DETROIT, July 8, 2014 /PRNewswire/ -- Blue Cross Blue Shield of Michigan and LifeSecure Insurance Company have partnered to offer comprehensive supplemental insurance options to Michigan consumers. The LifeSecure products will be jointly marketed with BCBSM, and are being offered by both companies in Michigan to individual consumers. Individual offerings began July 1. The products will be available to group customers later in the year.
The products are long term care insurance, which helps individuals with costs of daily living; hospital recovery insurance designed to assist policyholders in recovery stages following a hospital stay; and personal accident insurance designed to help policyholders pay for unexpected needs resulting from an accidental injury.
"This collaboration further demonstrates LifeSecure's commitment to delivering innovative and sustainable solutions to meet the long-term health and financial needs of our customers," said Tiffany Albert, president and CEO of LifeSecure. "Our policyholders have access to industry-leading products affording them confidence and the reassurance of knowing their health and finances are protected now and into the future."
The suite of jointly marketed products in the individual market complement BCBSM health plans, while helping Michigan residents maximize coverage and care. The product suite includes:
- Personal Accident: protects individuals and families from high out of pocket costs by covering expenses resulting from an accidental injury. Can pay for a variety of medical expenses, including x-rays, medication, ambulance services, or for common life expenses bills, mortgage or child care.
- Hospital Recovery: provides a benefit upon discharge from a hospital stay in order to help pay for services that assist in recovery. Can be used for rehabilitative services, transportation, home care, housekeeping help, child care, to pay daily bills or replace lost wages while away from work.
- Long Term Care: covers the expense of daily living care that a medical plan typically doesn't cover, such as assistance with bathing, eating, dressing, and transportation. Covers care in the home, an assisted living facility and in a variety of other settings.
"Knowing the increasing costs of care, these product options really give Michigan residents peace of mind and help them prepare for life's unexpected moments," said Kevin Stutler, vice president, Ancillary Business for Blue Cross. "This collaboration gives us the opportunity to be a comprehensive resource for our members. We're giving Blue Cross members the opportunity to cover medical and other health needs at a reasonable cost with ease."
Unexpected health care costs are the primary cause of Americans filing for bankruptcy. Additionally, the Affordable Care Act may further spur demand for supplemental coverage.
Over the next nine to 12 months, the companies plan to continue their partnership to bring additional products to market. The products will be offered through BCBSM's health plan advisors, through agents appointed by both LifeSecure and BCBSM, with more information available online at bcbsm.com.
Blue Cross Blue Shield of Michigan, a nonprofit mutual insurance company, is an independent licensee of the Blue Cross and Blue Shield Association. BCBSM provides and administers health benefits to more than 4.4 million members residing in Michigan in addition to employees of Michigan-headquartered companies who reside outside the state. For more company information, visit bcbsm.com and MiBluesPerspectives.com.
LifeSecure Insurance Company is based in Brighton, Mich., and is dedicated to providing uncomplicated insurance and non-insurance solutions to help people protect themselves from unforeseen health-related risks and expenses. Our guiding business philosophy is focused on delivering "easi": expertise, accessibility, simplicity and innovation – both to our business partners and to consumers. The company is licensed in 46 states and Washington, D.C., and its insurance products are sold through a network of independent marketing organizations, brokers and agents. Additional information is available at www.YourLifeSecure.com. LifeSecure is an independent company that does not provide Blue Cross and Blue Shield of Michigan products or services.
- Health Care Industry