HARTFORD, Conn.--(BUSINESS WIRE)-- Traditional health insurance plans provide coverage for care when you are in the hospital. But how do you keep up with everyday expenses such as groceries, child care and rent when an unexpected hospital stay takes you off your feet? People in this situation often lose income from missing work and may need help with everyday expenses. Unfortunately, most people are not prepared for this type of event. In fact, 29 percent of workers say they have less than $1,000 in savings.*
Responding to the need for affordably-priced income protection products, Aetna (NYSE: AET) announced today the availability of the Aetna Voluntary Hospital Plan.** When paired with a traditional health insurance plan, this complementary product can provide consumers with financial protection from a variety of expenses.
“By providing members with cash payments they can use for any purpose, the Aetna Voluntary Hospital Plan can help members rest easier and focus on getting better,” said James Reid, head of Aetna Voluntary Plans and Consumer Services.
How it works
The Aetna Voluntary Hospital Plan pays cash directly to the insured person for inpatient hospital stays for non-occupational injury or sickness. The member can then use the money for any type of expense.
There are two major benefits associated with this plan:
- A flat dollar payment for the hospital stay. The Aetna Voluntary Hospital Plan flat dollar payment typically ranges from $1,000-$2,000.
- A per diem payment, usually around $100 for each day in the hospital (up to an annual maximum of 100 days).
The Aetna Voluntary Hospital Plan is easy to use. When the plan is paired with another Aetna health insurance plan, members do not have to submit a claim form. Members also automatically receive a payment when Aetna receives confirmation of a medically appropriate hospital stay.
Aetna recently updated their Voluntary Plans website (www.AetnaVoluntary.com) to help members better understand the value of the Aetna Voluntary Hospital Plan. The website now features a brief educational video describing the key features of the Aetna Voluntary Hospital plans. The video is available in both English and Spanish.
The video also includes an example of the types of benefits a member might receive with a hospital stay. Similar “real-life” examples are included on other parts of the website to help demonstrate how voluntary plans can help give consumers some “peace of mind” regarding their financial security.
“Benefits can be confusing, so we want to help our members clearly understand what the Aetna Voluntary Hospital Plan covers and does not cover,” Reid said. “The information on our website will help members plan their finances wisely in the event of a hospital stay.”
The Aetna Voluntary Health Plan can also provide additional benefits to employees at minimal or no additional cost to the employer. When offered on an employee-paid basis, these plans give employers a cost-effective way of providing employees with financial protection from everyday expenses when hospitalized. Aetna already has approximately 66,000 members in these plans.
“The Aetna Voluntary Hospital Plan is an affordable option that can fit a variety of needs for our team members and their families," said Jennifer Balliett, Benefits Manager at Domino's. "We are able to show our team members that they are valuable to us by making a quality product available to them, and we feel this product offering helps with both recruiting and retention."
For more information, visit www.AetnaVoluntary.com
* 2011 Employee Benefits Research Institute Study
** Policies are offered by Aetna Life Insurance Company.
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 33.8 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com.
Ethan Slavin, 860-273-6095
KEYWORDS: United States North America Connecticut
INDUSTRY KEYWORDS: Health Hospitals Professional Services Insurance General Health Managed Care