The IHC Group Introduces Care Access Plan Fixed Indemnity Benefit, Providing Financial Assistance on Unexpected Medical Expenses

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New Care Access Plan Is Year-Round Enrollment and Guaranteed Renewable, Offering Lump-Sum Payment to Help Protect Against Financial Loss Associated with Unexpected Hospital Stays or Surgical Procedures

Care Access Plan

With rising deductibles and out-of-pocket medical expenses, supplemental health insurance is in demand. Just a single night in the hospital can cause a major dent on an average person or their family’s savings. Our new CAP addresses that reality.

Delivering affordable solutions that ease the financial burdens of unexpected medical events, The IHC Group (IHC) announced today a new fixed-benefit indemnity product, Care Access Plan (CAP). The new plan is designed to pay fixed-benefit amounts to protect against covered medical expenses resulting from hospitalization, surgery, chemotherapy and radiation services.

“With rising deductibles and out-of-pocket medical expenses, supplemental health insurance is in demand,” said Dave Keller, Chief Sales and Marketing Officer of IHC Specialty Benefits. “The average inpatient hospital stay is around $2,000 per day*, while the deductible for a silver plan is around $3,000**. Just one, single night in the hospital can cause a major dent on an average person or their family’s savings. Our new hospital indemnity plan CAP addresses that reality.”

Advantages of CAP*** are numerous:

  •     It automatically includes a lump sum $10,000 critical illness benefit for the primary insured and covered spouse, along with a $2,500 for each covered dependent child. As an option, the critical illness benefit may be increased to meet your family’s specific needs.
  •     It is an affordable option with several per injury or illness deductible options to choose from for lower monthly premium.
  •     It is guaranteed renewable; consumers cannot be singled out for a rate increase or cancellation based solely on changes to their health.
  •     It does not have open enrollment periods; consumers can secure coverage immediately at any time of the year

Mr. Keller added, “Coverage can be customized with different plan designs and optional benefits to blend protection and affordability, so we recommend consumers speak to their health insurance brokers for choosing the best option.”

The IHC Group, a leader for over 25 years in administering and underwriting innovative and affordable supplemental products, offers a diverse portfolio of health products including short term medical, critical illness, supplemental gap insurance, dental and telemedicine.

For more information on the new Care Access Plan, please call 952-746-6610. You can also visit http://www.IHCGroup.com.

** Rae, Matthew, et al. “Patient Cost-Sharing in Marketplace Plans, 2016.” The Henry J. Kaiser Family Foundation. Nov. 13, 2015. http://kff.org/health-costs/issue-brief/patient-cost-sharing-in-marketplace-plans-2016/

*** THIS IS A SUPPLEMENT TO HEALTH INSURANCE AND IS NOT A SUBSTITUTE FOR THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA) LACK OF MAJOR MEDICAL COVERAGE (OR OTHER MINIMUM ESSENTIAL COVERAGE) MAY RESULT IN AN ADDITIONAL PAYMENT WITH YOUR TAXES.

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About The IHC Group
Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual disability, specialty and supplemental health, pet, and life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and IHC Specialty Benefits, Inc., which is a technology-driven insurance sales and marketing company that creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products (including ACA plans and small group medical stop-loss). All products are placed with highly rated carriers.

“IHC” and “The IHC Group” are the brand names for plans, products and services provided by one or more of the subsidiaries and affiliate member companies of The IHC Group (“IHC Entities”). Plans, products and services are solely and only provided by one or more IHC Entities specified on the plan, product or service contract, not The IHC Group. Not all plans, products and services are available in each state.

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Jeena Choi