Aetna Makes It Easier for Members to Protect Their Finances from an Unexpected Hospitalization
June 02 2011 - 9:47AM
Business Wire
Traditional health insurance plans provide coverage for care
when you are in the hospital. But how do you keep up with everyday
expenses such as groceries, child care and rent when an unexpected
hospital stay takes you off your feet? People in this situation
often lose income from missing work and may need help with
everyday expenses. Unfortunately, most people are not prepared for
this type of event. In fact, 29 percent of workers say they have
less than $1,000 in savings.*
Responding to the need for affordably-priced income protection
products, Aetna (NYSE: AET) announced today the availability of the
Aetna Voluntary Hospital Plan.** When paired with a traditional
health insurance plan, this complementary product can provide
consumers with financial protection from a variety of expenses.
“By providing members with cash payments they can use for any
purpose, the Aetna Voluntary Hospital Plan can help members rest
easier and focus on getting better,” said James Reid, head of Aetna
Voluntary Plans and Consumer Services.
How it works
The Aetna Voluntary Hospital Plan pays cash directly to the
insured person for inpatient hospital stays for non-occupational
injury or sickness. The member can then use the money for any type
of expense.
There are two major benefits associated with this plan:
- A flat dollar payment for the hospital
stay. The Aetna Voluntary Hospital Plan flat dollar payment
typically ranges from $1,000-$2,000.
- A per diem payment, usually around $100
for each day in the hospital (up to an annual maximum of 100
days).
The Aetna Voluntary Hospital Plan is easy to use. When the plan
is paired with another Aetna health insurance plan, members do not
have to submit a claim form. Members also automatically receive a
payment when Aetna receives confirmation of a medically appropriate
hospital stay.
Educating Consumers
Aetna recently updated their Voluntary Plans website
(www.AetnaVoluntary.com) to help members better understand the
value of the Aetna Voluntary Hospital Plan. The website now
features a brief educational video describing the key features of
the Aetna Voluntary Hospital plans. The video is available in both
English and Spanish.
The video also includes an example of the types of benefits a
member might receive with a hospital stay. Similar “real-life”
examples are included on other parts of the website to help
demonstrate how voluntary plans can help give consumers some “peace
of mind” regarding their financial security.
“Benefits can be confusing, so we want to help our members
clearly understand what the Aetna Voluntary Hospital Plan covers
and does not cover,” Reid said. “The information on our website
will help members plan their finances wisely in the event of a
hospital stay.”
Helping employers
The Aetna Voluntary Health Plan can also provide additional
benefits to employees at minimal or no additional cost to the
employer. When offered on an employee-paid basis, these plans give
employers a cost-effective way of providing employees with
financial protection from everyday expenses when hospitalized.
Aetna already has approximately 66,000 members in these plans.
“The Aetna Voluntary Hospital Plan is an affordable
option that can fit a variety of needs for our team members
and their families," said Jennifer Balliett, Benefits
Manager at Domino's. "We are able to show our team
members that they are valuable to us by making a quality
product available to them, and we feel this product
offering helps with both recruiting and retention."
For more information, visit www.AetnaVoluntary.com
* 2011 Employee Benefits Research Institute Study** Policies are
offered by Aetna Life Insurance Company.
About Aetna
Aetna is one of the nation’s leading diversified health care
benefits companies, serving approximately 33.8 million people with
information and resources to help them make better informed
decisions about their health care. Aetna offers a broad range of
traditional, voluntary and consumer-directed health insurance
products and related services, including medical, pharmacy, dental,
behavioral health, group life and disability plans, and medical
management capabilities and health care management services for
Medicaid plans. Our customers include employer groups, individuals,
college students, part-time and hourly workers, health plans,
governmental units, government-sponsored plans, labor groups and
expatriates. For more information, see www.aetna.com.
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