Colonial Life & Accident Insurance Company released Wednesday its new Group Medical Bridge 1.0 product, a group hospital confinement indemnity plan that pays benefits to help cover the out-of-pocket medical and non-medical expenses associated with a covered hospital stay.
Plans are available to also cover the out-of-pocket medical and non-medical expenses associated with outpatient surgery, diagnostic tests, doctor office visits and trips to the emergency room.
Benefits are paid regardless of any other benefits an employer offers such as health insurance.
"This new product can help employees protect themselves from the financial risk associated with a hospital stay," says Susan Cotter, vice president for marketing and products at Colonial Life. "They can use the benefits to pay for medical expenses as well as other expenses such as the mortgage, daycare and groceries that don't stop just because you're in the hospital."
Benefits and Features
Colonial Life's new group hospital confinement indemnity plan offers the following benefits and features:
- Four different coverage types are available for employees and their families.
- Coverage is available for everyone on a guaranteed issue basis, including employees, spouses and dependents. No health questions are ever asked.
- Pre-existing conditions can be waived for everyone who purchases the policy.
- Benefits can be used to pay for medical expenses or bills as the employee sees fit.
- Benefits are paid directly to employees, unless they specify otherwise.
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