Aflac Launches Group Hospital Indemnity Plan In New York

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Jul 30, 2012, 08:45 ET

ALBANY, N.Y., July 30, 2012 /PRNewswire/ -- Aflac, the No. 1 provider of voluntary and guaranteed-renewable insurance in the United States, today announced that it now offers its group Hospital Indemnity (HI) insurance plan¹ to employers in the state of New York. The new voluntary group benefit provides employers an even wider range of insurance options and complements Aflac's existing roster of individual products.

With hospital costs averaging $15,734 per stay in the U.S.,² the Aflac group HI voluntary insurance plan provides employers in New York with a guaranteed-issue benefits solution that helps employees offset health care expenses not covered by major medical insurance.

Additionally, many American workers admit that they don't have a financial plan in place if faced with an unexpected injury or illness. In fact, a mere 8 percent of American workers strongly agree their families would be financially prepared in the event of an unexpected emergency, according to the 2012 Aflac WorkForces Report. And, more than one-quarter (28 percent) have less than $500 to pay for out-of-pocket medical expenses associated with a serious illness or accident.

"Hospitalization costs are often one of the toughest and most distressing expenses that patients incur," said Tom Morey, vice president, Product Development at Aflac. "The Aflac group Hospital Indemnity insurance plan is a part of our continued commitment to offer employers in New York benefits solutions, such as supplemental insurance, that are hassle free, easy to administer and at no direct cost to the employer."

Aflac's addition of group products complements the insurer's existing suite of individual voluntary plans — giving even more options for employers.

Employers can choose from four plans of the group HI insurance policy. The benefits include the following:

Hospital admission* – Cash benefit ranges between $250 and $325 per admission (depending on the plan selected) with unlimited hospital stays
Hospital confinement* – Cash benefit is up to $28,800 (payments of $160 per day, up to 180 days per confinement)
Hospital intensive care* – Maximum cash benefit of either $4,500 or $9,000 per admission (payments range between $150 and $300 per day, up to 30 days per confinement; depending on the plan selected)
Hospital emergency room/physician benefit* – Cash benefit is up to $250 per insured or $1,000 maximum per family, per calendar year, for medical fees associated with hospital emergency room visits

Product eligibility and options include the following:

Guaranteed-issue – During the initial enrollment, coverage is guaranteed-issue. No medical underwriting is required so that eligible employees may qualify for the plan. Subsequent to the initial enrollment, evidence of insurability will be required for late enrollees.
Flexible options – Employers can choose one of four plans that best meet the needs of their employees.
No age bands – Age bands are eliminated, allowing a uniform rate for all employees.

"The Hospital Indemnity plan offers employees added protection against the costs of both inpatient and outpatient services. This new plan helps provide a safety net so certificateholders can focus on recovery, not financial stress," said Morey.

For more information, visit aflac.com/business.

ABOUT AFLAC
When a policyholder gets sick or hurt, Aflac pays cash benefits fast. For more than 55 years, Aflac insurance policies have given policyholders the opportunity to focus on recovery, not financial stress. In the United States, Aflac is the number one provider of guaranteed-renewable insurance. In Japan, Aflac is the number one life insurance company in terms of individual policies in force. Aflac individual and group insurance products provide protection to more than 50 million people worldwide. 2012 marked the sixth consecutive year Aflac has been recognized by Ethisphere magazine as a World's Most Ethical Company. 2012 also marked the 14th year FORTUNE magazine recognized Aflac as one of the 100 Best Companies to Work For and the 11th time FORTUNE included Aflac on its list of Most Admired Companies. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com or espanol.aflac.com.

¹ For groups sitused in New York, group coverage is underwritten by American Family Life Assurance Company of New York, and customer service is administered by Continental American Insurance Company, 2801 Devine Street, Columbia, South Carolina 29205.

² 2011 Comparative Price Report, The International Federation of Health Plans

*Certain stipulations will apply.

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