Transamerica Enhances Coverage Within Its Workplace Supplemental Health Benefits Suite

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Jun 27, 2022, 12:00 ET

BALTIMORE, June 27, 2022 /PRNewswire/ -- Transamerica announced today the expansion of its workplace benefits offerings with refreshed supplemental Transamerica Accident Insurance^SM and Transamerica Critical Illness Insurance^SM policies available for employers to offer employees. Inspired by customer feedback, the updated supplemental health insurance policies offer greater benefits when an insured person experiences the challenges of extra costs that occur from a covered event.

Transamerica Accident Insurance is a highly flexible policy that pays the insured a benefit to help cover unexpected medical costs that can add up fast due to a covered accident. The policy offers employers the ability to fully customize plan designs to best meet the needs of a diverse workforce. Employers may match or improve an existing accident insurance plan or select new plan designs, base benefits, and optional riders.

A variety of new benefits are now available with Transamerica Accident Insurance, helping to cover medical or other costs that can arise after an accident. New benefits include:

An organized sports benefit rider that pays an additional percentage of total benefits, making this policy ideal for active families.
Acupuncture or chiropractic benefits that allow up to ten annual visits at up to $150 per visit, with one treatment per visit.
Mental health benefits that allow up to five annual mental health visits with a psychiatrist or psychologist at up to $150 per visit.
Observation benefits that pay for treatment in a hospital emergency room if the insured person is being held for observation due to a covered accident and is not admitted as an inpatient due to a covered accident.

Transamerica Critical Illness Insurance is a flexible option that pays a lump-sum benefit that can be used to offset costs not covered by major medical insurance. Critical illness insurance is designed to give employees relief from rising healthcare costs. New features include:

Payments of up to 110% of the benefit amount available on most conditions, including invasive cancer, and 100% for non-invasive cancer.
Child benefits payable up to 200% for conditions including cerebral palsy, cystic fibrosis, and Down syndrome.
Benefits for COVID-19 treatment.
No waiting periods on recurring conditions.
Second opinion benefit of up to $1,000.
Benefits for more covered conditions, including benign tumors, cardiovascular disease, childhood disease, functional loss, and occupational exposure.

Transamerica's Accident Insurance and Critical Illness policies offer a health screening benefit option that encourages employees to use their policy and rewards them for taking care of their health. This benefit pays when the insured has an annual test or exam performed under the supervision or recommendation of a physician. Annual screenings can help give employees the benefit of time if an illness is detected and treated early.

"Transamerica recognizes the need for protection that goes beyond common conditions," said John Stanley, Senior Managing Director of Employee Benefits at Transamerica. "With that in mind, we have designed our accident and critical illness supplemental insurance solutions for a modernized workforce. We enhanced these policies to include benefits that employees want and use."

These newly expanded benefits follow the launch of Transamerica's Group Life, Absence and Disability suite. With nearly 90 years of experience providing employee benefits, Transamerica is committed to helping employers provide more financial security for their employees. The policies are underwritten by Transamerica Life Insurance Company.

To learn more about Transamerica's suite of employee benefit solutions, employers may contact their financial professional.

About Transamerica
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2021, Transamerica fulfilled its promises to customers, paying more than $52 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is a diversified financial services group focused on providing investment, protection, and retirement solutions. For the full year of 2021, Aegon managed over $1.1 trillion in revenue generating investments. For more information, visit www.transamerica.com.

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SOURCE TRANSAMERICA