New York Life Purchases CIGNA’s Group Life & Incapacity Enterprise
At the beginning of 2021, insurance coverage big New York Life accomplished its 2020 buy of CIGNA’s group life, accident, and incapacity enterprise for $6.3. billion, including 9 million clients and creating a brand new entity: New York Life Group Profit Options. The transaction closed in early January and shortly thereafter, CIGNA incapacity policyowners started receiving correspondence from New York Life representatives. The Regulation Workplace Of Justin Frankel, PC has labored with many New York Life claims adjusters and attorneys in issues concerning New York Life’s disability policies, so we’ve got expertise with how this firm maintains management of incapacity claims. We discovered it attention-grabbing to see the president of New York Life on social media in January, making it clear that the corporate’s chief curiosity within the transaction was the group incapacity insurance coverage market.
Considerations Over Adjustments to Cigna Incapacity Coverage?
For those who personal a Cigna incapacity coverage, or have group protection by way of your employment with CIGNA or LINA (Life Insurance coverage Firm of North America), and are involved about how this transformation could have an effect on your advantages or your coverage dispute, please name our workplace at 888-583-4959 to talk with an skilled incapacity lawyer. New York Life, the biggest mutual life insurance coverage firm within the nation, has bought LINA incapacity insurance coverage insurance policies by way of massive skilled associations for a few years, and as such has a deep understanding of incapacity insurance coverage as a revenue heart.
What Does The Acquisition Imply For Incapacity Declare Denials
The acquisition brings Cigna’s 3,000 workers, about 9 million incapacity plan policyholders, a 90% consumer retention price and a 71% return-to-work price for workers receiving quick time period incapacity insurance coverage advantages, based on a latest article on Think Advisor. Our expertise with New York Life consists of battling for claimants whose affiliation incapacity insurance coverage insurance policies have been denied for quite a lot of causes, and we’ve got little question that New York Life will translate the identical methods to their new Cigna-acquired claimants.
New York Life Insurance coverage and Cigna Group Partnership
The acquisition isn’t the top of the partnership. The 2 giants have additionally entered right into a multi-year collaboration that can mix well being protection with different kinds of group advantages. Individuals who have their medical health insurance by way of Cigna are more likely to be focused prospects for different insurance coverage providers. New York Life insurance coverage firm is the biggest mutual life insurance coverage in the USA, and New York Life Group Profit Options services are offered completely by or by way of Life Insurance coverage Firm of North America (“LINA”) or Cigna Life Insurance coverage Firm of New York (New York, NY) (“CLICNY”), or by or by way of associates or subsidiaries of Cigna Company and reinsured by LINA. Business media studies Cigna’s cause for the transaction was to assist its shift to rising well being advantages and providers areas following the acquisition of Categorical Scripts in 2018. The corporate wished a considerable infusion of money to develop the Medicare Benefit space within the face of steep competitors from corporations together with UnitedHealth Group, Anthem, Humana, and CVS Well being’s Aetna, who’re additionally focusing on this space.
Preventing a New York Life Incapacity Declare Denial?
An identical acquisition came about in 2017, when Aetna bought its life and incapacity enterprise to The Hartford Group for $1.45 billion in money. The Regulation Workplace Of Justin Frankel, PC represented many claimants who had a incapacity insurance coverage coverage with one firm, solely to search out themselves insured by one other firm whose first precedence is to scrub home and maximize earnings following the sale. For those who had been a Cigna incapacity insurance coverage coverage proprietor and are involved about how the acquisition by New York Life could impression your advantages, contact us at 888-583-4959 or fill out our online contact form.
