Chubb Workplace Benefits, a Chubb business that partners with benefits brokers, agents and consultants to offer voluntary benefits to employees of middle-market and large companies in the US, has announced the launch of a new hospital indemnity product, Hospital Cash.
Hospital Cash includes more than 40 optional benefits designed to provide coverage beyond what many traditional hospital indemnity products offer, giving employers more flexibility to customize employee benefits, Chubb said.
Hospital indemnity products have seen a sharp spike in popularity as businesses seek to broaden their voluntary benefit packages to attract and retain talent in the tight labor market. These benefits can be used to help employees fill gaps in traditional medical coverage – particularly with high-deductible health plans (HDHP) – for costs incurred due to hospitalization.
Hospital Cash offers options for:
- Inpatient specialty care for psychiatric illness and substance abuse
- Newborn nursery care and maternity follow-up visits
- Pet care and family care (for children and aging parents) while an employee is hospitalized
- Chubb’s “Deductible Buffer” plan design, offering a compressed benefit period to minimize financial exposure
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“As employers seek competitive value through investments in employee recruitment and retainment, it is important to ensure the availability of a robust benefits package that goes beyond the status quo,” said Alex Faynberg, division president of Chubb Workplace Benefits. “We’re pleased to introduce an innovative solution that can help organizations better address overall well0being and provide even greater financial security for their employees.”
“We’re proud to expand our product portfolio to include a broader range of customizable plan options for businesses and brokers,” said Janet Buzil, senior vice president of product innovation and delivery at Chubb Workplace Benefits. “Both employers and employees have diverse and complex benefit needs, particularly during uncertain times. Hospital Cash offers a more holistic approach to insurance protection in case of hospitalization.”