Navigation Links
Leading Supplemental Insurer Recommends Insurance Review Following Annual Benefit Enrollment Period
Date:2/10/2009

Supplemental insurance can be option to fill gaps and offset rising employee-paid healthcare costs.

Chicago, IL (PRWEB) February 10, 2009 -- Now that most employers have completed their annual benefit enrollment period, Combined Insurance, a leading provider of supplemental insurance, recommends employees assess their insurance benefits and coverage to identify potential gaps in coverage due to changes in their employer-sponsored plans.

"The current economic environment drove many employers to reduce benefit plan options and to require employees to share more of the cost of their insurance benefits," says Becky Mills, vice president, research and development at Combined Insurance. "This creates the potential for people to be 'financially exposed' as their primary insurance benefits may not cover as much as they used to and their premiums, co-pays and out-of-pocket expenses may be higher. For people in this situation, supplemental insurance - also known as gap insurance - can be an attractive option."

Supplemental insurance is a separate insurance policy which provides benefits that can be used to add to or 'supplement' life and accident & health coverage and can provide additional benefits to help support workers faced with shrinking employer-paid healthcare and rising out-of-pocket costs.

Employers Offering Fewer Worker Health Care Plans

According to a recent New York Times article, "Employers Offer Workers Fewer Health Care Plans," while many employees are fortunate enough to have a job at a company that still offers health insurance benefits, the health plan could have a high annual deductible that is likely to be $1,100 or more for an individual and much higher for family coverage.

Other statistics show that prices will continue to rise. A recent survey by Watson Wyatt reports 46 percent of employers have raised employee contributions for health insurance benefits or plan to do so in the coming year.

Supplemental insurance can be a financial lifesaver

"If your employer has reduced sponsored benefits or increased your share of insurance benefits costs, you might want to consider a supplemental insurance plan that provides specified benefits that can help fill the gaps in your coverage or help offset additional out-of-pocket costs," states Mills. She recommends employees take the time to review their current coverage to identify:

  • Shortfalls or gaps in insurance compared to their previous coverage,
  • Changes in co-pay and/or deductible amounts and
  • Adjustments in out-of-pocket limits.

"With a solid understanding of what primary insurance benefits cover and what they don't, an employee can take the necessary steps to obtain supplemental insurance to ensure optimum protection," adds Mills.

"Supplemental insurance policies are available for a wide range of situations with an equally broad range of benefits in all price ranges," continues Mills. "We recommend contacting an insurance agent who can help identify available options."

About Combined Insurance Combined Insurance (www.combinedinsurance.com) is a leading provider of supplemental accident, health and life insurance products and is a member of The ACE Group of Companies. With a field sales force and corporate staff of nearly 9,000 people worldwide, Combined Insurance meets the growing coverage needs of policyholders around the globe. For more information, call 1-800-490-1322 or visit www.combinedinsurance.com.

About ACE
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), The ACE Group of Companies conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at http://www.acelimited.com/.

# # #

Read the full story at http://www.prweb.com/releases/CombinedInsurance/OpenEnrollment/prweb2003694.htm.


'/>"/>
Source: PRWeb
Copyright©2009 Vocus, Inc.
All rights reserved  

Related medicine news :

1. The ScottCare Corporation Completes Acquisition of Rozinn Electronics, a Leading Manufacturer of Cardiac Diagnostic Products
2. Omnicom Acquires Leading Healthcare Marketing Communications Firm in China
3. Leading Child Abuse Center Releases Back to School Tips to Protect Children From Internet Predators
4. Leading-edge body sensor could help produce sporting champions
5. Hospital Quality Info on Web Can Be Misleading
6. AT&T Establishes New Network Services for Leading Medical Liability Insurer
7. Video and Photo: Leading CEOs Launch Alliance With American Red Cross to Strengthen Nations Preparedness for Disasters
8. FDA Approves Expanded Labeling for Campath(R) to Include First-line Treatment for Leading Form of Adult Leukemia
9. Sentillion Positioned in Visionaries Quadrant in Leading Industry Analyst Firms User Provisioning Magic Quadrant
10. Leading Asthma and Allergy Author and Counselor Joins The HealthCentral Network As Expert
11. Long Term Care Insurance Gains Momentum Thanks to State Promotions, a Leading Brokerage Reports
Post Your Comments:
*Name:
*Comment:
*Email:
Related Image:
Leading Supplemental Insurer Recommends Insurance Review Following Annual Benefit Enrollment Period
(Date:5/26/2016)... ... 2016 , ... There are nearly 14.5 million people living with and beyond ... Sunday, June 5, 2016, communities around the world will gather to recognize these cancer ... Cancer Survivors Day® is an annual worldwide Celebration of Life that is held on ...
(Date:5/26/2016)... Los Angeles, CA (PRWEB) , ... May 26, 2016 , ... In an effort to ... Snapchat videos available to both Snapchat users and those who do not use the app. ... available on his new page, Dr. Mohebi Live . , Dr. Mohebi says, ...
(Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... North ... May 13 at Blackhorse Golf Club in Cypress. With the help of community partners, ... that restores, empowers, and renews hope for wounded service members and their families through ...
(Date:5/26/2016)... ... May 26, 2016 , ... Power Systems, a leading developer ... Instructor Certification Course in Stoughton, Massachusetts. The course was led by Power Systems’ ... 8 hour interactive course to qualify participants as certified PowerWave trainers. , ...
(Date:5/26/2016)... ... May 26, 2016 , ... The introduction of our professional athletes coincides with ... ™”. , “We are proud to introduce Meghan Klingenberg, defender and World ... Brian Quick, wide receiver for Los Angeles who was a second round selection in ...
Breaking Medicine News(10 mins):
(Date:5/25/2016)... , May 25, 2016  According to Kalorama ... $381 billion in 2015.  Though these are challenging ... of opportunity for success for companies that remain ... search of new growth prospects medical device companies ... research and development (R&D) than do companies in ...
(Date:5/25/2016)... 25, 2016 As illustrated by ... this month, the numbers and momentum of cannabis in ... into the billions, more research and development push the ... State of Legal Marijuana Markets Report  from from ArcView ... much of the increase in sector is attributed to ...
(Date:5/25/2016)... May 25, 2016 Digital Health Dialog, ... it by the US Patent and Trademark Office ... includes proprietary processes for electronic opt-­in and processing ... wellness programs, HIPAA compliance and otherwise. ... "Our technology allows for individuals ...
Breaking Medicine Technology: