MetLife, the largest provider of non-medical employee benefits in the U.S., has enhanced its hospital indemnity insurance policy as part of a greater effort to update its supplemental health employee benefit suite.

The hospital indemnity policy, which offers a lump sum to participants for paying out-of-pocket costs related to a hospitalization, now includes child care, transportation, lodging and prescription drugs.

[Image credit: Bloomberg]
[Image credit: Bloomberg]

“The need just continues to go up [for hospital indemnity insurance],” says Todd Katz, executive vice president of group benefits at MetLife.

See also: 5 employee benefits trends to watch in 2018

Even with health insurance, the average consumer will spend about $1,000 out-of-pocket for a hospital stay — a financial difficulty for six in 10 Americans who don’t have $500 in their savings accounts, he says.

MetLife’s standard hospital indemnity insurance plan costs around $25 a month, which Katz describes as “quite affordable,” and notes the voluntary benefit is starting to get good enrollment rates as consumers face rising premium costs.

The insurer says it will roll out enhanced accident and critical illness insurance policies within the coming months.

Register or login for access to this item and much more

All Employee Benefit Adviser content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access