Prudential Financial introduces new workplace insurance benefits that help support mental health and growing families
04 April 2024 - 2:32PM
Business Wire
Offerings focus on helping employees reduce out-of-pocket
medical costs.
Prudential Financial, Inc. (NYSE: PRU) has introduced new
voluntary workplace insurance offerings that help support family
building and mental health, including benefits that cover fertility
procedures, extended hospital stays, screenings for substance use,
and severe mental illness.
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Jess Gillespie, Head of Product and
Underwriting, Prudential Group Insurance (Photo: Business Wire)
Voluntary or supplemental insurance refers to optional,
employee-paid benefits that can help pay for out-of-pocket medical
expenses not covered by health insurance, such as co-pays,
co-insurance and deductibles.
As part of Prudential Group Insurance’s expanded suite of
Critical Illness and Hospital Indemnity insurance, the new mental
health benefits include screenings for anxiety, mood disorders and
substance abuse — as well as coverage for the most diagnosed mental
health conditions and severe mental illness. The expanded family
benefits include coverage for surgical and nonsurgical procedures,
prenatal care, childbirth, and expanded hospital stays for
newborns.
“Expanding your family is a joyous event, but the associated
medical costs can add up quickly,” said Jess Gillespie, head of
Product and Underwriting in Group Insurance. “With nearly 20% of
individuals struggling to pay medical bills related to childbirth,
it’s critical that we support families by reducing financial stress
in these important moments.”
Gillespie added that the road to parenthood can be stressful and
expensive for couples who have difficulty conceiving, with an
estimated 1 in 5 couples affected by infertility in the U.S.
Easing the strain of medical costs
According to a recent study, about 75% of U.S. adults worry
about being able to afford unexpected medical bills, with about
half saying they couldn’t pay for a $500 charge that wasn’t covered
by insurance.
“Employees turn to their employers for benefits that can help
them during key life events,” said Gillespie. “Prudential’s
supplemental health insurance pays a lump sum benefit when it’s
needed most, helping employees cover unexpected medical
expenses.”
A simpler, superior customer experience
Prudential is also making it easier for customers to understand
their benefits with an easy claims process using simple language
and seamless technology. Now it’s easier than ever for employees to
know what is, and what isn’t, covered by insurance.
Visit
prudential.com/employers/group-insurance/products/voluntary-benefits
for more information on Prudential’s Supplemental Health
solutions.
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
approximately $1.4 trillion in assets under management as of Dec.
31, 2023, has operations in the United States, Asia, Europe, and
Latin America. Prudential’s diverse and talented employees help
make lives better and create financial opportunity for more people
by expanding access to investing, insurance, and retirement
security. Prudential’s iconic Rock symbol has stood for strength,
stability, expertise and innovation for nearly 150 years. For more
information, please visit news.prudential.com.
ABOUT GROUP INSURANCE
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 clients primarily for use within employee and
membership benefit plans. The business also sells critical illness,
accidental death and dismemberment and other ancillary coverages.
In addition, the business provides plan administrative services in
connection with its insurance coverages, and administrative
services for employee paid and unpaid leave, including FMLA, ADA,
and PFL.
CONNECT WITH US: Visit prudential.com Follow
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MEDIA Kristen Doyle 201-835-4872
kristen.doyle@prudential.com Marisa Amador
973-802-8969 marisa.amador@prudential.com
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