Combined Insurance launches new hospital indemnity program



Combined Insurance launches new hospital indemnity program

Combined Insurance Company of America, a Chubb company, has announced the launch of Hospital Champion, a new, customizable hospital indemnity product created specifically for small businesses.

Hospital indemnity is one of the fastest-growing supplemental health insurance products in the country, as employers broaden their voluntary benefit packages to recruit and retain talent, Combined said. These benefits can be used by employees to help offset spiking medical plan costs and out-of-pocket expenses, particularly due to the prevalence of high-deductible health plans. The average annual health insurance deductible is $1,945 for single coverage and $3,722 for a family, and the average cost of a day of hospital confinement is $2,607, Combined said.

“Because small businesses are vital to the economic health of their communities and for our nation as well, it’s important to provide insurance solutions of value during challenging economic times,” said Mat Matarrese, senior vice president, US agency, at Combined. “Small businesses can benefit from this type of supplemental insurance offering, as it helps employers attract and retain the team they need to succeed, while at the same time providing employees peace of mind that’s more important than ever.”

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Hospital Champion pays cash benefits directly to employees for unexpected hospitalization due to sickness or injury. Benefit payments can be used by policyholders as they choose, including toward deductibles or copays, or for other costs such as transportation, groceries or bills.

The program also provides coverage beyond traditional daily hospital benefits. Employers can customize the program with up to 24 benefit options, including:

  • Doctor’s office visits and X-rays due to covered accident or illness
  • In-patient and outpatient surgery
  • Recovery in a rehabilitation facility
  • Health screenings such as mammography, pap smear, colonoscopy, stress test, etc.

“Since even a brief hospital stay can be financially challenging, Hospital Champion can help employees supplement their medical coverage, particularly high-deductible health plans,” said Janet Buzil, senior vice president of product innovation and delivery at Combined. “By providing cash benefits that can be used to help pay personal out-of-pocket costs, this new product can give families greater confidence about their financial future.”



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