UnumProvident has started MedSupport, a voluntary insurance product designed to help employers and employees absorb the financial impact of rising medical costs, the company announced.
MedSupport, the latest in the company's range of supplemental insurance products, can help pay out-of-pocket expenses associated with hospital stays, outpatient surgeries, certain diagnostic tests, and emergency care, the Chattanooga, Tenn., company said Tuesday.
The coverage is designed to complement employer-sponsored health-care benefits by paying a lump sum directly to the covered person. The benefit can be used at the individual's discretion to meet personal financial needs. The product is to be sold via employers and paid for through payroll deductions,
MedSupport also offers, under an enhanced plan, a benefit for specified diagnostic tests and an optional rider for the costs of emergency care. It also lets employees continue coverage at the same benefit amount and premium once they leave their company.
UnumProvident said it expects the product to have its strongest appeal to small and midsize employers - especially those introducing changes, such as higher deductibles, co-insurance, or co-payments, to their health plans.
