Lincoln Financial Group Expands Supplemental Health Product Suite With Hospital Indemnity
September 07 2021 - 10:17AM
Business Wire
Supplemental
health benefits are more important than ever, as more than half of
Americans say they could not afford an unexpected hospital bill of
$1,000 or more
Today, Lincoln Financial Group (NYSE:LNC) announced it is adding
Hospital Indemnity insurance to its suite of supplemental health
solutions that are available to its Group Benefits customers.
Hospital Indemnity coverage provides claimants with a lump-sum
payment for hospitalization or other covered events. Together with
Accident and Critical Illness insurance, Hospital Indemnity helps
covered Americans with expenses that may not be included in their
traditional medical insurance.
There is increasing concern about the impact of healthcare costs
on Americans’ financial security, amid the economic uncertainty of
the COVID-19 pandemic. More than half of Americans could not afford
an unexpected hospital bill of $1,000 or more, and 40% of people
say that in today’s environment they are more concerned about
paying for health care expenses overall.1 As a result, more
employees are focused on solutions to help cover healthcare
expenses, with 23% saying insurance for unexpected medical expenses
is a financial strategy for protection, and more than half are
interested in learning more about Hospital Indemnity and how it can
help them.2
“Employees are looking to their employers to offer supplemental
health products that can help offset expenses arising from
unexpected medical events,” said Ralph Ferraro, senior vice
president, head of product, Workplace Solutions, Lincoln Financial
Group. “Lincoln’s Hospital Indemnity solution, paired with our
suite of supplemental health solutions of Accident and Critical
Illness, provides employees the coverage they need to plan for a
secure financial future.”
How Hospital Indemnity Works
Through Lincoln Financial’s Hospital Indemnity plan, employers
can offer employees protection against financial hardships due to
unexpected hospitalizations. If a covered employee or family member
is admitted to the hospital or undergoes outpatient surgery for a
covered illness or injury, Lincoln Financial will provide a
lump-sum payment. Additional benefits are available through the new
Hospital Indemnity solution, some of which include:
- Mental disorder and substance abuse treatment benefits,
including screening tests for these conditions.
- Infectious disease-related tests: Almost 50 assessment
tests are part of the Health Assessment Benefit (HAB) rider,
including vitamin D screening and COVID-19-related tests such as
antibody, viral testing and immunizations.
- NICU admission and confinement benefit riders: These
family-focused benefits increase the percentage payout if a newborn
is admitted and/or confined to an ICU or NICU for care or treatment
due to a premature birth or other covered event.
Hospital Indemnity will be available in 26 states starting Jan.
1, 2022. Additional state availability will follow in early
2022.
For additional details on Lincoln Financial’s Hospital Indemnity
product, click here, and for an overview of Lincoln Financial’s
supplemental health suite of 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 customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $324 billion in end-of-period account values as of June
30, 2021. Lincoln Financial Group is a committed corporate citizen
included on major sustainability indices including the Dow Jones
Sustainability Index North America and FTSE4Good. Dedicated to
diversity and inclusion, we earned perfect 100 percent scores on
the Corporate Equality Index and the Disability Equality Index, and
rank among Forbes’ Best Large Employers and Best Employers for
Women, and Newsweek’s Most Responsible Companies. Learn more at:
www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn,
and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
1 Lincoln Financial June 2021 Monthly Consumer Sentiment
Tracker
2 Lincoln Financial June 2021 Monthly Consumer Sentiment
Tracker
LCN-3741954-090121
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Media Lora Lewis Lincoln Financial Group 603-512-7030
Lora.Lewis@lfg.com
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