Voluntary Benefits of America, LLC Releases OutOfPocketX.com

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Complements High Deductible Health Plans and Highlights Needed Benefits During National Breast Cancer Awareness Month

Employer sponsorship is always the best solution for supplemental benefits, but we are providing an online, bank draft option when payroll deduction is not available. - Tom Smith

Voluntary Benefits of America, LLC (VBA) has released OutOfPocketX.com, an online, direct to consumer enrollment system that will offer ancillary benefit plans to individuals who purchase a high deductible health plan. OutOfPocketX.com is designed to complement High Deductible Health plans by providing benefits that assist with out of pocket expenses which can include a substantial amount for many of the nations cancer patients.

Insurance plan designs have adjusted over the years to allow for the insured to assume more of the upfront risk for out of pocket expenses. Whether an applicant is purchasing coverage from the Government Health Insurance Exchange or from an employer, the option for a High Deductible plan will likely exist. For many consumers, affordability of premiums will be a deciding factor in which plan they select. A common solution for stabilizing medical premiums is the purchase of a plan with a higher deductible. While this might lower initial premiums, it forces the insured to assume the financial responsibility of up-front medical expenses. So, it will be important for the insured to save for a rainy day, considering statistics like the average emergency room visit now costs 40 percent more than a month’s rent and Out-of-Pocket Costs for some cancer patients can total tens of thousands of dollars a year.

VBA is offering a solution for Americans caught in the new healthcare changes to prepare for out of pocket expenses, OutOfPocketX.com. There are several ways to prepare for out-of-pocket expenses including self-insuring by relying on personal savings. But according to a recent study, roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings. And even more concerning, medical bills are the biggest cause of bankruptcies in the U.S.
Unexpected medical expenses can undermine the financial security individuals are working to build. The rising cost of healthcare can make getting sick or injured a major financial event. If a current savings strategy doesn’t factor in future medical expenses, the insured could be in for an unpleasant surprise.

OutOfPocketX.com offers complimentary individual insurance plans designed to assist with two of the most common reasons for high out-of-pocket expenses. By purchasing an Accident, and/or Cancer plan, cash benefits paid for are physician visits, health screenings, hospital confinement, intensive care benefits, as well as many more. These cash benefits will pay directly to the insured when expenses arise as a result of a covered accident or cancer diagnosis/treatment in addition to any other benefits received from other sources.

Premiums are collected via bank draft, so OutOfPocketX.com offers a solution for an employer who is not willing to accommodate a payroll deduction. The OutOfPocketX.com platform can also be utilized by Health Exchange call centers and retail brokers as a supplement to the medical coverage being offered when assisting consumers with the Federally-facilitated Marketplace (FFM). The enrollment system can also be a link on any existing website, can be in embedded into an employer Intranet, Benefit Admin System, a Private Health Exchange, delivered via email blast or used as a call center database.

VBA is the developer of the High, Low, Or No® and Enroll For Life™ enrollment platforms and distributes its services through insurance brokers, consultants and carriers.

For additional information contact Tom Smith at ts(at)benefitenrollment(dot)com or 877-752-1115.All services can be reviewed at http://www.benefitenrollment.com or go to OutofPocketX.com

i An average ER visit costs more than an average month’s rent,” The Washington Post, 2 March 2013
ii A Limit on Consumer Costs Is Delayed in Health Care Law,” The New York Times, 12, iii August 3013
iv 76% of Americans are living paycheck-to-paycheck,” CNNMoney, 24, June 2013
Medical Bills Are the Biggest Cause of US Bankruptcies,” CNBC.com, 25, June 2013

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