WELLESLEY, Mass., Aug. 3, 2020 /PRNewswire/ -- For many people,
hospitalizations can result in high out-of-pocket costs, sometimes
in the thousands of dollars, depending on the length of stay. To
help offset the costs to consumers, Sun Life now offers hospital
indemnity insurance. The coverage pays a daily cash benefit
directly to the member for an in-patient hospitalization up to 30
days, and offers an extended hospitalization benefit that provides
additional coverage for stays over ten days, retroactive to the
first day. The benefit is paid regardless of medical diagnosis or
treatment, and can be used for anything from medical bills to
groceries.
"As medical costs continue to rise, people are looking for more
ways to afford the care they need," said David Healy, senior vice president, Group
Benefits for Sun Life U.S. "Any major health event can lead to
out-of-pocket costs that many people simply cannot afford.
Supplemental health benefits like hospital indemnity, as well as
critical illness, accident and cancer insurance, can help close the
coverage gaps in health insurance and bring people better financial
and medical security during a time when they need it most."
For "catastrophic" or extremely costly medical conditions,
hospital stays can become lengthy. Of the top costliest medical
conditions in Sun Life's recent report on stop-loss claims –
high-cost claims from self-funded employer clients – cancer,
complications at or after birth and transplants were among the
conditions requiring longer hospitalizations, with average stays
ranging from 16 to 47 days. In addition, Sun Life stop-loss claims
for COVID-19, to date, show hospitalization stays ranging from 3 to
35 days.
According to the Kaiser Family Foundation, the average cost of a
hospital stay is $11,000, for
approximately five-and-a-half days – an average daily cost of
$2,500. Members who hold more than
one supplemental health policy, such as critical illness, cancer,
and hospital indemnity insurance, would be eligible for payouts
under each benefit, for stronger financial protection when facing a
major health issue.
Hospital indemnity from Sun Life is also available on the Sun
Life + Maxwell Health digital benefits administration platform,
which includes a supplemental health educator to help people
understand how these benefits intersect with health insurance.
Sun Life's recent webinar on supplemental health and hospital
indemnity insurance can be viewed here, and to see how Sun Life is
supporting employers and employees during the pandemic, visit
www.sunlife.com/coronavirus.
About Sun Life
Sun Life is a leading international
financial services organization providing insurance, wealth and
asset management solutions to individual and corporate Clients. Sun
Life has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2020, Sun Life had total assets under management of
C$1,023 billion. For more
information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
In the United States, Sun Life
is one of the largest group benefits providers, serving more than
60,000 employers in small, medium and large workplaces across the
country. Sun Life's broad portfolio of insurance products and
services in the U.S. includes disability, absence management, life,
dental, vision, voluntary and medical stop-loss. Sun Life and its
affiliates in asset management businesses in the U.S. employ
approximately 5,500 people. Group insurance policies are issued by
Sun Life Assurance Company of Canada (Wellesley
Hills, Mass.), except in New
York, where policies are issued by Sun Life and Health
Insurance Company (U.S.) (Lansing,
Mich.). For more information, please visit
www.sunlife.com/us.
Media contact:
Devon
Fernald
Sun Life U.S.
781-800-3609
Devon.Portney.Fernald@sunlife.com
Connect with Sun Life
U.S.
https://www.facebook.com/SLFUnitedStates/
https://www.linkedin.com/company/sun-life-financial/
https://twitter.com/SunLifeUS
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SOURCE Sun Life U.S.