The pandemic has accelerated employers’ interest in offering voluntary benefits such as hospital indemnity coverage to workers, a new survey shows.
New data from Willis Towers Watson show 94 percent of employers believe additional voluntary benefits will be key at their organizations over the next three years. By comparison, just 36 percent of employers said the same in 2018.
There were fears that COVID-19 could hinder momentum for these benefits, as employers instead turned their focus to digging deep on the medical benefit. However, the pandemic instead highlighted the value of certain types of benefits more, including hospital indemnity coverage and critical illness benefits.
The survey found that 42 percent of employers currently offer hospital indemnity insurance, with 65 percent saying they plan to provide it by 2022, an increase of 23 percent. Just over half (57 percent) said they currently offer critical illness coverage, with 76 percent saying they would provide it by 2022, reflecting growth of 19 percent.
What does this to the future of plan offerings?
This was a small survey of only 446 employers, but it reflects a significant increase in interest over a very short amount of time. The survey cites hospital indemnity and critical illness in the top five fastest growing voluntary benefits.
Meritain Health is pleased to offer Aetna managed voluntary benefits, including hospital indemnity and critical illness plans. With the ability to create integrations and remove barriers to coverage, we can connect you to three available supplemental health plans:
- Aetna Accident: cash paid to employee for services related to an accident, such as a broken ankle
- Aetna Critical Illness: cash benefits when diagnosed with a serious illness like cancer, stroke, or heart attack
- Aetna Hospital Indemnity: cash payment for out-of-pocket costs associated with a covered inpatient stay
Clients with medical coverage can include one, two or all three plans. The Aetna Voluntary team is ready to help. Just contact your Meritain Health representative and we’ll connect you with the best representative to support your plan.
Source: Fierce Healthcare, 5/14/21
Willis Towers Watson, 5/13/21