Renaissance Expands Benefits Portfolio With Innovative Supplemental Health Plan to Enhance Group Health Coverage and Offset Out-of-Pocket Costs

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Renaissance Life & Health Insurance Company of America

Aug 01, 2024, 12:08 ET

INDIANAPOLIS, Aug. 1, 2024 /PRNewswire/ -- To help employers and employees address the issue of increasing out-of-pocket health costs, Renaissance Life & Health Insurance Company of America is enhancing its group ancillary insurance offerings with an innovative supplemental health solution. Powered by Ansel Health, an insurance technology company, the new offering enables quick and easy benefit payouts to members when one of 13,000 covered conditions is diagnosed.

Simple, Comprehensive and Effective Coverage Offers Peace of Mind

"As health care costs continue to increase, many employers are looking for solutions that ease the burden of unexpected medical expenses for employees," said Diana Steinhoff, LMHC, President and CEO of Renaissance. "This inventive supplemental health plan provides comprehensive coverage for a broad range of conditions, no medical underwriting requirements, a simplified claims experience and easy administration for employers."

Designed to complement traditional health insurance, supplemental health insurance provides an extra source of support to help cover bills due to a health issue. Plans pay a cash benefit based on diagnosis, with no accident or hospital admission required. In addition, benefit amounts can be customized to help offset health insurance cost sharing. Employers may choose to fund all or a portion of premiums or offer supplemental insurance as a voluntary benefit where the employee pays the premium.

The benefit administration and claims are easily managed through an online platform and mobile app, providing a streamlined experience and expedited benefit payments. Designed with simplicity in mind, the product also offers dedicated support for both employers and employees if questions arise.

Phased Rollout to Begin in Late 2024 in Select Texas and Utah Markets

Renaissance is continually enhancing its benefits solutions with offerings that empower customers to achieve their financial and wellness goals. This new product fits perfectly with that mission. The company will roll out the ability to quote a new supplemental health insurance solution, powered by Ansel, in select Texas and Utah markets in late 2024. Renaissance is targeting a nationwide footprint for this offering, along with an integrated member experience in 2025.

Currently, Renaissance provides customizable dental, vision, life and disability plans to employer groups nationwide, as well as accident insurance to groups in select states. The company specializes in serving smaller groups of up to 250 employees, and it also offers dental and vision insurance for individuals.

Focusing on Employee Wellbeing Provides Bottom Line Benefits, Too

Based on research by Gallup, employers who care for their employee health and wellbeing also see numerous measurable benefits, from higher customer engagement, productivity and profitability to lower turnover and fewer safety incidents.¹

"Pursuing strategies to improve healthcare affordability and remove barriers to visiting the doctor enables organizations to enhance their benefits and in turn, help attract and retain workers," said John Feeney, Vice President, Group Sales & Market Development at Renaissance. "We are excited to add this innovative new benefit to our portfolio to assist brokers and clients in creating smart, but simple solutions to bolster employee wellbeing, as well as organizational success."

1 Gallup, "What is Employee Wellbeing? And Why Does It Matter?" https://www.gallup.com/workplace/404105/importance-of-employee-wellbeing.aspx.aspx. Accessed July 2024.

About Renaissance
Renaissance Life & Health Insurance Company of America and its sister company Renaissance Life & Health Insurance Company of New York underwrite ancillary benefits for employer groups and individuals nationwide. Dental, vision, life and disability insurance comprise the core line of the companies' ancillary benefits solutions. With headquarters in Indianapolis, Ind., Renaissance companies are focused on providing their members and partners with outstanding products and services. Visit renaissancebenefits.com, and find us on Facebook, LinkedIn and X (formerly Twitter).

About Ansel Health Inc.
Founded in 2019, Ansel Health Inc. ("Ansel") is an insurance technology company on a mission to build a world where health hardships don't create financial hardships. Their new type of supplemental health insurance plan covers 13,000+ conditions and pays cash benefits upon diagnosis of a covered condition with no accident or hospitalization requirements. Ansel is made available in partnership with established insurance carriers that insure tens of millions of Americans and their families. For more information, visit joinansel.com and follow us on LinkedIn.

SOURCE Renaissance Life & Health Insurance Company of America