Prudential Group Insurance, a business of Prudential Financial, Inc.
(NYSE:PRU), today announced the addition of accident insurance to its
suite of products available through the workplace. Prudential’s
accident insurance solution provides employers with more than 500
employees an optional benefit that helps workers deal with the financial
impact of an accident such as a fracture, dislocation or concussion.
“Accidents are more common than we think and out-of-pocket costs during
treatment and recovery can add up quickly,” said Bob Patience, vice
president, Voluntary Benefits, Prudential Group Insurance. “Accident
insurance can provide cash to help pay any expenses, including some
injury-related expenses not typically covered by medical insurance, such
as transportation, housekeeping and home modifications.”
According to the Center for Disease Control, one in eight Americans
visit the emergency room each year. Yet, according to Prudential’s 2014
report, Financial
Wellness: The Next Frontier in Wellness Programs, 52 percent of
households say they have less than $10,000 in liquid assets available
for use in an emergency.
Prudential’s
accident insurance offering is an “incident based plan” which means
it pays a lump sum for a loss resulting directly from an accidental
injury, and those benefits are not dependant on the services performed
to repair the injury. The benefit varies depending on the severity of
the injury and the money can be used to cover out-of-pocket medical and
non-medical costs, without restriction. As an example, a standard
benefit amount for a broken leg could pay up to $1,200 compared to a
broken finger in which case the payment would be about $100.
Unlike most traditional treatment-based plans, the product’s simplified
claim process requires minimal documentation. With certain traditional
accident plans, a separate piece of evidence would typically need to be
submitted at the time of the claim for each treatment or procedure.
Prudential’s accident insurance product requires only evidence of the
injury itself; there is no need to provide evidence of various
treatments such as X-rays, ambulance trips or physical therapy.
Employees can also choose coverage for qualified dependents.
“Including accident insurance as another employee benefit can help
individuals protect against a risk that may have significant
consequences and supports overall financial wellness,” continues
Patience. “Just as important is the streamlined and easy-to-understand
claims process we’ve employed that minimizes a lot of paperwork and
administration.”
For more information visit www.prudential.com/financialwellness.
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 customers
primarily for use in connection with employee and membership benefit
plans. The business also sells critical illness, accident, accidental
death and dismemberment and other ancillary coverages and provides plan
administrative services in connection with its insurance coverages.
Group Insurance coverages strive to facilitate protection from risks
that are difficult to predict, thus fostering overall financial wellness
for employees and their families.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has
operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit http://www.news.prudential.com/.
Prudential, the Prudential logo and the Rock symbol are service marks
of Prudential Financial, Inc. and its related entities, registered in
many jurisdictions worldwide.
Group coverages issued by The Prudential Insurance Company of
America, 751 Broad Street, Newark, NJ.
Group Accident Insurance coverage is a limited benefit policy issued by
The Prudential Insurance Company of America, a Prudential Financial
company, 751 Broad Street, Newark, NJ 07102. Prudential's Accident
Insurance is not a substitute for medical coverage that provides
benefits for medical treatment, including hospital, surgical and medical
expenses and does not provide reimbursement for such expenses. The
Booklet-Certificate contains all details, including any policy
exclusions, limitations, and restrictions which may apply. If there is a
discrepancy between this document and the Booklet-Certificate/Group
Contract issued by The Prudential Insurance Company of America, the
Group Contract will govern. Please contact Prudential for more
information. Contract provisions may vary by state. Contract Series:
83500.
This policy provides ACCIDENT insurance only. It does NOT provide basic
hospital, basic medical or major medical insurance as defined by New
York Department of Financial Services.
IMPORTANT NOTICE - THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS.
This Accident coverage is not comprehensive health insurance coverage
(often referred to as "Major Medical Coverage").
It does not satisfy the individual mandate of the affordable care act.
It does not meet the requirements of minimum essential coverage as
defined by federal law.
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Copyright Business Wire 2015