Health care costs are climbing, and like you, your employees are looking for help. With an increasingly competitive job market, it’s important to offer a strong benefits package that can assist with these rising expenses.
Privately insured Americans of working age spent over $1,000 out of pocket per hospital stay in 2013.1
Colonial Life offers several individual and group hospital indemnity insurance plans, with several optional riders also available. Product availability differs by state. To learn more about the features and benefits of each one, contact your Colonial Life sales representative.
Individual and group plans have pros and cons. Your Colonial Life sales representative can help you determine the best fit for your business and your employees.
Pros for individual plans include:
Individual plans may have stricter underwriting requirements and have more limited rate flexibility, which leads to potentially higher rates.
Pros for group plans include:
Group plans may experience group-level rate increases and are ported or converted at higher rates. Minimum participation requirements are also common.