Colonial Life & Accident Insurance Company has introduced the Medical Bridge 3000 plan.
The plan is a hospital confinement indemnity insurance plan, according to Colonial Life, Columbia, S.C., a unit of Unum, Chattanooga, Tenn., that does business as Colonial Supplemental Insurance.
The policy pays holders who enter the hospital a lump-sum benefit.
Colonial Life is selling a version of the product that is compatible with health savings accounts.
The company is offering an employer a choice of a simply underwriting approach with few participation requirements; “standard guaranteed issue” underwriting, which makes coverage available to all employees if participation requirements are met; and “guaranteed issue with waiver of pre-existing conditions,” which allows all employees and conditions to be covered, regardless of health, if more rigorous participation requirements are met.
The product comes with level, age-banded rates, and there are no increases when employees move to a new age band, Colonial Life says.