Prudential Financial, Inc. (NYSE: PRU) has rolled out new voluntary workplace insurance options aimed at supporting family expansion and mental health. These offerings include coverage for fertility treatments, extended hospital stays, screenings for substance use, and severe mental health conditions.
Voluntary or supplemental insurance offers optional benefits that employees can choose to pay for, helping to cover out-of-pocket medical expenses such as co-pays, co-insurance, and deductibles.
Part of Prudential Group Insurance’s expanded suite of Critical Illness and Hospital Indemnity insurance, the updated mental health benefits encompass screenings for anxiety, mood disorders, and substance abuse, along with coverage for prevalent mental health conditions and severe mental illnesses. The enhanced family benefits now include coverage for both surgical and nonsurgical procedures, prenatal care, childbirth, and extended hospital stays for newborns.
Jess Gillespie, Head of Product and Underwriting in Group Insurance, emphasized the financial strain associated with expanding families, highlighting that nearly 20% of individuals face challenges covering medical expenses related to childbirth.
For couples experiencing difficulty conceiving, the road to parenthood can be both stressful and costly, with approximately 1 in 5 couples in the U.S. affected by infertility.
Addressing concerns over unexpected medical bills, which affect about 75% of U.S. adults according to recent studies, Prudential’s supplemental health insurance offers a lump sum benefit when needed most, aiding employees in managing unforeseen medical costs.
Prudential also aims to simplify the customer experience, providing a streamlined claims process with straightforward language and user-friendly technology, ensuring employees understand their coverage comprehensively.
For more information on Prudential’s Supplemental Health solutions, visit prudential.com/employers/group-insurance/products/voluntary-benefits.
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU) is a global financial services leader and premier active global investment manager, managing approximately $1.4 trillion in assets under management as of December 31, 2023. With operations spanning the United States, Asia, Europe, and Latin America, Prudential’s diverse workforce is dedicated to expanding access to investing, insurance, and retirement security, helping to improve lives and create financial opportunities for more people. For additional information, visit news.prudential.com.
ABOUT GROUP INSURANCE
Prudential Group Insurance offers a comprehensive range of group life, long-term and short-term disability, corporate, and trust-owned life insurance in the U.S., primarily for institutional clients to use within employee and membership benefit plans. The business also provides critical illness, accidental death and dismemberment, and other ancillary coverages, along with plan administrative services for insurance and employee leave programs, including FMLA, ADA, and PFL.
