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.
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.”
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