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Why hospital indemnity plans are a “go-to” product

Many voluntary carriers are now offering hospital indemnity plans, meaning more competition and more product innovations

By Bonnie Brazzell and Nick Rockwell | March 25, 2020 at 10:53 AM
Chess board and pawn The latest versions of hospital indemnity plans have many options in both the specific benefits included in the plan and the benefit amounts. (Photo: Shutterstock)

In the 2019 BenefitsPRO/Eastbridge survey, brokers said that, increasingly, their “go-to” voluntary products are accident, critical illness and hospital indemnity, rather than just life and disability. But despite this finding, 72 percent of all employers do not offer a hospital indemnity/supplemental medical plan. Maybe more important, just 27 percent of employees currently own a hospital indemnity plan. That means 73 percent do not own it, but when asked about products they might like to purchase on a voluntary basis, 43 percent of those employees are interested in buying one.

Regardless of whether you are currently selling hospital indemnity plans to your cases, read on to see why you should and why you need to be sure your plan is up-to-date with the latest developments in the product.

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