Selling Hospital Indemnity insurance: What you need to know
Hospital Indemnity insurance is their to support you as secondary coverage to your client's existing health insurance. When the cost of hospital stays weighs down your wallet, this is where a hospital indemnity can soften the blow.
Hospital Indemnity insurance coverage length
Hospital Indemnity insurance can last from a single all the way to a year. Regardless, make sure to cover the financial burdens of hospital stays with a Hospital Indemnity plan.
- One day
- Between three and 10 days
- Up to 15 days
- Up to 30 consecutive days
- Two separate hospitalizations per year (an insurance company may consider it the same hospitalization is you wind up back in the hospital within a month of discharge)
Understanding the product
Hospital Indemnity insurance is a type of insurance that pays a fixed amount for each day you spend in the hospital. This insurance can help cover the costs that your health insurance may not cover. You should have a good understanding of how the insurance works, what it covers, and what the benefits are.
Identify potential customers
Hospital Indemnity insurance is often sold as a supplemental insurance policy to individuals who already have health insurance. You can target individuals who are concerned about out-of-pocket costs or who have high deductibles and co-pays.
Highlight the benefits
Emphasize the benefits of hospital indemnity insurance, such as the peace of mind it can provide in case of an unexpected hospitalization. Also, explain how it can help cover expenses that may not be covered by traditional health insurance, such as transportation costs, meals, and lodging.
Be prepared to address any concerns that your potential customers may have, such as the cost of the insurance or whether it duplicates their existing coverage. Be transparent about the costs and benefits of the policy and make sure your customers understand what they are getting.
Follow up with your clients
Once you have sold a policy, follow up with your customers regularly to ensure they understand how the insurance works and to answer any questions they may have.
Provide excellent customer service
Providing excellent customer service can help you build trust and rapport with your customers. Make sure you are accessible and responsive to their needs.
Keep up-to-date with changes in the healthcare industry and the insurance market. This will help you provide the best possible service to your customers and stay competitive in the marketplace.
Moving forward with Tidewater Management Group
We would love the opportunity to help you grow your book of business here at Tidewater Management Group. We offer three great options for hospital indemnity plans: Medico, Guarantee Trust Life, and Bankers Fidelity.
Make sure to check out our website for any further advice on selling Hospital Indemnity policies.