Close
ThinkAdvisor

Life Health > Health Insurance

Gap product news: Guardian, Cigna, Beazley

X
Your article was successfully shared with the contacts you provided.

Three insurers have rolled out products aimed at consumers who already get major medical coverage from their employers.

Cigna Corp. (NYSE:CI) has introduced Cigna Hospital Care, a voluntary group indemnity insurance policy that pays a lump sum to an insured who is admitted to a hospital for a covered injury or illness. 

Employers can add a wellness rider. The rider will pay a flat dollar amount to each covered employee who gets an annual wellness health screening. The product is portable.

Another carrier, Guardian Life Insurance Company of America, has also introduced a hospital indemnity policy. The Guardian Hospital Indemnity Insurance policy is available to employers with at least two employees. Guardian is offering the product on a guaranteed-issue basis. And the product is also portable.

See also: Feds post final limited wraparound regs

A third carrier, Beazley U.S. Accident & Health, a unit of the London-based Beazley Group, is offering a “gap medical product” through Boston Mutual Life Insurance Company.

The product can pay the eligible out-of-pocket expenses, including deductibles, co-pays and coinsurance, left by group major medical coverage. Beazley says the product could be most effective for groups with high-deductible health coverage.