COLUMBIA, S.C. (March 29, 2005) – The new voluntary cancer product from Colonial Supplemental Insurance provides employers with an option for dealing with high health insurance costs. By offering a voluntary cancer product as part of the company’s benefits program, employers can expand their benefits program offerings and give employees coverage choices to help fill the gaps in their core health insurance plan.
“In today’s world of high health insurance costs, adding a voluntary cancer product can help employers better manage their benefits budget yet still provide coverage options,” says Monica Francis, director of product marketing at Colonial. “Many employers have had to pass health insurance cost increases along to employees through higher deductibles, co-insurance and premiums. But with our cancer product, employers can enhance their benefits program and allow employees to choose the coverage that best fits their individual needs.”
Colonial’s new cancer product features updated benefits based on cancer treatment trends to help employees and their families deal with the out-of-pocket expenses commonly associated with cancer treatment. The product also includes Colonial’s popular cancer screening/wellness feature that pays benefits for any one of 17 different types of screening tests.
“Early detection and prompt treatment are keys to recovery,” adds Francis. “New technology has dramatically improved cancer survival rates, but technological advances can also mean higher costs for cancer treatment. Treating cancer can take months, even years, and costs can be staggering. Basic health insurance may not provide the benefits necessary to pay for the long-term, high technology approaches some cancer treatment demands.” The National Cancer Institute estimates overall cancer costs for the American public at $171.6 billion. Of that, only $60.9 million (35 percent) goes toward the direct medical costs, which typically include hospital charges; medication and drug costs; surgeon, physician and radiologist fees; and nursing costs. (Source: Cancer Facts and Figures, American Cancer Society, Inc., 2003.)
Colonial’s new voluntary cancer product is sold to employees at the worksite. It pays benefits directly to the policyholder when an insured is diagnosed with cancer or receives cancer treatment. Coverage includes the following:
· Inpatient Benefits - hospital confinement, ambulance, private full-time nursing services.
· Treatment Benefits - Radiation/chemotherapy, antinausea medication, blood/plasma/platelets/immunoglobulins, experimental treatments, hair prosthesis/external breast/voice box prosthesis, supportive or protective care dugs and colony stimulating factors, medical imaging studies, bone marrow and peripheral stem cell transplants.
· Transportation/Lodging Benefits - including companion transportation.
· Surgical Procedures Benefits - surgical procedures, anesthesia, second medical opinion, reconstructive surgery, prosthesis/artificial limb, outpatient surgical center.
· Extended Care Benefits - skilled nursing care facility, family care, hospice, home health care services.
The policy has four levels of benefits, which allow policyholders to choose a level of benefit based on their need, with premiums based on the level of coverage chosen. In addition, three optional riders are offered: Specified Disease, Initial Diagnosis of Cancer and Progressive Payment.
The new cancer product is currently available for sale in 47 states, plus Washington, D.C.
For more information about Colonial’s products and services or opportunities with the company, contact Monica Francis at (803) 798-5555, ext. 8448, e-mail her at mlfrancis[at]coloniallife.com or visit www.coloniallife.com.
About Colonial Supplemental InsuranceColonial Supplemental Insurance is the marketing brand of Colonial Life & Accident Insurance Company. Colonial is a market leader in providing voluntary insurance to employees and their families through the workplace, along with personal benefits communication, enrollment capabilities and a commitment to service. Colonial Supplemental Insurance products are underwritten by Colonial Life & Accident Insurance Company and include a broad portfolio of insurance coverages, such as disability, accident, life, cancer, critical illness and hospital confinement indemnity insurance policies. Similar products, if approved, are underwritten in New York by a Colonial affiliate, The Paul Revere Life Insurance Company.
A subsidiary of UnumProvident Corporation, Colonial is based in Columbia, S.C. and operates in 49 states, the District of Columbia and Puerto Rico. “Colonial Supplemental Insurance,” “for what happens next” and the logo, separately and in combination, are registered service marks of Colonial Life & Accident Insurance Company. All rights reserved.
Media Contact: Juliann Kaiser or Linda Kobel
Kaiser Marketing Group
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