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Chubb Launches New Hospital Indemnity Product, Offering Employers Greater Plan Customization
WHITEHOUSE STATION, N.J., – April 13, 2022 –Chubb Workplace Benefits, a Chubb business that partners with benefits brokers, agents, and consultants to offer voluntary benefits to the employees of middle-market and large companies in the U.S., has launched a new hospital indemnity product, Hospital Cash. This product includes more than 40 optional benefits designed to provide coverage beyond what many traditional hospital indemnity products offer, providing employers greater flexibility to customize employee benefits.
Hospital indemnity products have seen a steep increase in popularity among employers as businesses seek to broaden their voluntary benefit packages to attract and retain top talent in a tough labor market. These benefits can be used to help employees fill critical gaps in traditional medical coverage, particularly with High Deductible Health Plans (HDHP), for costs incurred due to hospitalization.
Hospital Cash offers options for:
- Inpatient Specialty Care for psychiatric illness and substance abuse.
- Newborn Nursery Care and Maternity Follow-Up Visits.
- Pet Care and Family Care (for children and aging parents) while an employee is in the hospital.
- In addition: Because even a short hospital stay can have financial impact, Hospital Cash features Chubb’s Deductible Buffer plan design, offering a compressed benefit period to minimize financial exposure.
“As employers seek competitive value through investments in employee recruitment and retainment, it is important to ensure the availability of a robust benefits package that goes beyond the status quo,” said Alex Faynberg, Chubb Workplace Benefits’ Division President. “We’re pleased to introduce an innovative solution that can help organizations better address overall well-being and provide even greater financial security for their employees.”
Chubb Workplace Benefits (CWB) is one of the nation’s fastest-growing voluntary benefits worksite carriers over the last several years.
“We’re proud to expand our product portfolio to include a broader range of customizable plan options for businesses and brokers,” said Janet Buzil, Chubb Workplace Benefits’ Senior Vice President of Product Innovation and Delivery. “Both employers and employees have diverse and complex benefits needs, particularly during uncertain times. Hospital Cash offers a more holistic approach to insurance protection in case of hospitalization.”
Hospital Cash is a supplement to health insurance and is not a substitute for Major Medical or other minimal essential coverage. Hospital indemnity coverage provides a benefit for covered loss; neither the product name nor benefits payable are intended to provide reimbursement for medical expenses incurred by a covered person or to result in any payment in excess of loss.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.