Zurich Insurance offers employers a COVID-19 product that helps get cash in the hands of hospitalized patients Français
Net profits from the product will go to charities
TORONTO, April 17, 2020 /CNW/ -- Zurich Canada is introducing a COVID-19 reimbursement product for employers to provide cash benefits to eligible employees hospitalized for more than five consecutive days as a result of COVID-19. In Canada, net profits from the offering will go to a charity of the customer's choice.
The COVID-19 reimbursement product is available to large employers, typically those with 5,000 or more eligible employees, in most industries.
"During this global health crisis, we understand how important it is for employers to protect their most valuable and vulnerable assets—their employees," said Zurich Canada CEO Saad Mered. "We also recognize that we have an opportunity and a duty to support our communities, which is why any profits from the sale of this product will be donated to charity."
The cash benefits can help with the financial stresses of an extended hospitalization, including costs that primary health insurance may not cover. Here is an overview:
- Benefits are provided for hospitalizations exceeding five consecutive days.
- Benefits include an amount per day (subject to a maximum number of days) and an additional lump sum amount upon discharge from the hospital.
- In total, individual employees may be eligible for up to $4,000 of benefits.
The employer, who is the policyholder, pays cash benefits to the eligible employees, then submits its claims to Zurich for reimbursement.
Interested employers should contact their insurance broker or their Zurich representative. For additional information about what businesses need to know now to manage COVID-19, go to Zurich's Coronavirus (COVID-19) Resource Hub on ZurichCanada.com/covid19.
SOURCE Zurich Canada
David Hilgen, Zurich North America, (201) 209-4694, [email protected], https://www.zurichcanada.com
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