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UNUM GROUP

(UNM)
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Unum : launches new hospital insurance offering

12/01/2020 | 04:03pm EDT

Revamped product closes coverage gaps, offers more funding options, and includes new benefits

CHATTANOOGA, Tenn. (Dec. 1, 2020) - Employers can now get Unum hospital insurancewith more funding options and greater flexibility in how the coverage is offered. The provider's new hospital insurance is available for quotes with coverage starting in 2021.

The revamped hospital product better complements health insurance with fewer coverage gaps and less duplication for employees. Other features include more options in coverage level with varying price points, compatibility with health savings accounts, a well-child benefit for newborns who get routine check-ups, and coverage for mental health hospital confinement.

A mainstream solution to rising healthcare costs

'Hospital insurance has become a mainstream solution in recent years,' said Katy Whittle, product manager at Unum. 'The coverage helps companies manage the financial exposure of their employees as health care costs rise and more gaps in traditional health insurance emerge.'

Hospital insurance pays a lump-sum benefit for qualifying hospital visits, such as trips to the emergency room, in-patient surgeries, or childbirth. The average cost of a three-day hospital stay is $30,000. According to Unum research, nearly one in five employees have been hospitalized in the past five years, and 40% of workers have less than $1,000 in checking and savings accounts [1].

Employers can offer the coverage to employees on an employer-paid or employee-paid basis - or a mixture of both. It's offered on the same administrative platform as Unum's other group benefits - like disability and life insurance - for streamlined onboarding, billing, and management for plan administrators. Companies with 100 or more employees can purchase the coverage, and at least 10 employees must be enrolled.

Now more than ever, workers interested in hospital insurance due to pandemic

The pandemic caused financial hardship for more than half of U.S. workers. One in three workers plan to enroll in benefits they haven't previously as result of the pandemic and the need for more protection. Fourteen percent of workers plan to enroll in hospital indemnity insurance for the first time or increase the amount of coverage they have heading into 2021.2

Hospitalizations due to COVID-19 may be covered under Unum's hospital insurance depending on the terms of the policy.

# # #

ABOUT UNUM

Unum Group provides a broad portfolio of financial protection benefits and services through the workplace, and is the leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $12 billion in 2019 and paid $7.5 billion in benefits.

For more information, connect with us on Facebook, Twitter and LinkedIn.

DISCLAIMER

THIS IS A LIMITED BENEFIT POLICY.

This coverage is a supplement to health insurance. It is not a substitute for essential health benefits or minimum essential coverage as defined in federal law. This policy provides limited benefits health insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services.

The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations which may affect any benefits payable.

Underwritten by Unum Insurance Company, 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 marketing brand of Unum Group and its insuring subsidiaries.

[1],2 Unum 'Consumer enrollment study' (2020) Online poll of 1,500 U.S. working adults conducted in October 2020 and administered by Dynata

Disclaimer

Unum Group published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 21:02:03 UTC


© Publicnow 2020
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