750/$5000
$50-$800
$70-1000
Scheduled amounts up to $2000
Scheduled amounts up to $2500
$30,000 Adult/$15,000 Child
$50,000 Adult/$20,000 Child
Ambulance (ground/air)
$150/$1000
$200/$1500
Lodging
$100/night
$125/night
$200
$200
$100/day
$150/day
$25
$35
Accident Specific–Sum Injury
- Lacerations
- Surgical Repair
Accidental Death
Major Diagnostic Exams
Rehabilitation Unit
Accident Follow-up Treatment
Please read the coverage documents carefully for a complete listing of benefits, limitations and exclusions. Benefits
vary by state.
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Assurant Supplemental Coverage
Accident Medical Expense at a Glance
*Benefits may vary by state, see state specific benefit schedule for details
Plan Features & Coverage Details
Accident Reimbursement Levels
(per person, per accident)
$2,500 / $5,000 / $7,500 / $10,000
Deductible
$250 per accident/per person
Waiting Period
None
Calendar Year Maximum
None—benefits paid per accident
24-hour Coverage (on-the-job & off-the-job)
Yes
Accidental Death & Dismemberment
100% of AME benefit upon death; 25% to 100%
of AME benefit for dismemberment
(dependent on affected body part)
Plan Limitations
Ambulance Service Limitation
$300 per accident/person
Physical Medicine Limitation
$25 per visit up to $250 per accident/per person
Durable Medical Equipment Limitation
$100 per accident/per person
Please read the coverage documents carefully for a complete listing of benefits, limitations and exclusions. Benefits
vary by state.
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Assurant Supplemental Coverage
Customer Experience
• Renewable to age 75
• Cannot be canceled based on the number of claims filed
• Unique customer claims experience on integrated sales
– No EOB required (for IM or AHA customers)
– One of the few, if not only, companies that can deliver on
coordination of many claims
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Assurant Supplemental Coverage
Assurant Supplemental Coverage - Accident
February 2012 Product Availability
Accident Fixed Benefit Only
AME & Accident Fixed Benefit
No Accident Product Available
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