America's Benefit Specialist December 2023

PRODUCT NEWS

WASHINGTON NATIONAL RELEASES CRITICAL ILLNESS PRODUCT Washington National Insurance Company, a national pro vider of supplemental health and life insurance products for middle-income Americans, recently announced the intro duction of its new Critical Illness Insurance product. Available for individual and worksite sales, Critical Illness Insurance offers financial protection in the form of lump-sum cash benefits and helps ensure financial security for policyholders and their families when they are faced with an unexpected critical illness such as cancer, heart attack or stroke. Washington National’s Critical Illness Insurance also offers policyholders the flexibility to use their cash benefits without restrictions, including out-of-pocket expenses, deductibles, coinsurance, living expenses and everyday bills. Beyond the physical and emotional toll it brings, critical illness carries significant financial burdens for impacted patients. According to the ACS Cancer Action Network, 51% of cancer patients and survivors carry medical debt from their cancer-related treatment. “Many middle-income Americans are continually being challenged by increasing cost-of-living expenses, and when they are faced with an acute health situation, the last thing they should be concerned about is finances,” said Kari Desai, vice president, product development, CNO Financial Group. “Policyholders and their families need supplemental health benefits, like Critical Illness Insurance, to give their family extra financial protection.” The new solution covers major illnesses and complements existing Washington National supplemental health insurance plans. It also offers customized pricing by providing three base level choices with enhanced optional riders, such as: • an optional Return of Premium/Cash Value Benefit rider that enables customers to get 100% of their premiums paid, minus any claims incurred, at the end of the rider period • Critical Conditions Benefit rider • Cancer Benefit rider • Heart and Stroke Benefit rider • Hospital Intensive Care Unit Benefit rider • Wellness Screening rider Washington National’s Critical Illness Insurance is available in 25 states: Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Iowa, Kentucky, Michigan, Missouri, Mississippi, Mon tana, North Carolina, North Dakota, Nebraska, New Hamp shire, Nevada, Oklahoma, South Carolina, South Dakota, Tex as, Wisconsin, West Virginia and Wyoming. It will be available in additional states in the future. To learn more, visit WashingtonNational.com.

LINCOLN FINANCIAL GROUP INTRODUCES HEALTH SAVINGS SOLUTIONS FOR PLAN SPONSORS Lincoln Financial Group recently launched an expanded suite of health savings solutions designed to empower retirement plan sponsors with a holistic approach to employee financial wellness. The comprehensive offering now includes a fully in tegrated Health Savings Account that serves as a tax-efficient tool to manage qualified medical expenses, achieve savings and pursue retirement readiness. Research shows that 45% of Americans surveyed say cov ering out-of-pocket medical expenses of $500 or more would be a financial hardship. The HSA allows employees to set aside pre-tax money for eligible healthcare expenses, and it can be used to save for retirement. When given the opportu nity, 60% of employees chose to enroll in an HSA-qualifying health option. “In the U.S., financial wellness is tied to overall health. Lincoln’s health savings solutions provide a comprehensive, integrated approach to both. By offering HSAs as part of their benefits package, plan sponsors can empower their employees to take control of their financial future, effectively managing healthcare expenses today while building a robust retirement savings nest egg,” said Ralph Ferraro, senior vice president, Retirement Plan Services, Lincoln Financial Group. HSAs are an integral part of Lincoln’s health savings solutions, offering numerous advantages for employers and employees: • streamlined administration and investment flexibility • enhanced employee recruitment and retention • triple tax savings -flexibility to use funds • holistic financial wellness support Lincoln’s new HSA offering is powered by vendors WEX and Benefit Plan Administrative Services. AMBETTER FROM MERIDIAN EXPANDS HEALTH INSURANCE OFFERING IN MICHIGAN Ambetter from Meridian, a product offered by a wholly owned subsidiary of Centene Corporation that provides insurance to under-insured and uninsured populations through the federal Health Insurance Marketplace, will offer a variety of affordable health insurance plans to residents in 33 counties in Michigan for 2024. “Everyone deserves access to high-quality healthcare that is affordable, convenient and provides a broad network of providers close to their home, school or work so they can

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