Symetra expanded the benefits package in response to the growing need for a critical illness component to a limited benefit medical policy.
Unlike a major medical policy that provides more comprehensive coverage, these policies offer limited, fixed payments for basic health care services up to a calendar year maximum. Benefits include wellness exams, diagnostic Xrays, immunizations, lab tests, emergency room visits, and other routine services. Select Benefits now not only makes it easier for previously uninsured workers and their families to visit the doctor, but also helps reduce the out-of-pocket costs associated with certain serious conditions.
“In adding a critical illness component to Select Benefits, we now have a product that, while not designed to cover all the costs of a major health event, does provide some extra financial relief for patients dealing with a critical illness,” said Robert Frary, Symetra’s vice president of group limited medical and worksite products.
Payments under the critical illness benefit are simple and straightforward. Upon the first diagnosis of conditions such as invasive cancer, heart attack or stroke, the policy will pay either $5,000 or $10,000 to the insured (depending on their employer’s plan), and funds may be used by the patient for any purpose.1 A recovering heart attack patient, for example, can utilize Select Benefits to help pay for treatments like cardiac rehabilitation, angioplasty or heart medication.
When it comes to limited benefit policies, communication and education is essential.
“Select Benefits is not a replacement for major medical or other comprehensive coverage,” Frary notes. “It is important that customers understand what their limited benefit policy can and cannot offer them.
Select Benefits is an employer-sponsored group policy that focuses on providing basic wellness benefits for uninsured part-time, temporary and seasonal workers — segments of the workforce who typically do not qualify for their company’s health plan. These plans can help employers open the door to preventive care for many uninsured workers.
1 Lump sum payments are reduced by 50 percent for individuals at age 65 or older. Benefit amount depends on group size and state availability. Underwriting considerations may also apply.
2 Source: Total GAAP assets per financial statements as of September 30, 2007.
Select Benefits is not a replacement for major medical or any other comprehensive policy. It is designed to provide a preselected fixed payment amount for benefits used on a routine basis. Select Benefits is insured by Symetra Life Insurance Company, 777 108th Ave. NE, Suite 1200, Bellevue, WA 98004-5135. Product is not available in all U.S. states or any U.S. territories.
