America's Benefit Specialist April 2023

PRODUCT NEWS

committed to the long-term growth of its core Insurance lines of business, including Medicare Advantage, Group Medicare, Medicare Supplement, Medicare Prescription Drug Plans, Medicaid, military and specialty (dental, vision, life, etc.), as well as its CenterWell healthcare services business. Following a strategic review, the company determined that the Employer Group Commercial Medical Products business was no longer positioned to sustainably meet the needs of commercial members over the long term or support the company’s long-term strategic plans. The exit from this line of business will be phased over the next 18 to 24 months. The company is committed to ensuring a smooth transition of services for members and commercial customers. GUARDIAN INTRODUCES HOLISTIC PROTECTION IN A SINGLE SOLUTION The Guardian Life Insurance Company of America has intro duced SafeGuard360, a solution that offers essential financial protection for consumers in one product. SafeGuard360 is a patent-pending product that includes life insurance, long term care and income-protection benefits, helping individu als build the foundation for lifelong well-being. “Providing a well-rounded policy that inspires well-being and helps protect people at every life stage was founda tional to building SafeGuard360,” said Michael Ferik, head of individual markets at Guardian. “Research tells us people don’t follow through on financial plans because they say the process is too cumbersome. This one-of-a-kind product ad dresses that challenge for consumers by creating one unified solution that speaks to many financial concerns.” SafeGuard360 offers three protections in a single solution: Whole life insurance—Provides lifetime protection with three guarantees including a guaranteed level premium, guaranteed death benefit and guaranteed cash value. Long-term care protection—Accelerated death benefit for LTC services. Disability income insurance—Offers three benefits during a period of disability including income replacement if you are unable to work at all, income replacement if you are only able to work on a limited basis, and waiving premiums for the coverage while disability continues. Additional benefits include ease of purchase through a single digital application and underwriting process, and relationship management through Guardian’s financial representatives. Clients will also have a single point of claim initiation across all coverages of SafeGuard360 and will be assisted by Guardian’s team of claims representatives.

AFLAC ENHANCES INDIVIDUAL HOSPITAL INSURANCE TO INCLUDE MENTAL HEALTH COVERAGE Aflac recently enhanced its hospital insurance product to include income protection for mental health treatment while reducing hospital confinement hour requirements to qualify for benefits. The enhanced product, named “Aflac Choice,” is designed to help customers with expenses associated with doctor visits, hospitalizations and mental health treatment that health insurance doesn’t cover. Mental illness and/or substance use disorders are a compo nent of one in every eight emergency department visits by an adult in the United States, and mood disorders are the most common cause of hospitalization for all Americans under age 45, according to the National Alliance on Mental Illness. Additionally, 24.7% of all adults with a mental health condition cited insufficient finances as a barrier to seeking treatment. “Today many Americans face stress, anxiety, depression and other concerns that can lead to mental health challeng es and hospitalization,” said Keith Farley, senior vice presi dent, Aflac Individual Voluntary Benefits. “Amid rising health care costs, seeking appropriate and timely care can be costly, which only contributes to the burden for many who are facing a health crisis. Aflac Choice Hospital Insurance puts healing and recovery at the forefront so that policyholders can focus on getting better rather than worry about how to help close the gap between what their health care insurance does and doesn’t cover.” In addition to helping policyholders, Aflac Choice Hospital Insurance can help protect the overall physical, financial and mental health of an employer’s workforce. With a variety of options, employees can tailor coverage to their specific needs and budgets, which helps ensure their employees have the protection they need whenever a health event arises. Highlights of the strengthened individual hospital product include: • Expanded benefits for covered hospital confinements caused by common mental health conditions includ ing, but not limited to, schizophrenia, bipolar disorders, depressive disorders, anxiety disorders, eating disorders, post-traumatic stress, substance and alcohol use disorders. • Expanded coverage with no rate increase to policyholders. • Decreased minimum number of hours required to qualify for hospital confinement from 23 hours to 18 hours. • Optional riders to help further amplify income protection coverage. For more information, visit www.Aflac.com/business.

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