QBE Accident & Health: Expands Group Critical Illness Product for self-funded employers

Monday, June 08, 2015

New York, NY – QBE North America's Accident and Health division now offers one of the most comprehensive Critical Illness products on the market with its employer-paid Group Critical Illness enhancement for its medical stop loss product. By providing a solution that closes coverage gaps for employees who experience a critical illness, QBE makes it possible for self-insured employers to better protect their workers' families and their way of life.

For the employers' part, increasing regulation, ACA compliance, the looming "Cadillac Tax" on high-value benefit plans and rising insurance costs are making it progressively difficult for them to provide competitive healthcare plans to their employees. Consequently, more employers are relying on increased deductibles and out-of-pocket expenses as a way to mitigate rising costs of delivering health plans to employees and their dependents.

QBE's Group Critical Illness insurance pays a single lump sum benefit to a covered employee who has a life-threatening illness. Qualified claimants can use the benefit to pay out-of-pocket costs which health insurance may not cover including medical procedures, out-of-network specialists, prescription drug co-pays or alternative therapies. The benefit may also pay for living expenses or non-medical expenses related to the illness but not covered by the health plan. QBE Critical Illness covers:

  • Acute conditions: Heart attacks and stroke
  • Illnesses: Cancer (in situ and invasive), brain tumors, motor neuron diseases, and end-stage renal failure
  • Procedures: Coronary artery bypass, heart valve replacements, aorta graft surgery, and major organ transplants QBE sees its new Critical Illness Insurance as an ideal solution for self-insured employers to provide an economical employee benefit package while addressing coverage gaps for many of the most expensive acute illnesses and events.

 

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About QBE QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2014 of $5.3 billion. QBE Insurance Group's 2014 results can be found at www.qbena.com. Headquartered in Sydney, Australia, QBE operates out of 38 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+"by Standard & Poor's.