ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial is significantly enhancing its three-product suite of workplace supplemental health insurance benefits as these products continue to be popular additions to employers’ benefit packages—with industrywide sales growing 12 percent in 2022.1
Securian Financial’s critical illness, hospital indemnity and accident insurance products are all being enriched with numerous employee-friendly features. The new products are available to quote in most jurisdictions beginning January 1, 2024.
“Economic forces and shifting generational expectations are making benefits enrollment more important and personal than ever,” said Lydia Jilek, Securian Financial 2nd vice president and voluntary benefits practice leader. “Our enhanced supplemental health insurance products empower employees to prepare for unexpected expenses aligned with their lifestyle needs, while helping employers retain and attract talent with little to no business cost.”
Product enhancements include:
Critical illness insurance
- Metastatic Cancer Benefit: Provides a benefit for the metastasis of cancer diagnosed prior to the plan effective date.
- Type 2 Diabetes Benefit: Provides a benefit for a Type 2 diabetes diagnosis.
- Infertility Benefit: Provides a diagnoses-triggered benefit to support families dealing with infertility, with multiple plan options available.
- Mental Health Benefits: Adds screening and support benefits for several mental health conditions, including depression, generalized anxiety, substance abuse disorder, ADHD and autism.
Hospital indemnity insurance
- Newborn Coverage: Automatically covers all newborn children (not just firstborn child) for first 31 days.
- Outpatient Mental Health Benefits: Provides benefits for ongoing mental health and substance abuse disorder support.
- Personal Safety Training Coverage: Provides a benefit for the completion of CPR/First Aid certification, self-defense classes and more.
- Pet Boarding Coverage: Provides a benefit to pay for the care of a pet while an insured person is hospitalized due to an accident.
- Organized Sports Benefit: Provides coverage for a child or adult injured while playing organized sports.
Additionally, all three products offer dependent parent coverage and expand the age of covered dependent children from 18 to 26.
“Securian Financial is committed to working closely with benefits brokers and employers to enhance our products so they are even more valuable to employees,” said Brent Lesmeister, Securian Financial vice president for Employee Benefits Solutions distribution and relationship management. “Combined with our innovative benefit decision support tools for employers and employees as well as our excellent customer service, we offer a very competitive suite of workplace supplemental health insurance benefits.”
Benefits brokers interested in learning more can find a Securian Financial supplemental health insurance sales professional to talk to in their region at www.securian.com/contact-us/group-sales.html.
About supplemental health insurance
A serious illness, hospital stay or unexpected accident can derail a family’s finances. Having additional financial protection with supplemental health insurance benefits offered through employers can help alleviate some of the financial burden.
Supplemental health insurance benefits are in addition to—not in place of—major medical insurance, which can have costly deductibles and co-pays. The cash benefit payments with supplemental health insurance can be used however an insured person wishes, but most use the benefits to pay for costs not covered by medical insurance—including child care, meals, travel expenses and lost income while being treated for or recovering from a medical incident.
Critical illness, hospital indemnity and accident insurance are the most common supplemental health insurance benefits offered through employers.
Critical illness insurance pays lump sum cash benefits to insured individuals diagnosed with a covered medical condition, often including cancer, heart attack, stroke, organ failure, coma, paralysis and loss of vision, hearing or speech.
Hospital indemnity insurance pays lump sum cash benefits to insured individuals when a covered condition results in hospitalization.
Accident insurance pays lump sum cash benefits to insured individuals who are injured in an accident. Broken bones, lacerations and concussions are examples of conditions that trigger benefit payments under most plans.
Supplemental health insurance is often categorized as a “voluntary benefit” because the insurance is optional for employees, who must elect the coverage and pay premiums. While most employers do not subsidize the premiums, the coverage is offered to employees at affordable group rates.
Securian Financial offers supplemental health insurance benefits to employers nationwide. The company is also the nation’s third-largest direct writer of group life insurance.2