It’s imperative to connect with your clients throughout the year if you want to retain them through the next open enrollment period. But what if your off-season outreach could yield you an additional sale?

Enter ancillary products.

These products can be sold year-round, which gives you the perfect opportunity to build value for your clients – and your business – with each and every outreach you make.

Let’s spend a few moments talking about some of the most common products and which clients they are good fits for.

Hospital indemnity

Who: These products fit best for clients enrolling in zero-or-low premium Medicare Advantage plans. However, both of our partner carriers, Wellabee® and Guarantee Trust Life, will issue single policies to anyone aged 18-85.

What: The base benefits on these plans are best used when designed as a dollar-for-dollar and day-for-day match to your client’s Medicare Advantage inpatient hospital copays. Additional riders can add coverage for ambulance trips, outpatient therapy and lump sum payments for the first diagnosis of any type of cancer.

Why: For a yearly premium that costs less than even the shortest of hospital stays, your clients are made whole for any time they spend in the hospital. They can use the lump-sum payout from the base policy to offset their copay, or for any other purpose they see fit. Some clients will use this to pay for a loved one’s transportation to assist with post-discharge care – others use it to pay for a vacation after the business of recovering is done.

Critical illness

Who: These policies are a great fit for your clients with risk factors for dread diseases – heart attack, stroke and/or cancer. In other words, pretty much anyone. Guarantee Trust Life will issue a single policy to anyone aged 18-90, with riders for children also available. 

What: On the base plan, your clients can receive up to $75,000 for the first diagnosis of cancer, and/or $75,000 for heart attack and stroke. Riders include recurrence benefits, return of premium, dental/vision payments and critical accident benefits. 

Why: When treated in the ER, the average heart attack instance costs about $5,800. Out-of-pocket costs, of course, will vary according to your client’s medical plan. But, we all know that costs don’t stop there. Lost wages, rehabilitation costs and any follow-up care leave your clients exposed to additional risk. The benefits from these plans can help offset them.

Accident

Who: Raise your hand if you’ve ever sprained an ankle. Broken a wrist? Cut your hand in the kitchen? Had a child injured during a city-league soccer game? If your clients are at risk of any of those (spoiler: they are), an accident policy could be a good fit for them. 

What: Benefit design varies among plan and carrier. Some are built on a defined benefit schedule (e.g., a broken ankle pays X dollars, a hand laceration pays Y dollars), while others provide a benefit bank to reimburse your clients for any costs they incur.  Your clients’ core medical plan, risk tolerance and budget will determine which plan is the best fit. 

Why: Your client’s medical plan will cover them as designed – however, they’ll still be on the hook for copays and coinsurance, possible lost wages, and/or transportation costs. Depending on the injury, they may need to hire additional help to perform yardwork or other household chores. An accident policy provides them the buffer to address these costs and any others that arise.

Ok, but how?

The first step in selling any of these plans, of course, will be to get appointed with the right carriers. Your account manager or our broker sales team can help with that. 

But, you probably have some prospects in mind that you’ll want to contact before your appointments are finalized.

We have put together a few fliers you can use to start the conversation. And, if you work with Action, we’re happy to customize them to include your agency’s contact information, logo and color palette. Simply reach out to info@actionbenefits.com to put in your request.

See sample fliers here: hospital indemnity, critical illness, accident