Renaissance Life & Health Insurance Company of America is enhancing its group insurance offerings with an innovative supplemental health solution.
This new product is powered by Ansel Health, an InsurTech company, and aims to address the increasing out-of-pocket health costs faced by employers and employees.
The driving force behind this new product is the growing concern over rising healthcare expenses. Diana Steinhoff, President and CEO of Renaissance, emphasized the importance of finding solutions that ease the burden of unexpected medical costs for employees. She stated, “As health care costs continue to increase, many employers are looking for solutions that ease the burden of unexpected medical expenses for employees. This inventive supplemental health plan provides comprehensive coverage for a broad range of conditions, no medical underwriting requirements, a simplified claims experience and easy administration for employers.”
Renaissance specialises in offering customisable dental, vision, life, and disability plans to employer groups across the nation.
The company focuses on serving smaller groups of up to 250 employees and also provides dental and vision insurance for individuals. In select states, they offer accident insurance to groups.
The new supplemental health insurance plan offers comprehensive coverage for a wide range of conditions without requiring medical underwriting.
It simplifies the claims process and administration for employers, providing a cash benefit based on diagnosis without the need for an accident or hospital admission.
Benefit amounts can be customised to help offset health insurance cost-sharing, and employers can choose to fund all or part of the premiums, or offer it as a voluntary benefit.
The product’s benefit administration and claims are managed through an online platform and mobile app, ensuring a streamlined experience and expedited benefit payments.
Additionally, dedicated support is available for both employers and employees to address any questions that may arise.
The new supplemental health solution will begin a phased rollout in late 2024 in select markets in Texas and Utah, with plans for a nationwide expansion and integrated member experience in 2025.
This initiative aligns with Renaissance’s mission to continually enhance benefits solutions that empower customers to achieve their financial and wellness goals.
John Feeney, Vice President, Group Sales & Market Development at Renaissance, highlighted the broader impact of focusing on employee wellbeing. He noted, “Pursuing strategies to improve healthcare affordability and remove barriers to visiting the doctor enables organisations to enhance their benefits and in turn, help attract and retain workers. We are excited to add this innovative new benefit to our portfolio to assist brokers and clients in creating smart, but simple solutions to bolster employee wellbeing, as well as organisational success.”
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