- Policyholder premium contributes only 56% of claim payments.
- Exclusive focus is on policyholder benefits and satisfaction as SHIP operates without profit.
- Premiums rates do not include any profit and reflect a 1/3 reduction in operating expenses.
Options for Lowering Your Premium
SHIP, under the supervision of an Oversight Trust, exists solely for the benefit of policyholders. As both SHIP and the Trust operate without profit, options can be offered to lower your premium. This is especially important when SHIP, based on its claims experience, must raise rates, subject to regulatory approval, to protect policyholders.
As SHIP is committed to providing alternatives to help you continue to afford coverage, options are available to decrease your policy premiums by reducing benefits including:
- Maximum benefit period - the length of benefits
- Maximum daily or monthly benefit amount - the daily or monthly benefit amount paid to reimburse eligible expenses
- Elimination period - the waiting period prior to benefit payments
- Optional riders - i.e. benefit increase rider, return of premium rider, home health care rider
Should you be interested in receiving a benefit reduction quote for one or a combination of these benefits please contact Customer Service at (888)340-5824.