What Are Ancillary Products?
An ancillary product is an additional item that is purchased alongside a main product. It is often offered as a bonus or add-on purchase, rather than reducing the price of the main product. This is done to encourage customers to buy the main product by offering them an extra item for free or at a discounted price.
Offering ancillary products as a sales incentive or at a discounted price is a way for businesses to increase their sales without reducing prices. By doing so, businesses can increase their revenue through upsells. Read More!
Ancillary Products Marketing
Companies can use ancillary products to increase sales without reducing revenue through discounts. Ancillary products can be added on to a purchase as an incentive for customers to buy. For example, insurance policies are often bundled with different goods or services to increase sales. Ancillary products can also refer to additional coverages that are not part of the primary plan, such as optional coverages in health insurance.
In the context of health insurance, ancillary care products include vision care, dental care, short-term medical, hearing care, and other services that are supplementary to the primary health insurance coverage for accidents and sickness.
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Ancillary Product Examples
- Dental Insurance – Access affordable plans to cover costs associated with both wellness, diagnostic and treatment services
- Critical Illness – Protect you and your family from the unexpected cost of fighting life-threatening illnesses such as cancer, heart attack, stroke and more
- Accident Coverage – Offset the costs of emergency room visits, lost income, everyday living expenses, and more due to a covered accident or injury.
- Life Insurance – Replace lost income to help with expenses such as mortgage payments, college tuition or loans, burial expenses and more.
Woody's Insurance has other Ancillary products available too, so give them a call to learn more.
Ancillary Products In Hospitals
Ancillary care services are a range of healthcare services that support the work of a primary physician. There are three categories of ancillary care: diagnostic, therapeutic, and custodial. Diagnostic services include laboratory tests, radiology, genetic testing, and diagnostic imaging. Therapeutic services include rehabilitation, physical and occupational therapy, massage, chiropractic services, and speech therapy. Custodial services include hospice care, long-term acute care, nursing facilities, and urgent care.
As healthcare costs continue to rise, ancillary care is becoming an increasingly popular and cost-saving alternative to hospital and physician services. In fact, ancillary care is one of the fastest-growing sectors of healthcare, currently accounting for nearly 30% of medical spending. If you are looking for cost-effective healthcare solutions, consider ancillary care services.
Ancillary Products For Cars
Car insurance can serve as a valuable ancillary product that can be bundled with other goods or services, such as warranties or guarantees. However, it's important to note that primary car insurance is not considered an ancillary product.
In conclusion, ancillary insurance products offer coverage in a diverse range of areas beyond just cars, providing consumers with the protection they need and want. The term "ancillary" also extends to various products beyond insurance.