New group hospital indemnity product
BCS Financial Corporation, which delivers insurance and financial solutions for Blue Cross and Blue Shield organisations on a nationwide scale in the US, has announced a new hospital indemnity product to help consumers pay for out-of-pocket medical expenses related to hospitalisation.
“Over the last 10 years, we’ve seen health insurance costs and deductibles rising faster than consumer wages, creating significant gaps in the affordability of care,” said BCS Financial Senior Vice-President, Marketing, Product and Strategic Ventures, James Drew. “EssentialCare Group Hospital Indemnity coverage solves for these benefit gaps by protecting the financial wellness of healthcare consumers in the event of a hospitalisation.”
The product, which is underwritten by BCS Insurance Company and available in 37 states, includes 39 benefits types that can be tailored to complement any underlying major medical or supplemental coverage an employer may offer. Key plan features include: guaranteed issue coverage; no network or co-ordination of benefits; flexible plans with available benefits such as hospital admission, inpatient, outpatient, diagnostics services, transportation, family lodging, and dependent adult and pet care; and fixed payments made directly to the member to spend as they choose.
“When a hospitalisation occurs, the focus should be on recovery, not finances,” said Drew. “EssentialCare Group Hospital Indemnity helps reduce the burden of medical bills associated with a hospital stay and adds to our portfolio of accessible and affordable ancillary product solutions.”