COLUMBIA, S.C. (April 5, 2005)
– A new group hospital confinement indemnity product issued by Colonial Life & Accident Insurance Company and marketed under the company’s marketing name, Colonial Supplemental Insurance, provides an answer for employers and employees struggling with rising health insurance costs.
“Many employers can no longer afford to absorb the financial burden of increased health insurance costs,” says Monica Francis, director of product marketing at Colonial. “As a result, they must pass along the cost increases to employees through higher premiums, deductibles and coinsurance or through reduced benefits. In this environment, it’s hard for companies to maintain a competitive benefits program that will help attract and retain quality employees. Employers are looking for solutions, and this new group supplemental health product is an ideal supplement to primary health insurance.”
Adding Colonial’s group supplemental health product to a company’s core benefits program can be a viable solution to help companies provide employees with additional coverage options and make it easier for employees to accept increased financial risks for medical expenses. Employers can select basic coverage, which includes hospital confinement, intensive care and inpatient and outpatient surgery benefits, and they can add additional benefits:
· Doctor’s office visits benefits, including preventive care visits, eye exam and diagnostic tests
· Accidental injuries benefits, including emergency dental and ambulance benefits.
· Prescription drug benefits.
· Accidental death rider.
Employers can fund all or a portion of the group supplemental health premiums or allow employees to pay the premiums themselves. “Because the new group supplemental health product is a group product, it covers most employees regardless of their health histories, as long as participation requirements are met,” adds Francis.
Coverage options are available for employee, employee and spouse, employee and dependent children and for employee, spouse and dependent children. Premiums are based on age bands and don’t increase with age.
Colonial’s group supplemental health product is currently available for sale in 43 states.
Colonial 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.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.
Media Contact:
Juliann Kaiser or Linda Kobel Kaiser Marketing Group 770 643-0615
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