Chicago, IL (PressExposure) May 10, 2011 -- Through this agreement, Aetna expects to offer Allstate Benefits' voluntary Critical Illness Plans and Accident Plans starting in the third quarter of the year. Allstate Benefits' plans can help cover out-of-pocket health care expenses that members may face as the result of a serious injury or a major illness. In addition, individuals who could lose income from missing work and may need additional financial support have the flexibility to use their benefits to pay for everyday expenses, such as rent or mortgage payments, daycare or utility bills.
"We are excited to work with Allstate Benefits to offer products that provide our members and their loved ones with financial protection," said Frank McCauley, senior vice president and head of Aetna's Local Employers and Consumers business. "Allstate Benefits is a leader in providing voluntary solutions that help individuals during a critical time of need - such as an accident, a disabling injury, illness or death. In addition, this agreement will enhance our ability to offer our clients and their employees benefits beyond traditional health insurance plans."
"This is the first time Allstate Benefits will collaborate with another company to expand our presence in the workplace as one of America's largest providers of voluntary employee benefits," said Matthew Winter, President and Chief Executive Officer of Allstate Financial. "Our strategic alliance with Aetna is a great opportunity for us to work with one of the nation's leading health care benefits companies. We look forward to introducing financial protection plans to Aetna clients and their employees."
Initial Product Options*
The Aetna-Allstate alliance will start with two products that will be available for most employers' enrollment period in the fall:
A Critical Illness Plan that pays benefits directly to members diagnosed with a major illness, including heart attack, stroke and cancer.
An Accident Plan that pays benefits directly to members for death, dismemberment or injury caused by a covered accident on or off the job.
These plans offer several positive features for both employers and members.
"For employers, voluntary plans broaden their benefits offering and provide employees with important financial protection benefits without incurring additional direct costs," said James Reid, head of Aetna Voluntary Plans. "Voluntary plans also offer the power of choice, allowing members to customize their benefits package to meet their unique needs."
To read the rest of this release, please visit: Allstate Newsroom [http://www.allstatenewsroom.com/channels/News-Releases/releases/aetna-and-allstate-benefits-form-strategic-alliance-to-offer-financial-protection-plans-to-aetna-clients-and-members]
This release was originally posted to the Allstate Newsroom on May 10th, 2011.