America's Benefit Specialist August-September 2022

PRODUCT NEWS

been rethinking their benefit lineups to offer additional voluntary benefits to their employees that go beyond core workplace benefits—like medical, dental and vision. Specifically, industry research shows that while less than a third (32%) of U.S. employ ers currently offer critical-illness insurance to their employees, of those not offering this voluntary benefit (68%), more than two in 10 of employers (22%) are interested in offering CI in the future. This aligns with growing interest from their employees— with nearly half of U.S. employees (47%) who currently do not own CI expressing an interest in purchasing this voluntary benefit in the future. Voya’s critical-illness insurance pays a lump-sum benefit upon the diagnosis of a covered illness or condition, such as a heart attack, cancer or stroke. This benefit can be used for out-of-pocket medical costs, as well as household expenses like rent, utilities or a mortgage. Since the onset of the pandemic, COVID-19 has been covered under the Infectious Disease Benefit option in Voya’s critical-illness insurance. That op tion pays a percentage of the critical illness benefit amount if the insured is diagnosed with an infectious disease that results in a hospital stay for a specified number of consecutive days. Now, Voya is offering employers the ability to include an Infectious Condition Additional Benefit Rider as well. Using a COVID-19 diagnosis, here’s how the new rider could complement the existing Infec tious Disease Benefit, if employers include both with their critical illness insurance. This example also includes the optional Wellness Benefit, which provides an annual benefit for a completed health screening test: Covered employee John completes a COVID-19 test administered by a medical professional. Regardless of the results, and because he has not yet used it, he is eligible for his annual Wellness Benefit. Under the new rider, when John is diagnosed with COVID-19, he is now eligible for the Diag nosis Benefit. When the diagnosis results in

a hospitalization of at least 20 consecutive hours in an observation unit, or confined as a resident inpatient, he then becomes eligi ble for the Hospital Confinement Benefit. If his hospital stay lasts for five or more con secutive days based on his diagnosis, John would then be eligible for the Infectious Disease Benefit. Sample benefit amounts for this example are as follows: • Wellness Benefit: $50 • New Rider—Infectious Condition Diag nosis Benefit: $100 • New Rider—Infectious Condition Hospi tal Confinement Benefit: $1,000 • Infectious Disease Benefit—25% of John’s maximum critical illness insurance bene fit amount of $10,000: $2,500 This new rider offers additional features and flexibility. For example, employers can initially choose whether to offer the rider to their employees, and then determine cover age amounts, which components to include (diagnosis and/or hospital confinement) and tailor their list of covered infectious diseases. For more information, visit www.voya. com.

and Oscar will share risk equally under a reinsurance agreement for solutions offered through this strategic partnership and plan to grow the partnership over time.

BREEZE ADDS SHORT-TERM DISABILITY TO ONLINE PLATFORM Breeze, the Omaha-based insurtech, has announced the offering of an individual short-term disability insurance product. With the addition of STD, Breeze has bolstered its online income-protection plat form already featuring multiple long-term disability insurance products. The product launch also means Breeze now offers an individual short-term disability plan with a 100% online experience and benefits for family medical leave. Consumers interested in individual short term disability insurance can use Breeze’s online platform to get a quote in seconds, apply in minutes and manage their policy. Insurance distributors and independent agents partnered with Breeze can offer the product to their clients directly through the Breeze Agent Portal or through Breeze’s proprietary API. In addition to referring their clients to Breeze, partners can use Breeze to quote and apply for individual short-term disability insurance on behalf of their clients. With just 19% of US workers having access to paid family medical leave through their employers, the individual short-term disability insurance product offered by Breeze can provide financial security to those that may experience a loss of income while providing full-time care for a child, spouse or parent. It can also be a good option for employ ees who want to protect their income but don’t get offered a group disability insurance plan through their employer. Visit www. meetbreeze.com to learn more.

CIGNA EXPANDS HEALTH INSURANCE PRODUCTS IN PHILADELPHIA AREA

Cigna Corporation is expanding its Cigna + Oscar small-business health insurance into the Philadelphia metro area. Following regulatory approval, the insurer said the product will go out across the territory into the counties of Bucks, Chester, Delaware, Montgomery and Philadelphia at the begin ning of next year. The firm said that small businesses in the Philadelphia metro area with between one and 50 employees will have access to ser vices driven by the combination of Cigna’s provider relationships and Oscar’s consum er-centric, tech-driven approach. Cigna

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