MedSupport sales stop as focus shifts to Group Hospital Indemnity
Unum discontinued the sale of MedSupport in all states effective Sept. 1, 2014, as the company’s focus shifts towards the more flexible and comprehensive Group Hospital Indemnity (GHI) offering.
Individuals with inforce MedSupport policies can keep their current coverage. New lives may not be added to existing MedSupport cases, however.
Over the past few years MedSupport has accounted for minimal voluntary benefit sales, as many employers have redefined their benefits strategies to align with changing legislation.
With new federal and state regulations on individual fixed indemnity products, the time was right to retire this offering and focus on Group Hospital Indemnity. GHI offers more complete coverage to consumers and has greater potential for growth opportunities.
Group Hospital Indemnity helps protect employees from the financial costs of unexpected health events that result in hospitalization or other treatment. This coverage is an essential part of a total financial protection plan and comes with flexible plan designs, ideal for employers looking for a benefit plan that matches their needs.
With an HSA-compatible plan option, GHI represents an effective solution for employers who offer high deductible health plans with a health savings account. Even better, it costs nothing for employers to add to their benefit plans since it’s 100% employee paid.
GHI is not currently available in Colorado, Connecticut, Maryland, Minnesota, New Hampshire, New Jersey, New York, Rhode Island, Vermont and Washington, although efforts are under way to obtain approval in all remaining states.
To learn more about Unum’s Group Hospital Indemnity offering, please contact your Unum representative.
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