The Hartford Introduces New Critical Illness Product To Cover More Conditions And Provide A Wider Range Of Benefits – Yahoo Finance
HARTFORD, Conn., March 03, 2022–(BUSINESS WIRE)–The Hartford, a leading provider of employee benefits and absence management, has introduced a new critical illness insurance1 product that is designed to cover more health conditions and provide a wider range of benefits based on the severity of an individual’s diagnosis. Conditions that are the most common claims – cancer, heart attacks and strokes – have expanded definitions and will now provide partial benefits for less severe conditions, expanding coverage beyond just the most severe illnesses.
“The pandemic has put a spotlight on the value of employee benefits, and we have seen a growing interest from employers and U.S. workers in critical illness insurance and other supplemental health benefits that can help provide a financial safety net when an unexpected illness arises,” said Jonathan Bennett, head of Group Benefits at The Hartford. “We are committed to addressing the evolving needs of our employer clients by providing market-leading options to help them attract and retain talent in this tough job market, and to help protect their workforce when they need it the most.”
The Hartford’s 2021 Future of Benefits study found that 29% of employers added critical illness as a benefit offering and 84% of those employers added it due to COVID-19. U.S. workers are taking advantage of the benefits offered. Forty-six percent of U.S. workers who were offered critical illness insurance last year said they selected the benefit and 35% of those indicated it was a new selection for them.
In addition to providing partial benefits for less severe conditions, The Hartford has expanded the covered health conditions to include more infectious diseases (including COVID-19 hospitalization2), mental health conditions, neurological conditions, and birth defects – providing a wider range of benefits for every life stage and coverage options for more than 160 conditions.
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Other features include:
Flexible plan designs employers can customize to meet the needs of their workforce while keeping benefit costs affordable;
Partial benefit amount options of 10%, 25% or 50% employers can select for their plan;
Automatic coverage for employees’ children;
Coverage for health screenings such as mammograms; and
A streamlined customer experience with additional communications to remind employees about their benefit and service level options to automate some of the claims process.
As a supplemental health benefit, critical illness insurance provides a lump-sum cash benefit for the diagnosis of certain medical conditions covered by the plan. The benefit payments can be used to cover costs related to medical expenses, such as copays or deductibles, as well as everyday costs such as housing or childcare.
“Our recent research showed that many U.S. workers feel their health has worsened amid the pandemic and 43% have delayed routine health care,” Bennett said. “This could lead to more severe health problems in the future. It’s a trend we are watching and one that reinforces the importance of insurance coverages like critical illness.”
For more information about critical illness insurance or other voluntary benefits, visit www.thehartford.com/employeebenefits.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.
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Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2021 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com, Twitter account at www.twitter.com/TheHartford_PR and Facebook at https://facebook.com/thehartford. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.
The Hartford’s subsidiaries include Hartford Life and Accident Insurance Company. All benefits are subject to the terms and conditions of the policy. Policies underwritten by the underwriting company listed above detail exclusions, limitations, reduction of benefits and terms under which the policies may be continued in force or discontinued.
THIS POLICY PROVIDES LIMITED BENEFITS FOR SPECIFIED DISEASES ONLY. This limited benefit plan (1) does not constitute major medical coverage, and (2) does not satisfy the individual mandate of the Affordable Care Act (ACA) because the coverage does not meet the requirements of minimum essential coverage. In New York: 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.
1Critical Illness is referred to as “Specified Disease” in New York
2Coverage is for severe cases of COVID-19 that require a 5-day hospitalization
View source version on businesswire.com: https://www.businesswire.com/news/home/20220302006087/en/
Contacts
Media:
Michelle Symington
860-547-5385
Michelle.symington@thehartford.com
