October 22, 2024 Newswires

Securian Financial Pairs Market-Leading Emergency Medical Transportation Coverage With Its Group Accident Insurance Product

Business Wire

ST. PAUL, Minn.--(BUSINESS WIRE)--
Securian Financial is teaming up with the industry’s premier emergency medical transportation benefit service—MASA—in an exclusive agreement to offer market-leading ambulance coverage as an addition to Securian’s group accident insurance product offered in workplaces throughout the country.

While many supplemental health insurance carriers offer an ambulance benefit with a flat dollar payout, Securian Financial—through its strategic partnership with MASA—will be the first and only carrier to offer a benefit that fully covers out-of-pocket costs for ground and air ambulance rides. And, emergency ambulance rides due to any health care event—not just accidents—are covered.

“Securian Financial is excited to team with MASA to introduce the supplemental health insurance market’s most robust and generous ambulance coverage paired with our group accident insurance product,” said Lydia Jilek, Securian Financial 2^nd vice president, group life and voluntary benefits. “Emergency medical transportation and the professional EMS care provided is expensive and often results in significant out-of-pocket costs for employees. We believe this ambulance coverage will be popular with employers and employees alike, because there is a tremendous need.”

According to MASA, the average cost of a ground ambulance ride is $2,000 and air medical transport averages $69,000 per flight.¹ Health insurance may cover ambulance rides with in-network providers. But, with an estimated 27,000 ambulance companies operating in the U.S., a 2023 study published by Fair Health, a nonprofit that collects and manages the nation’s largest database of privately billed health insurance claims, found that 59% of ground ambulance rides were out-of-network in 2022.²Additionally, ground ambulance transportation is not addressed by the “No Surprises Act”—a federal law protecting patients from unexpected medical bills.³

“We’re proud to deliver even greater peace of mind to Securian Financial group accident insurance enrollees,” said Joe Heaney, president of MASA’s Business Group. “With this strategic partnership, covered employees will no longer have to worry about accessing and affording ambulance care when they need it most. MASA and Securian go beyond flat dollar payouts—we cover out-of-pocket costs for paramedic services and emergency medical transportation. That’s where care starts and is most critical to saving lives.”

Benefit brokers interested in learning more can find a Securian Financial supplemental health insurance sales professional to talk to in their region at www.securian.com/emergency-transport-protection.html.

About supplemental health insurance

A serious illness, hospital stay or unexpected accident can derail a family’s finances. Having additional financial protection with supplemental health insurance benefits offered through employers can help alleviate some of the financial burden.

Supplemental health insurance benefits are in addition to—not in place of—major medical insurance, which can have costly deductibles and co-pays. The cash benefit payments with supplemental health insurance can be used however an insured person wishes, but most use the benefits to pay for costs not covered by medical insurance—including child care, meals, travel expenses and lost income while being treated for or recovering from a medical incident.

Critical illness, hospital indemnity and accident insurance are the most common supplemental health insurance benefits offered through employers. The insurance is often categorized as a “voluntary benefit” because it is optional for employees, who must elect the coverage and pay premiums. While most employers do not subsidize the premiums, the coverage is offered to employees at affordable group rates.

Securian Financial offers supplemental health insurance benefits to employers nationwide. Through the end of August, Securian Financial’s 2024 supplemental health benefit sales are up 119% over comparable 2023 sales.

Securian Financial is also the nation’s third-largest direct writer of group life insurance.⁴ The company is the top provider of group life insurance to state governments—15—and has an extensive list of Fortune 500 employer clients, including 22 of the Fortune 100.⁵

ABOUT SECURIAN FINANCIAL

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.

ABOUT MASA

Founded in 1974 as Medical Air Services Association, Inc., MASA^® is the leading emergency transportation benefit built to enhance health care plans by covering the out-of-pocket costs associated with emergency medical transport. Today, as a global organization with 14 international locations and covering all 50 states and Canada, MASA serves more than 2 million members with emergency and non-emergency transportation benefits and so much more. Our basic coverage area includes the continental U.S., Hawaii, Alaska, Mexico and Canada, with worldwide coverage offered for certain plans. For more information, visit www.masaaccess.com.

1. MASA ambulance claims data, compiled January 2024.

2. “Nearly 60 Percent of Ground Ambulance Rides Were Out of Network in 2022, according to New FAIR Health Study.” Fair Health, September 21, 2023.

3. “The No Surprises Act left out ground ambulances. Here’s what’s happening now.” PBS News, August 17, 2023.

4. As of December 31, 2023, based on direct group life insurance in force on a consolidated basis. Source: S&P Global Market Intelligence. This statistic reflects the insurance subsidiaries of Securian Financial Group, Inc., Minnesota Life Insurance Company and Securian Life Insurance Company.

5. As of December 31, 2023.

Emergency Transport Protection powered by MASA is offered through Obsidian Insurance Company, with its principal place of business at 1330 Avenue of the Americas, Suite 23A, New York, NY 10019. Coverage is not available in all states and is subject to the company underwriting guidelines and the issued policy. Policy forms and policy terms may vary by state and territory.

The benefits listed, and the descriptions thereof, do not represent the full terms and conditions applicable for usage and may only be offered in some memberships or policies. Premiums and benefits vary depending on the plan selected. MASA MTS utilizes third-party transportation service providers and does not own or lease any vehicles. MASA, MASA Global, MASA MTS and MASA TRS are registered service marks of MASA Holdings, Inc., a Delaware corporation and an affiliated company with Medical Air Services Association, Inc. (MASA), Medical Air Services Association of Florida, Inc. (MASAF), and MASA Insurance Services, Inc. (MISI)

Accident insurance is issued by Securian Life Insurance Company, a New York authorized insurer headquartered in St. Paul, MN. Product availability and features may vary by state. Securian Life Insurance Company is solely responsible for the financial obligations under the policies or contracts it issues. Products are offered under policy form series 23-32590 or a state variation thereof.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Securian Life Insurance Company is a subsidiary of Securian Financial Group, Inc.

DOFU 10-2024

3912659