Nationwide Specialty Insurance introduces new accident and hospital Ca$hBack PlansSM
Innovative plans help protect families from unexpected health expenses and provide them tools to lead a healthier lifestyle
For immediate release
November 20, 2008
Terri Erlenbach 614.249.5755
Dublin, Ohio – Nationwide Specialty Insurance, a provider of specialty insurance products, recently announced the launch of new accident and hospital product lines to help employers protect their employees against unexpected medical costs.
The company’s Ca$hBack PlansSM are designed to protect individuals against potential coverage gaps with high-deductible health plans, such as unexpected accident or hospital expenses.
The percentage of covered workers in a plan with a deductible of at least $1,000 for single coverage has grown from 10 percent to 18 percent over the last two years1. And last year, 12 percent of all employers, including 20 percent of employers with 500 or more employees, said they were “very likely” to implement a high deductible health plan option in 20092.
“Health care expenses continue to rise, and to save money on premium, many employers are moving to higher deductible health plans,” said Melissa Gutierrez, vice president of Nationwide Specialty Insurance. “This strategy helps employers manage the rising cost of health care, but shifts more financial risk to their employees and families. Our new Ca$hBack Plans are designed to make the transition easier for everyone. These offerings help employees and their families prepare to pay deductibles and coinsurance if they incur an unexpected accident or hospital stay.”
When asked their primary reason for not offering health coverage, 43 percent of all employers without employee health plans answered “I can’t afford it”3. Ca$hBack Plans help employers find a balance by responding to both concerns – health care expense reduction and employee satisfaction.
All Ca$hback Plans pay the insured directly regardless of any other insurance. Employers are able to choose a level of coverage to offer within the accident, hospital or combination product lines, based on what works best with their existing health plan and the needs of their employees.
When employers purchase any of the Ca$hBack Plans from Nationwide Specialty Insurance, their employees have the option to complete a complimentary, personalized online health risk assessment (HRA). Upon completing their HRA employees receive valuable information about their current health status and have access to online tools to help manage or even improve their health. In the long run, this may help them lead a healthier lifestyle and reduce their health-related expenses.
Employers also receive an aggregate summary of health risks within their population to help address the most prevalent conditions among their employees. In turn, this may help reduce their claims expenses.
To learn more about the Ca$hback Plans, visit: www.nationwide.com/cashback.
About Nationwide Specialty Insurance
Nationwide Specialty Insurance, a subsidiary of Nationwide®, is a provider of specialty insurance products aimed at protecting groups and individuals from the costs associated with unexpected illnesses or accidents. The company works to meet the specialized insurance needs of employees and families, college students, sports participants and travelers. For more information, call 888.NSH.0385, e-mail firstname.lastname@example.org or visit: www.nationwide.com/workplace.
© 2008, Nationwide Mutual Insurance Company. All rights reserved.
Nationwide, Nationwide Specialty Insurance, the Nationwide framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company. CashBack Plan is a service mark of Nationwide Life Insurance Company. Products underwritten by Nationwide Life Insurance Company.
1 Kaiser Family Foundation: Employer Health Benefits 2008 Summary of
2 Mercer 2008 National Survey of Employer-Sponsored Health Plans (pre-released on Oct. 21, www.mercer.com, accessed Nov. 12)
3 Mercer 2008 National Survey of Employer-Sponsored Health Plans (pre-released on Oct. 21, www.mercer.com, accessed Nov. 12)