BELLEVUE, Wash.—(Sept. 14, 2016)—As health care reform and rising medical costs continue to shape the benefits landscape, Symetra has introduced GapAssist, a new package of accident, critical illness and inpatient hospital benefits designed to complement high-deductible medical plans and help employees with unexpected out-of-pocket medical costs.
According to a Commonwealth Fund report, more than 20 percent of adults with health insurance spent five percent or more of their income on out-of-pocket health care costs (excluding premiums) in 2014.1
“Benefits play a significant role in an employer’s ability to build and retain a quality workforce. Finding ways to offer competitive health care benefits while managing expenses can be challenging,” said Jeff Farmer, Symetra vice president and national sales director, Life, Disability Income and Select Benefits. “Increasingly popular high-deductible major medical plans can be less expensive in terms of premium, but often result in coverage gaps that can leave employees facing significant out-of-pocket costs. That’s where GapAssist supplemental coverage can help—by providing an added layer of financial protection.”
GapAssist offers three plan designs—Base, Classic and Premier. Each plan design offers the same core coverage but the benefit amounts vary. Groups may choose to offer just one plan or any combination of the three based on their needs.
• Accident coverage pays for eligible expenses related to an accident such as emergency room visits, physician fees, tests and X-rays, up to a set maximum benefit amount per accident.
• Critical illness coverage provides a lump-sum benefit upon the first diagnosis of a covered critical illness after the policy is in effect.
• Fixed-payment inpatient hospital coverage provides per-day benefits for covered stays in a hospital, intensive care unit, substance abuse facility, mental health or nursing facility.
For more information about GapAssist, contact a Symetra representative at 800-426-7784 or visit www.Symetra.com/EmployeeBenefits.
Symetra has been providing cost-effective benefit solutions to employers for more than 50 years. A longtime leader in medical stop-loss insurance, Symetra also offers group life and disability, absence management, critical illness and accident insurance as well as fixed payment medical insurance that can be used to help close coverage gaps or paired with administration for self-funded minimum essential coverage (MEC) plans.
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com.
GapAssist plan insurance policies are not a replacement for a major medical policy or other comprehensive coverage and do not satisfy the minimum essential coverage requirements of the Affordable Care Act. Critical illness and fixed-payment inpatient hospital coverages are designed to provide benefits at a preselected, fixed-dollar amount. Coverage may be subject to exclusions, limitations, reductions, and termination of benefit provisions. GapAssist plan policies are insured by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004, and are not available in all U.S. states or any U.S. territory. GapAssist is comprised of and filed as Fixed-Payment Indemnity, Group Accident and Critical Illness. Fixed-Payment Indemnity, Group Accident and Critical Illness policies are available on a standalone basis, although pricing may vary. Coverage is provided under generic policy form numbers SBC-01505. SBC-00535 and LGC-10011.
1 The Commonwealth Fund Health Care Affordability Tracking Survey, September–October 2014.