Supplemental health insurance can be an affordable safeguard against the threat of financial insolvency related to major illness or injury many Americans face today, according to a new white paper study released by Conseco Insurance Group.

The study, Supplemental Health Insurance: A 'Must' for Americans in the Current Economy, says that due to the risk of incurring illnesses or injuries, the high cost of medical care, and the gaps in the insurance coverage carried by most people, the protection afforded by supplemental health products has never been more important to American families. Not only are hospital stays and doctor bills a looming threat to financial stability, but also additional expenditures related to the nonmedical aspects of care, such as transportation to and from medical facilities, lost wages and additional child care. In fact, cited in the study is the fact that medical debt is a leading cause of personal bankruptcies in the U.S. today.

The white paper, a summary of current research published in December 2008 by Ryan Berry, Connie Burgess and Kate Nelson of Conseco Services, recommends that an individual in the market for supplemental health insurance should look for:

- Lump-sum benefits, which are paid when the consumer is diagnosed with a common catastrophic illness

- Indemnity benefits, which offset the medical costs associated with hospital and ICU stays, chemotherapy, radiation and corrective or preventative surgery

- Transportation benefits, which help insured persons cover the cost of travel to and from a medical center for treatment

- Coverage for regular diagnostic tests, such as mammograms, Pap smears and colon screenings

- A premium-return feature, also known as a "cash value" or "return of premium" rider. As the name implies, this benefit can return premium to the policyholder if coverage is kept for a certain period of time. It gives the buyer assurance that they will get premiums back if the insurance coverage is not needed.

"In this economy, the potential for financial difficulty arising from a serious illness or injury is too high to ignore," said Steve Stecher, President, Conseco Insurance Group. "American families deserve to know the options available to them through supplemental health insurance to help them pay bills and maintain their standard of living."