BALTIMORE, May 17, 2017 /PRNewswire/ -- Transamerica today announces the availability of a new, first-of-its-kind, hospital indemnity insurance policy designed specifically for hospital systems and provider-owned health plans. Transamerica Provider SelectSM supplemental insurance policies pay double cash benefits when employees' hospital care is received at a treatment center designated by the employer. Transamerica Provider Select is designed for use by national and regional hospital systems, hospital-owned health plans, or any employer looking to potentially reduce medical plan premiums and help employees better manage their out-of-pocket medical costs by using preferred treatment centers.
"Transamerica recognizes that health and wealth are linked. When people are hospitalized, sometimes their finances face a tough recovery," said John Stanley, Transamerica vice president and managing director for employee benefits. "Transamerica Provider Select offers twice the cash benefits for hospital care at employer-designated facilities to help people when hospital care is needed."
Transamerica Provider Select insurance policies go beyond typical major medical insurance to help employees and their families in the event of required hospital treatment. This hospital indemnity insurance policy is available as an optional workplace benefit for employees. Transamerica Provider Select provides cash benefits which may be used for any purpose, including to help employees meet their health plan deductibles, co-pays, coinsurance or simply cover personal costs, such as time lost from work. Employees can use any hospital they choose for treatment, but the cash benefit is doubled when they use a hospital on the employer's designated list.
"Hospital employees may have special appreciation for these policies, because some hospitals already offer employee discounts for treatment at the employer's facility. Using the employer's designated treatment center can lower medical care costs for both the employee and the hospital. Transamerica Provider Select pays double cash benefits on top of any discounts that the employee already receives," Stanley noted. "In addition, with the growth in Accountable Care Organizations and narrow networks, Transamerica Provider Select provides an incentive to drive care to facilities that offer high quality care along with wise health care spending."
Employees are able to compare the benefits between non-designated and designated treatment centers. Policy costs are payroll-deducted, and employees can choose to insure family members as well. "The ultimate goal is to engage employees in their own health care decision-making, which can result in improved quality of care for the employee and long-term cost control for the employer." Stanley added.
Financial advisors and agents can find more information about available voluntary benefits insurance at www.transamericabenefits.com, or by contacting Transamerica at 803-354-6310.
About Transamerica Provider Select
Transamerica Provider Select is a group hospital indemnity insurance policy that offers cash benefits for policy-specified hospital care. Transamerica Provider Select Hospital Indemnity Insurance is underwritten by Transamerica Life Insurance Company, Cedar Rapids, Iowa under Policy Form Series CPGHI700 and CCGHI700. Forms and numbers may vary, Insurance may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate and riders for complete details. THIS IS NOT MAJOR MEDICAL INSURANCE AND IS NOT A SUBSTITUTE FOR MAJOR MEDICAL INSURANCE. IT DOES NOT QUALIFY AS MINIMUM ESSENTIAL HEALTH COVERAGE UNDER THE FEDERAL AFFORDABLE CARE ACT.
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2016, Transamerica fulfilled its promises to customers, paying more than $7.2 billion in insurance and annuity benefits, including return of annuity premiums paid by the customer. Transamerica's corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world's largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2016, Aegon managed $784 billion in revenue generating investments. For more information, please visit www.transamerica.com.
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