To Address Growing Gap in Working Americans Insurance CoverageNew product designed to help ease financial impact of high deductibles and out-of-pocket costs; rounds out Guardian’s supplemental health portfolio
NEW YORK, N.Y., March 23, 2016 — The Guardian Life Insurance Company of America® (Guardian), a leading provider of employee benefits, today announced a new supplemental insurance that eases the financial impact of high deductibles and other out-of-pocket costs traditional insurance may not cover.
Guardian Hospital Indemnity Insurance pays lump-sum benefits directly to individuals admitted to a hospital for a covered sickness or injury, whether or not charges are covered by their medical plan. Benefits can be used for any purpose — from covering medical copays and deductibles to paying for everyday expenses such as the mortgage, groceries, and utilities.
“Hospital stays cost an average of $10,4001 and health care premiums continue to increase faster than general inflation, so providing comprehensive and high-quality employee benefits to attract and retain employees while managing the bottom line will continue to be a growing challenge for employers,” said Mike Estep, Second Vice President, Group Product Development at Guardian.
“Guardian Hospital Indemnity helps provide working Americans and their families with a financial safety net in the event of a hospital admission for a covered accident or sickness. It’s a highly flexible product with benefits and features that will appeal to brokers, employers, and employees.”
Two employee minimum
A Guardian Hospital Indemnity plan is available to companies with at least two employees and offers maximum flexibility and customization. It is always guaranteed issue, so there are no medical questions or exams required, making it easy and hassle free for employees to sign up for coverage. Employees can also retain their coverage if they leave their current employer.
Guardian Hospital Indemnity provides a core Hospital Admission benefit* and the ability to include a number of optional benefits, such as payment for Intensive Care Unit (ICU) confinement, surgery, diagnostic tests, transportation and lodging. Plan designs compatible with Health Savings Accounts (HSA) are available. These benefits can be offered as an employer paid coverage or provided to employees as a voluntary benefit, at little or no direct cost to the company.
With the addition of Guardian Hospital Indemnity employers can now offer employees a robust suite of supplemental health coverage from one provider including, Accident Insurance, Cancer Insurance, and Critical Illness Insurance plans.
For more information about Guardian’s Hospital Indemnity Insurance, please visit here.
The Guardian Life Insurance Company of America® (Guardian) is one of the largest mutual life insurers, with $6.8 billion in capital and $1.3 billion in operating income in 2014. Founded in 1860, the company has paid dividends to policyholders every year since 1868. Its offerings range from life insurance, disability income insurance, annuities, and investments for individuals to workplace benefits, such as dental, vision, and 401(k) plans. The company has approximately 6,000 employees and a network of over 3,000 financial representatives in more than 70 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.
1. Agency for Healthcare Research and Quality, Healthcare Cost and Utilization Project Statistical Brief #180: http://www.hcup-us.ahrq.gov/reports/statbriefs/sb180-Hospitalizations-United-States-2012.pdf, October 2014.
* Optional riders and/or features may incur additional costs.