Chubb Workplace Benefits, a Chubb business that partners with benefits brokers, agents and consultants to provide voluntary benefits to employees of medium and large businesses in the United States, announced the launch of a new product compensation, Hospital Cash.
Hospital Cash includes more than 40 optional benefits designed to provide coverage beyond what many traditional hospital compensation products offer, giving employers more flexibility to customize benefits, Chubb said.
Hospital compensation products have seen a surge in popularity as companies seek to expand their voluntary benefits programs to attract and retain talent in the tight labor market. These benefits can be used to help employees fill gaps in traditional medical coverage — especially with high-deductible health plans (HDHPs) — for costs incurred due to hospitalization.
Hospital Cash offers options for:
- Specialized care in hospitalization for psychiatric illnesses and drug addiction
- Nursery care and maternity follow-up visits
- Pet sitting and family care (for children and aging parents) while an employee is hospitalized
- Chubb’s “Deductible Buffer” plan design, providing a compressed benefit period to minimize financial exposure
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“As employers seek competitive value by investing in employee recruitment and retention, it is important to ensure the availability of a robust benefits package that goes beyond the status quo,” said Alex Faynberg , President of the Chubb Workplace Benefits Division. “We are excited to present an innovative solution that can help organizations better manage overall wellbeing and provide even greater financial security for their employees. »
“We are proud to expand our product portfolio to include a wider range of customizable plan options for businesses and brokers,” said Janet Buzil, senior vice president of product innovation and delivery. at Chubb Workplace Benefits. “Employers and employees have diverse and complex benefits needs, especially in times of uncertainty. Hospital Cash offers a more holistic approach to insurance protection in the event of hospitalization.