Lincoln Financial Group Expands Line of Supplemental Health Care Products with Hospital Compensation | Business

0


RADNOR, Pa .– (BUSINESS WIRE) – Sep 7, 2021–

Today, Lincoln Financial Group (NYSE: LNC) announced that it is adding hospital insurance to its line of extended health care solutions that are available to its group insurance customers. Hospital indemnity coverage provides claimants with a lump sum payment for hospitalization or other covered events. Along with Accident and Critical Illness insurance, Hospital Allowance helps covered Americans cover expenses that may not be included in their traditional medical insurance.

The impact of healthcare costs on the financial security of Americans is a growing concern, amid the economic uncertainty of the COVID-19 pandemic. More than half of Americans couldn’t afford an unexpected hospital bill of $ 1,000 or more, and 40% of people say in today’s environment they’re more concerned about paying for healthcare expenses in general . 1 As a result, more and more employees are focusing on solutions to help cover healthcare costs, with 23% saying that insurance for unforeseen medical expenses is a financial protection strategy, and more than half want to know more about hospital compensation and how it can help. them. 2

“Employees expect their employers to offer additional health products that can help offset expenses resulting from unforeseen medical events,” said Ralph Ferraro, senior vice president, product manager, Workplace Solutions, Lincoln Financial Group. “Lincoln’s hospital compensation solution, together with our line of accident and critical illness supplemental health insurance solutions, gives employees the coverage they need to plan for a secure financial future. “

How hospital compensation works

With Lincoln Financial’s Hospital Compensation Plan, employers can protect employees against financial hardship due to unplanned hospitalizations. If a Covered Employee or family member is admitted to hospital or undergoes outpatient surgery for a Covered Illness or Injury, Lincoln Financial will make a lump sum payment. Additional benefits are available through the new Hospital Indemnity solution, some of which include:

  • Benefits of mental health and substance abuse treatment, including screening tests for these conditions.
  • Tests related to infectious diseases: Almost 50 assessment tests are part of the Health Assessment Benefit (HAB) endorsement, including vitamin D screening and COVID-19-related tests such as antibody tests, viral tests and vaccinations.
  • NICU admission and confinement benefit riders: These family-centered benefits increase the payout percentage if a newborn is admitted and / or confined to an intensive care unit or neonatal intensive care unit for care or treatment due to a premature birth or another covered event.

Hospital Indemnity will be available in 26 states starting January 1, 2022. Additional state availability will follow in early 2022.

For more details on Lincoln Financial’s Hospital Indemnity product, click here, and for an overview of Lincoln Financial’s complementary suite of healthcare solutions, click here.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million clients trust our expertise in retirement, insurance and wealth protection to meet their lifestyle, savings and income goals, and protect themselves against losses. long-term care expenses. Based in Radnor, Pa., Lincoln Financial Group is the trading name of Lincoln National Corporation (NYSE: LNC) and its affiliates. The company had $ 324 billion in account values ​​as of June 30, 2021. Lincoln Financial Group is a committed corporate citizen included in major sustainability indices, including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we achieved 100 percent perfect scores on the Corporate Equality Index and the Disability Equality Index, and we rank among the top Forbes’ Top Large Employers and Top Employers for Women, and Newsweek The most responsible companies. For more information: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn and Instagram. Sign up to receive email alerts at http://newsroom.lfg.com.

1 Lincoln Financial’s monthly consumer sentiment tracker for June 2021

2 Lincoln Financial Monthly Consumer Sentiment Track, June 2021

LCN-3741954-090121

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210907005614/en/

CONTACT: Media

Lora lewis

Lincoln Financial Group

603-512-7030

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH SMALL BUSINESSES HUMAN RESOURCES INSURANCE FINANCE

SOURCE: Lincoln Financial Group

Copyright Business Wire 2021.

PUB: 07/09/2021 10:17 / DISC: 07/09/2021 10:17

http://www.businesswire.com/news/home/20210907005614/en

Copyright Business Wire 2021.



Share.

About Author

Comments are closed.