Symetra Life Insurance Company, a national provider of employee benefits, has updated its voluntary suite with an enhanced hospital indemnity product that now offers hospital admission coverage with a higher day one benefit amount designed to be HSA-compatible. Also newly available is automatic and adoptive child coverage for the first 30 days from birth or adoption.
“Today’s patients are expected to pay more of their medical expenses on their own, even with a major medical plan in place, and hospital indemnity insurance can help build a financial safety net”
Hospital indemnity insurance helps pay for expenses associated with a hospital stay that are not covered by employer-provided health insurance plans. Common uncovered expenses include deductibles, coinsurance or copays, and other out-of-pocket costs. Symetra’s policy covers hospital and ICU stays as well as stays in substance abuse, mental health, and nursing facilities. Employers can also elect to add benefits such as outpatient hospital care, emergency room visits, or surgical procedures.
“Today’s patients are expected to pay more of their medical expenses on their own, even with a major medical plan in place, and hospital indemnity insurance can help build a financial safety net,” said Harry Monti, executive vice president, Benefits Division. “Symetra’s refreshed hospital indemnity product offers standard HSA-compatible plan designs for simplified selection, while also giving employers the flexibility to create a fully customized plan to meet their employees’ needs.”
Symetra’s enhanced hospital indemnity insurance features:
On- and off-the-job 24-hour coverage
No required networks
No coordination of benefits
No preexisting condition limitations, including maternity
In addition to hospital indemnity, Symetra’s voluntary product suite includes accident, critical illness, and GapAssist, a package of an accident, critical illness, and hospital indemnity insurance. Symetra’s flexible fixed-payment insurance can be used to supplement high deductible health plans, to align with Federal Contractor fringe benefit requirements, or paired with a self-funded minimum essential coverage (MEC) plan. Symetra also offers group life, disability, absence management, and stop-loss insurance coverage.
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