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Unum : launches new hospital insurance offering

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Revamped product closes protection gaps, presents extra funding choices, and consists of new advantages

CHATTANOOGA, Tenn. (Dec. 1, 2020) – Employers can now get Unum hospital insurancewith extra funding choices and better flexibility in how the protection is obtainable. The supplier’s new hospital insurance coverage is on the market for quotes with protection beginning in 2021.

The revamped hospital product higher enhances medical insurance with fewer protection gaps and fewer duplication for workers. Different options embody extra choices in protection degree with various value factors, compatibility with well being financial savings accounts, a well-child profit for newborns who get routine check-ups, and protection for psychological well being hospital confinement.

A mainstream answer to rising healthcare prices

‘Hospital insurance coverage has develop into a mainstream answer lately,’ mentioned Katy Whittle, product supervisor at Unum. ‘The protection helps corporations handle the monetary publicity of their staff as well being care prices rise and extra gaps in conventional medical insurance emerge.’

Hospital insurance coverage pays a lump-sum profit for qualifying hospital visits, equivalent to journeys to the emergency room, in-patient surgical procedures, or childbirth. The average cost of a three-day hospital keep is $30,000. In accordance with Unum analysis, almost one in 5 staff have been hospitalized prior to now 5 years, and 40% of employees have lower than $1,000 in checking and financial savings accounts [1].

Employers can supply the protection to staff on an employer-paid or employee-paid foundation – or a combination of each. It is supplied on the identical administrative platform as Unum’s different group advantages – like incapacity and life insurance coverage – for streamlined onboarding, billing, and administration for plan directors. Firms with 100 or extra staff should purchase the protection, and at the least 10 staff have to be enrolled.

Now greater than ever, employees enthusiastic about hospital insurance coverage on account of pandemic

The pandemic brought on monetary hardship for greater than half of U.S. employees. One in three employees plan to enroll in advantages they have not beforehand as results of the pandemic and the necessity for extra safety. Fourteen % of employees plan to enroll in hospital indemnity insurance coverage for the primary time or enhance the quantity of protection they’ve heading into 2021.2

Hospitalizations on account of COVID-19 could also be coated beneath Unum’s hospital insurance coverage relying on the phrases of the coverage.

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ABOUT UNUM

Unum Group supplies a broad portfolio of monetary safety advantages and providers by way of the office, and is the main supplier of incapacity earnings safety worldwide. Via its Unum US, Unum UK, Unum Poland, and Colonial Life companies, the corporate supplies incapacity, life, accident, essential sickness, dental and imaginative and prescient advantages that shield tens of millions of working folks and their households. Unum additionally supplies depart and absence administration providers that streamline the depart expertise for employers and staff, and stop-loss protection to assist self-insured employers shield towards medical prices. Unum reported revenues of $12 billion in 2019 and paid $7.5 billion in advantages.

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DISCLAIMER

THIS IS A LIMITED BENEFIT POLICY.

This protection is a complement to medical insurance. It isn’t an alternative to important well being advantages or minimal important protection as outlined in federal regulation. This coverage supplies restricted advantages medical insurance solely. It does NOT present fundamental hospital, fundamental medical or main medical insurance coverage as outlined by the New York State Division of Monetary Providers.

The coverage or its provisions could differ or be unavailable in some states. The coverage has exclusions and limitations which can have an effect on any advantages payable.

Underwritten by Unum Insurance coverage Firm, Portland, ME. In NY and NJ underwritten by Provident Life and Casualty, Chattanooga, TN.

© 2020 Unum Group. All rights reserved. Unum is a registered trademark and advertising model of Unum Group and its insuring subsidiaries.

[1],2Unum ‘Shopper enrollment research’ (2020) On-line ballot of 1,500 U.S. working adults performed in October 2020 and administered by Dynata

Disclaimer

Unum Group revealed this content material on 01 December 2020 and is solely liable for the knowledge contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 21:02:03 UTC



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