Empire Life

Empire Life

May 22, 2012 11:00 ET

Empire Life Expands Group Benefits Offering With Health Care Spending Account

KINGSTON, ONTARIO--(Marketwire - May 22, 2012) - Health care spending accounts (HCSA) are gaining in popularity and now The Empire Life Insurance Company (Empire Life) is building on its insured Incidental Health Expense product by adding a traditional HCSA to its Group products.

A health care spending account is a flexible product that can help employers manage costs, enhance a plan and offer employees more choice. The company has offered an Incidental Health Benefit, and is now expanding its offering to include a traditional HCSA. According to recent sanofi aventis Healthcare Surveys, the percentage of employees who have an HCSA is rising - from 18% in 2009, to 29% in 2010, to 32% in 2011.

"A health care spending account is ideal for today's more diverse workforce," says Janet Jackson, Vice-President, Group Marketing at Empire Life. "People at different ages and stages in their lives value different benefits. With the HCSA, employees have more choice in how they use their annual allocation-and more power when it comes to protecting their health and the health of their family."

At the same time, the HSCA can help business owners manage escalating health care costs. Business owners decide how much to allocate to employees and know that amount is fixed, unlike insured benefits where the premiums may rise every year in line with rising costs and utilization.

Empire Life offers two standard HSCA options: a plan that allows employees to carry forward unused credits in their account, and a plan geared towards small businesses that requires employees to use the benefit credits within a calendar or benefit year.

"Our HCSA is available on our BeneFit, BeneFitPlus and 20Plus suites, which means that, assuming the business is incorporated, it's available to groups with two or more insured lives," says Ms. Jackson. "This gives us a competitive advantage over carriers that have a higher number of minimum lives."

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The company's vision is to be the leading, independently-owned, Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch.

Twitter cue: #EmpireLife expands Group benefits offering with health care spending account, http://bit.ly/ncUDE6.

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