*US Healthcare costs are rising faster than inflation
(Forbes 2015)
*Health care is the No. 1 cause of bankruptcy filings, over credit card balance/mortgages (NerdWallet, 2015)
*Only 50% of households above the poverty level could cover out-of-pocket maximum of $3000-$6000 (Kaiser Family Foundation, 2015)
*Deductibles have climbed from $900 per year in 2010 to more than $1,300 for an individual in 2015. One in five workers has a deductible of $2,000 or more (Kaiser Family Foundation, 2015)
*Employees' average annual out-of-pocket expenses have grown, from $1,515.00 in 2012 to $2,433 in 2016 (AON 2016)
Cost saving solutions
*Improving employee health: Wellness, Disease management, Absence management
*Reducing health costs: Limited Medical/Hospital Indemnity plans + HSAs
*The time is right for new solutions
About Hospital Indemnity
*What is it?
*What's typically covered, what's not?
*How it works?
*What's the cost impact?
-Plan savings for plan sponsors/employers
*HSAs compatibility with certain Hosp Indemnity benefits
*Product differentiation among carriers
*Benefits of Hosp Indemnity to brokers:
-Diversifies the market
-Potential for increasing revenues
-ACA excepted benefit
*Who is a good prospect for Hospital Indemnity
*Do you do it yourself or pick a partner?