ING U.S. Offers New Hospital Indemnity Coverage to Help Round Out Employees'
Changing employee benefits landscape and health care reform drive demand for
greater voluntary insurance options at the workplace
MINNEAPOLIS, July 15, 2013
MINNEAPOLIS, July 15, 2013 /PRNewswire/ -- ING U.S. today announced the launch
of a new hospital indemnity insurance coverage that can help employees and
their families reduce the financial burden of costly hospital stays. The
Compass Hospital Confinement Indemnity Insurance offering, available through
an employer's workplace benefits program, is a limited benefit policy that
provides fixed payments when an individual is admitted to a hospital.
"With the addition of hospital indemnity coverage, we've expanded our Compass
product suite to help employers offer affordable and flexible insurance
benefits to employees with minimal administrative hassle while providing a
well-rounded and affordable benefits package to their employees," said Heather
Lavallee, president of ING U.S. employee benefits distribution. "This
development underscores the commitment ING U.S. has to growing its voluntary
insurance business, and for delivering innovative, flexible options we know
our distribution partners and clients need."
The Compass voluntary product suite launched in 2012 with accident and
critical illness offerings. Designed like group benefit options rather than
traditional voluntary products, the Compass suite offers easier administration
for employers with a targeted solution for employees. In addition, employers
can mix and match different plan options to meet the needs of their particular
With the convergence of health care reform, rising medical costs and a shift
to high deductible health plans, voluntary benefits are evolving to meet the
market need and can provide fixed insurance benefits upon the occurrence of an
event such as a hospital confinement. The approach of the ING U.S. Compass
suite focuses on making it easier and more flexible for employers and
employees to understand and manage their voluntary benefits.
Compass Hospital Confinement Indemnity Insurance is designed to provide a
fixed dollar benefit that can be used to help pay for costs associated with a
hospital stay, including co-pays, coinsurance and deductibles, meals, parking
for visiting family members, lost time from work, mortgage and utility
payments, or anything else the employee chooses. In addition, the coverage is
portable in most states, like traditional voluntary benefits products, so an
employee, spouse and children can continue coverage even if there is a job
change, divorce or employee death.
There are three core elements to the program's basic coverage – hospital,
critical care unit and rehabilitation facility stays. Employers have the
flexibility to select a plan design that meets their needs along with
different options for the daily benefit amounts and how the coverage is paid -
by the employer, employee or some combination.
Additional options include a wellness benefit to encourage annual health
screenings; a critical illness rider to provide a benefit for certain critical
illnesses including heart attack, stroke or coma; and an accident rider to
provide benefits for common accidents such as dislocations, fractures or
burns. The wellness benefit is available on all three of the Compass suite
products. All such benefits are paid as a fixed amount provided in the policy
upon occurrence of the specified event.
In the current landscape, health focused voluntary products are experiencing
industry growth. LIMRA research shows that sales in this area were up 10
percent in the first quarter of 2013 compared to last year's pace and are
experiencing a third consecutive year of double digit growth. These offerings
include insurance products such as disability, critical illness, accident,
dental and hospital indemnity.^1 ING U.S.'s own voluntary business
experienced growth of 39 percent in the first quarter of 2013 compared to the
first quarter of 2012.
As voluntary benefits start to play a bigger role in supplementing an
employee's insurance program, there is also a need for more people to
understand their value and importance. According to ING U.S.'s 2012
Insurance Revealed study^2, only 25 percent of employees were familiar with
hospital indemnity insurance. ING U.S. is helping to raise awareness and
increase adoption by working with distribution partners and employers to
provide comprehensive products, tools, resources and education.
For more information on the Compass product suite, please call ING U.S.
Employee Benefits at 866-566-2316.
^1 U.S. Worksite Sales survey, LIMRA, First Quarter 2013
^2 Findings are from an online survey conducted by Praxis Research Partners in
July 2012. Respondents were 1,006 adults, of whom 887 were employed, over the
age of 25 with an annual household income of $50,000 or greater. Data were
weighted to make the results representative of the U.S. population.
ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial,
is a premier retirement, investment and insurance company serving the
financial needs of approximately 13 million individual and institutional
customers in the United States. The company's vision is to be America's
Retirement Company and its guiding principle is centered on solving the most
daunting financial challenge facing Americans today — retirement readiness.
Working directly with clients and through a broad group of financial
intermediaries, independent producers, affiliated advisors and dedicated sales
specialists, ING U.S. provides a comprehensive portfolio of asset
accumulation, asset protection and asset distribution products and services.
With a dedicated workforce of approximately 7,000 employees, ING U.S. is
grounded in a clear mission to make a secure financial future possible — one
person, one family and one institution at a time. For more information, visit
ING U.S. Employee Benefits has nearly 40 years of experience in the voluntary
benefits business. Voluntary benefits are benefits offered at the workplace
and elected and paid for by employees. Voluntary products offered by ING U.S.
Employee Benefits include accident, critical illness, whole life, universal
life, and disability income insurance. Insurance products are issued by
ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life
Insurance Company of New York (Woodbury, NY). Within the State of New York,
only ReliaStar Life Insurance Company of New York is admitted, and its
products issued. Both are members of the ING family of companies. Product
availability and provisions may vary by state.
SOURCE ING U.S.
Contact: Maggie Dietrich, ING U.S., Office: 860.580.2699, Cell: 860.335.7528,
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