Aflac's Latest Product Offering to Shape the Future of Benefits Delivery

Staff Report From Georgia CEO

Thursday, November 2nd, 2017

Aflac, the leader in voluntary insurance sales at the worksite in the United States, is enhancing its benefits offerings through the launch of its BenExtend product. As the first release in an evolving life stages coverage line, BenExtend is a group insurance product that combines accident, hospital indemnity and critical illness benefits into one simple plan design. For employers seeking more creative solutions to manage health care costs while also trying to help employees manage out-of-pocket expenses, BenExtend delivers an innovative alternative to the marketplace. 

"Simply put, BenExtend provides a next-level benefits strategy because it acts as a solution first and a product second," said Stephanie Shields, vice president of Product Innovation and Marketing at Aflac. "At Aflac, we recognize the future of health care is far from certain, and we champion the need to transform the traditional ways our industry has historically built and positioned products. BenExtend answers the call of our broker partners and employers who seek to offer benefits that adapt to evolving employee lifestyles while also containing costs."

According to the Society for Human Resource Management, 84 percent of employers have begun to offer consumer-directed health plans. In 2017, high-deductible health plans range from $1,300 to $6,550 in out-of-pocket costs for an individual policyholder and $2,600 to $13,000 for a family.1 BenExtend helps employees mitigate these costs and limit exposure to financial risk to help ensure they are able to maintain the lifestyle for which they are accustomed, even if the unexpected occurs.

Aflac's initial BenExtend release is available on an employer-paid basis for businesses with 100 or more benefits-eligible employees. Highlights of the plan include:

  • Health advocacy and bill negotiation services included at no additional charge to brokers, employers or employees.

  • High, middle and low options are available to accommodate a variety of client benefits budgets and scenarios. Each level features core coverages with premiums and benefits amounts differing based on the level selected.

  • Employers have the option to choose employee-only or full-family coverage.

  • Coverage is guaranteed issue, so insureds can enroll in coverage regardless of their health status with no underwriting questions.

  • Benefits are paid directly to the insured, unless otherwise assigned, and are paid regardless of any major medical insurance.

  • No waiting period for benefits to be paid.

  • No reduction in benefits as insureds get older.

  • Designed with health savings account compatibility in mind.

Future releases planned in Aflac's life stages coverage line will continue to deliver even more flexible and unique coverage opportunities, further adapting benefits delivery to the demands of the ever-changing American workforce and ongoing shifts in the health care industry.