Transamerica Launches ‘Provider Select’ Supplemental Insurance Policy

BALTIMORE, May 17, 2017 /PRNewswire/ -- Transamerica today announces the availability of a new, first-of-its-kind, hospital indemnity insurance policy designed specifically for hospital systems and provider-owned health plans. Transamerica Provider Select^SM supplemental insurance policies pay double cash benefits when employees' hospital care is received at a treatment center designated by the employer. Transamerica Provider Select is designed for use by national and regional hospital systems, hospital-owned health plans, or any employer looking to potentially reduce medical plan premiums and help employees better manage their out-of-pocket medical costs by using preferred treatment centers.

"Transamerica recognizes that health and wealth are linked. When people are hospitalized, sometimes their finances face a tough recovery," said John Stanley, Transamerica vice president and managing director for employee benefits. "Transamerica Provider Select offers twice the cash benefits for hospital care at employer-designated facilities to help people when hospital care is needed."

Transamerica Provider Select insurance policies go beyond typical major medical insurance to help employees and their families in the event of required hospital treatment. This hospital indemnity insurance policy is available as an optional workplace benefit for employees. Transamerica Provider Select provides cash benefits which may be used for any purpose, including to help employees meet their health plan deductibles, co-pays, coinsurance or simply cover personal costs, such as time lost from work. Employees can use any hospital they choose for treatment, but the cash benefit is doubled when they use a hospital on the employer's designated list.

"Hospital employees may have special appreciation for these policies, because some hospitals already offer employee discounts for treatment at the employer's facility. Using the employer's designated treatment center can lower medical care costs for both the employee and the hospital. Transamerica Provider Select pays double cash benefits on top of any discounts that the employee already receives," Stanley noted. "In addition, with the growth in Accountable Care Organizations and narrow networks, Transamerica Provider Select provides an incentive to drive care to facilities that offer high quality care along with wise health care spending."

Employees are able to compare the benefits between non-designated and designated treatment centers. Policy costs are payroll-deducted, and employees can choose to insure family members as well. "The ultimate goal is to engage employees in their own health care decision-making, which can result in improved quality of care for the employee and long-term cost control for the employer." Stanley added.

Financial advisors and agents can find more information about available voluntary benefits insurance at www.transamericabenefits.com, or by contacting Transamerica at 803-354-6310.