COLUMBUS, Ga., Nov. 1, 2017 /PRNewswire/ -- Aflac, the
leader in voluntary insurance sales at the worksite in the United States, is enhancing its benefits
offerings through the launch of its BenExtend product. As
the first release in an evolving life stages coverage line,
BenExtend is a group insurance product that combines
accident, hospital indemnity and critical illness benefits into one
simple plan design. For employers seeking more creative solutions
to manage health care costs while also trying to help employees
manage out-of-pocket expenses, BenExtend delivers an
innovative alternative to the marketplace.
"Simply put, BenExtend provides a next-level benefits
strategy because it acts as a solution first and a product second,"
said Stephanie Shields, vice
president of Product Innovation and Marketing at Aflac. "At Aflac,
we recognize the future of health care is far from certain, and we
champion the need to transform the traditional ways our industry
has historically built and positioned products. BenExtend
answers the call of our broker partners and employers who seek to
offer benefits that adapt to evolving employee lifestyles while
also containing costs."
According to the Society for Human Resource Management, 84
percent of employers have begun to offer consumer-directed health
plans. In 2017, high-deductible health plans (HDHP) range from
$1,300 to $6,550 in out-of-pocket
costs for an individual policyholder and $2,600 to $13,000 for a family.1
BenExtend helps employees mitigate these costs and limit
exposure to financial risk to help ensure they are able to maintain
the lifestyle for which they are accustomed, even if the unexpected
occurs.
Aflac's initial BenExtend release is available on an
employer-paid basis for businesses with 100 or more
benefits-eligible employees. Highlights of the plan include:
- Health advocacy and bill negotiation services included at no
additional charge to brokers, employers or employees.
- High, middle and low options are available to accommodate a
variety of client benefits budgets and scenarios. Each level
features core coverages with premiums and benefits amounts
differing based on the level selected.
- Employers have the option to choose employee-only or
full-family coverage.
- Coverage is guaranteed issue, so insureds can enroll in
coverage regardless of their health status with no underwriting
questions.
- Benefits are paid directly to the insured, unless otherwise
assigned, and are paid regardless of any major medical
insurance.
- No waiting period for benefits to be paid.
- No reduction in benefits as insureds get older.
- Designed with health savings account (HSA) compatibility in
mind.
Future releases planned in Aflac's life stages coverage line
will continue to deliver even more flexible and unique coverage
opportunities, further adapting benefits delivery to the demands of
the ever-changing American workforce and ongoing shifts in the
health care industry.
To learn more, visit Aflac.com.
1 Miller, Stephen, CEBS. IRS Sets 2017 HSA
Contribution Limits: Health savings account annual limit for
individuals rises by $50. Society for
Human Resource Management. May 2,
2016. Accessed Jan. 30, 2017 -
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/irs-sets-2017-hsa-contribution-limits.aspx
About Aflac
When a policyholder gets sick or hurt,
Aflac pays cash benefits fast. For more than six decades, Aflac
insurance policies have given policyholders the opportunity to
focus on recovery, not financial stress. In the United States, Aflac is the leader in
voluntary insurance sales at the worksite. Through its trailblazing
One Day PaySM initiative, Aflac U.S. can receive,
process, approve and disburse payment for eligible claims in one
business day. In Japan, Aflac is
the leading provider of medical and cancer insurance and insures 1
in 4 households. Aflac insurance products help provide protection
to more than 50 million people worldwide. For 11 consecutive years,
Ethisphere has recognized Aflac as one of the World's Most Ethical
Companies. In 2017, Fortune magazine recognized Aflac as one of the
100 Best Companies to Work for in America for the 19th consecutive
year and in 2017 included Aflac on its list of Most Admired
Companies for the 16th time. Aflac Incorporated is a Fortune 500
company listed on the New York Stock Exchange under the symbol AFL.
To find out more about Aflac and One Day PaySM, visit
aflac.com or aflac.com/espanol.
Aflac Group products are underwritten by Continental American
Insurance Company (CAIC). Aflac Individual products are
underwritten by American Family Life Assurance Company of
Columbus. In New York, coverage is underwritten by American
Family Life Assurance Company of New
York. In California, group
coverage is underwritten by Continental American Life Insurance
Company.
CAIC's affiliation with the Value-Added Service providers is
limited only to a marketing alliance, and CAIC and the Value-Added
Service providers are not under any sort of mutual ownership, joint
venture or are otherwise related. CAIC makes no representations or
warranties regarding the Value-Added Service Providers and does not
own or administer any of the products or services provided by the
Value-Added Service providers. Each Value-Added Service Provider
offers its products and services subject to its own terms,
limitations and exclusions. Value-Added Services are not available
in Idaho or Minnesota. Value-Added Services are also not
available with group plans underwritten by American Family Life
Assurance Company of New York.
State availability may vary. Continental American Insurance
Company, a proud member of the Aflac family of insurers, is a
wholly owned subsidiary of Aflac Incorporated.
Medical Bill Saver has
restrictions for negotiations on in-network deductibles and
coinsurance in Arizona,
Colorado, District of Columbia, Illinois, Indiana, New
Jersey, New York,
North Carolina, Ohio, South
Dakota, Texas, Utah and Vermont.
Media contact – Kristen
Fraser, 706.580.3813 or mediarelations@aflac.com
Analyst and investor contact – David A. Young, 706.596.3264 or 800.235.2667,
FAX 706.324.6330, or dyoung@aflac.com
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SOURCE Aflac