METLIFE LAUNCHES GROUP ACCIDENT INSURANCE TO MEET DEMAND FOR SUPPLEMENTAL HEALTH PRODUCTS IN THE WORKPLACE
NEW YORK - April 1, 2013 – MetLife today announced that it has added Group Accident Insurance to its portfolio of supplemental health insurance products to help employers and their employees address the challenges associated with rising healthcare costs. Three out of five employees surveyed in MetLife’s 11th annual Study of Employee Benefits Trends are concerned about having enough money to pay out-of-pocket medical costs. With MetLife’s voluntary Group Accident Insurance, employers have a simple and affordable way to provide additional protection that can help their employees cover out-of-pocket expenses such as deductibles, co-payments, and non-covered medical services that may result from an accident.
“Healthcare trends and changes, including the Patient Protection and Affordable Care Act, are leading many employers to take a fresh look at their benefits program, including where voluntary products like accident insurance can play a role,” said Michael Fradkin, senior vice president, Voluntary & Worksite Benefits at MetLife. “A serious accident, or frequent visits to the doctor for sports-related injuries, can leave an employee with higher-than-expected expenses, and the employer with a financially-stressed worker. Accident insurance pays employees directly and the funds can be used in any way they want, so they can focus on recovery rather than financial concerns.”
A Simple Solution
Accidents happen across the U.S. — every two seconds in the home, every six seconds at work, and every nine seconds while driving a motor vehicle, according to the National Safety Council (2012). A visit to the emergency room for those accidents costs an average of $1,318 per incident according to the American Hospital Association Resource Center (2012). MetLife’s Group Accident Insurance is a simple solution that provides valuable protection including:
- Over 150 different events that pay a benefit
- Coverage for active employees of any age, their spouses and their children (up to age 26) without a medical exam
- No minimum employee participation requirements
- No waiting period for coverage to begin
- No limitations on the number of accidents covered
- Portability (continuation of coverage)
- Premiums conveniently paid through payroll deduction.
“In addition to helping employees narrow financial gaps in medical insurance, voluntary supplemental health benefits enable employers to improve productivity, retain employees, and control benefits costs,” commented Fradkin.
For more information about MetLife’s new Group Accident Insurance product, please visit www.metlife.com/accident.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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