Many people have learned the hard way that health insurance doesn’t cover every medical expense, but some credit unions are turning that problem into an opportunity by partnering with supplemental insurance providers to convert rising out-of-pocket expenses into expanded product offerings and noninterest income.

Supplemental health insurance is a category of policies designed to pay out money to offset high deductibles, big copays or uncovered medical expenses members typically end up paying on their own. The policies usually cost less than traditional health insurance coverage and frequently pay fixed cash amounts after events such as stints in the hospital or diagnoses of particular diseases. And they can be a big relief for many credit union members, according to Robert Dudacek, president of the Franklin, Tenn.-based Affinion Insurance Solutions, which partners with credit unions to sell supplemental policies to members.

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Tina Orem


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