In collaboration with AccuRisk Solutions, the new plan, called Nationwide Provide, is designed to ease the burden of out-of-pocket medical expenses like deductibles and copays. Nationwide says it is not intended as a comprehensive medical plan, but rather it will help under-pressure customers to patch gaps in their existing coverage.
The plan will pay cash benefits for more than 13,000 covered conditions with no limitations or exclusions for pre-existing conditions and no medical underwriting. Nationwide says claims are easy to submit online and benefits are typically paid within 72 hours, paying out upon diagnosis without requirement for hospitalisation.
Its launch comes at a time when fewer than 40% of Americans say they could pay an unexpected medical bill of US$1,000, according to financial services company Bankrate. Rising food and gas prices have put additional pressures on household budgets, with healthy consumers often prioritising day-to-day expenses over health insurance.
‘We’re all susceptible to unexpected medical costs’
Syed Rizvi, Chief Specialty Insurance Officer for Nationwide, says: “Paying for unexpected medical costs driven by a number of factors, including high deductible health plans, is a huge challenge facing many Americans. The past few years have provided many reminders that we need to be prepared for the unexpected, and unfortunately, we’re all susceptible to the risk of significant medical costs as a result of deductibles, copays and other out-of-pocket expenses.
“Employers battling for the best talent know they need to offer differentiated benefits to stand out from the competition. That’s why we’re excited to partner with Brella and AccuRisk Solutions to deliver another innovative solution for businesses and their employees.”
Brella Chief Revenue Officer Mike Zarrillo adds: "We're extremely excited to team up with Nationwide and AccuRisk to help make health hardships less of a financial burden for people today. The partnership will help thousands of Americans receive benefits that can ease the financial stress that comes with health-related out-of-pocket costs.”