Exploring The Role Of Supplemental Insurance In Members Lives

Transcription

1 Exploring The Role Of Supplemental Insurance In Members Lives

2 Methodology Global Strategy Group, on behalf of AHIP, conducted an online survey among 500 supplemental insurance members who received benefits within the last 10 years. The survey was fielded from March 14-23, 2018 and respondents broke out as follows: o o o 223 received benefits from Hospital and Doctor/Fixed Indemnity Insurance 124 received benefits from Accident Insurance 153 received benefits from Critical Illness Insurance Care has been taken to ensure that the geographic and demographic makeup of this population is properly represented by the survey s respondents. 2

3 Key Findings Enrollees of supplemental insurance are highly satisfied with their plans and the interactions they have with their supplemental insurance provider. Fueling this satisfaction is the ease of use of supplemental plans and the high-quality care members say they are able to receive as a result of their plans. The plans also provide great value for members who view their supplemental insurance as affordable and there when they need it to serve as a safety net against financial hardship. 3

4 The Supplemental Insurance Beneficiary Experience

5 Across all supplemental insurance plans, there is nearly unanimous satisfaction with insurance providers Overall, how satisfied are you with your Hospital and Doctor/Fixed Indemnity Insurance Accident Insurance Critical Illness Insurance Satisfied Neutral Dissatisfied How would you rate the service you receive from your provider? Hospital and Doctor/Fixed Indemnity Insurance Accident Insurance Critical Illness Insurance Excellent/Good Not So Good/Poor 5

6 Underlying this high level of satisfaction are strong marks for the ease of filing a claim and the speed at which benefits are received How would you rate your satisfaction with each of the following Ability to contact my provider with questions or feedback Satisfied 95 Neither Not Satisfied 4 The process to enroll in and renew my supplemental insurance 94 5 The ability to quickly receive benefits from my supplemental insurance 94 4 The communications I receive from my supplemental insurance provider 93 5 The knowledge of the supplemental insurance agents 92 6 The process of filing a claim with my supplemental insurance provider

7 Member satisfaction is also driven by the piece of mind plans provide through high-quality care and being there for enrollees Please indicate whether you agree or disagree with each statement: My plan gives me peace of mind My plan allows me to receive high-quality care My plan was there for me when I needed it My plan s benefits are simple and straight-forward to use My plan helped me get through a difficult time Agree Neither Disagree

8 Provider communications with members is seen as clear and the plan benefits are well understood Please indicate whether you agree or disagree with each statement: Agree Neither Disagree My supplemental insurance provider clearly explained the process of filing a claim to me My supplemental insurance provider explains my plan to me in a way that is easy to understand My supplemental insurance provider works with me to explain my benefits and coverage How well would you say you understand your benefits? Well Not Well

9 The Value of Supplemental Insurance

10 Value and affordability are other areas where supplemental insurance plans excel Please rate your satisfaction with each of the following Satisfied Neither Not Satisfied The services and benefits that are covered by my supplemental insurance provider The affordability of my supplemental insurance The value I receive for my monthly premium

11 Members feel they get real value from their plans when they need it the most Please indicate whether you agree or disagree with each statement: Agree Neither Disagree My plan was a valuable investment that protected me financially 90 9 My plan helped me pay for critical medical expenses I needed by easing the cost of deductibles and copayments My plan eases my concerns about preserving my family s financial security My plan helped me pay for essential nonmedical expenses like housing, food, child care, and transportation

12 Nearly half of members say that the peace of mind they receive is the most valuable benefit of their supplemental insurance coverage Which four benefits of your supplemental insurance plan do you find the most valuable? My plan gives me peace of mind My plan was there for me when I needed it My plan allows me to receive high-quality care My plan helped me pay for critical medical expenses I needed by easing the cost of deductibles and copayments My plan s benefits are simple and straight-forward to use My plan helped get through a difficult time My plan eases my concerns about preserving my family s financial security My plan was a valuable investment that protected me financially My plan allows me to maintain my standard of living My provider works with me to explain my benefits and coverage My provider clearly explained the process of filing a claim to me My plan helped me pay for essential non-medical expenses like housing, food, child care, and transportation My provider explains my plan to me in a way that is easy to understand

13 Half say they would have experienced financial hardship, many by taking on debt Which of the following do you think you would have likely experienced? I would have experienced financial hardship I would have taken on debt to pay for my medical and living expenses I would not have been able to pay for treatment for unexpected health emergencies or procedures that I needed My health would have deteriorated I would have been unable to afford my basic living expenses I would have fallen behind on mortgage or rent payments I would have needed public assistance I would have been unable to afford loan payments I would have been unable to care for my family I would have had to file for bankruptcy My home would have been foreclosed on

14 Without supplemental insurance, many would have had to dip into their savings or rely on their credit card to cover living expenses Would you have relied on any of the following to cover your living expenses if you had not been covered? My savings account My credit card My friends and family Early withdrawal from retirement savings like an IRA or 401(k) Bank loan Taking reduced Social Security retirement benefits before normal retirement age Payday loan Withdrawals from my child s college fund