Offerings focus on helping employees reduce out-of-pocket medical costs.
Prudential Financial, Inc. (NYSE: PRU) has introduced new voluntary workplace insurance offerings that help support family building and mental health, including benefits that cover fertility procedures, extended hospital stays, screenings for substance use, and severe mental illness.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240404432800/en/
Jess Gillespie, Head of Product and Underwriting, Prudential Group Insurance (Photo: Business Wire)
Voluntary or supplemental insurance refers to optional, employee-paid benefits that can help pay for out-of-pocket medical expenses not covered by health insurance, such as co-pays, co-insurance and deductibles.
As part of Prudential Group Insurance’s expanded suite of Critical Illness and Hospital Indemnity insurance, the new mental health benefits include screenings for anxiety, mood disorders and substance abuse — as well as coverage for the most diagnosed mental health conditions and severe mental illness. The expanded family benefits include coverage for surgical and nonsurgical procedures, prenatal care, childbirth, and expanded hospital stays for newborns.
“Expanding your family is a joyous event, but the associated medical costs can add up quickly,” said Jess Gillespie, head of Product and Underwriting in Group Insurance. “With nearly 20% of individuals struggling to pay medical bills related to childbirth, it’s critical that we support families by reducing financial stress in these important moments.”
Gillespie added that the road to parenthood can be stressful and expensive for couples who have difficulty conceiving, with an estimated 1 in 5 couples affected by infertility in the U.S.
Easing the strain of medical costs
According to a recent study, about 75% of U.S. adults worry about being able to afford unexpected medical bills, with about half saying they couldn’t pay for a $500 charge that wasn’t covered by insurance.
“Employees turn to their employers for benefits that can help them during key life events,” said Gillespie. “Prudential’s supplemental health insurance pays a lump sum benefit when it’s needed most, helping employees cover unexpected medical expenses.”
A simpler, superior customer experience
Prudential is also making it easier for customers to understand their benefits with an easy claims process using simple language and seamless technology. Now it’s easier than ever for employees to know what is, and what isn’t, covered by insurance.
Visit prudential.com/employers/group-insurance/products/voluntary-benefits for more information on Prudential’s Supplemental Health solutions.
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of Dec. 31, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information, please visit news.prudential.com.
ABOUT GROUP INSURANCE
Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefit plans. The business also sells critical illness, accidental death and dismemberment and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee paid and unpaid leave, including FMLA, ADA, and PFL.
CONNECT WITH US:
Visit prudential.com
Follow on LinkedIn
1079098-00001-00
View source version on businesswire.com: https://www.businesswire.com/news/home/20240404432800/en/
Contacts
MEDIA
Kristen Doyle
201-835-4872
kristen.doyle@prudential.com
Marisa Amador
973-802-8969
marisa.amador@prudential.com
