Sun Life U.S. expands specialty disability coverage to help healthcare organizations recruit and retain more providers

Rhea-AI Summary

Sun Life U.S. is expanding its Healthcare Professional long-term disability () coverage to provide more income protection for non-physician providers with medical specialties. This expansion aims to help healthcare organizations recruit and retain talent, addressing the growing demand for nurses, physician assistants (PAs), and nurse practitioners (NPs).

The coverage is designed to protect the unique skillsets of these providers and offer income replacement if they are unable to work due to illness or injury. It also includes support for returning to work, with Sun Life vocational specialists assisting in obtaining education or training for alternative roles if needed.

This expansion aligns with the projected rapid growth in employment for PAs (28%) and nurse specialists (40%) over the next decade, as reported by the Bureau of Labor Statistics. The enhanced coverage is part of Sun Life's broader strategy to offer health-connected services that improve member health outcomes.

Positive

• Expansion of Healthcare Professional coverage to include more non-physician providers
• Potential to help healthcare organizations recruit and retain talent amid provider shortages
• Alignment with projected growth in employment for PAs (28%) and nurse specialists (40%)
• Inclusion of vocational support for returning to work or transitioning to new roles

Negative

• None.

WELLESLEY, Mass., Oct. 22, 2024 /PRNewswire/ -- Sun Life U.S. is expanding its Healthcare Professional long-term disability (LTD) coverage, which is designed to address the unique needs of healthcare providers if they are unable to work due to illness or injury. The expansion of the coverage provides more income protection for non-physician providers (also known as physician extenders) who offer a medical specialty, such as physician assistants (PAs), registered nurses (RNs), nurse practitioners (NPs) or clinical social workers. Competitive benefits that provide a better experience and improved health outcomes have become a powerful tool for healthcare organizations to recruit and retain talent.

"Nurses, PAs, and other providers that extend beyond physicians are essential resources in providing care, and it is important that their employers are able to offer them excellent benefits," said Joi Tillman, president, Group Benefits Sun Life U.S. "LTD also helps those on disability return to their roles in clinics and hospitals. The expansion of our Healthcare Professional LTD coverage gives organizations a strong tool to attract and retain more talent, helping to mitigate the provider shortages across the U.S. healthcare system."

Employment of nurses and PAs is expected to increase rapidly over the next decade, according to the Bureau of Labor Statistics. Employment of PAs is expected to grow 28%, while employment of nurse anesthetists, nurse midwives and NPs is expected to increase by 40%. Research in Nurse Journal shows that nurse practitioner is the fastest growing occupation in the U.S.

"When healthcare professionals are on disability leave, it affects not just the individual and their family, but patients and colleagues as well," said Rachael Kolodica, director, Healthcare Professional Market Development, Sun Life U.S. "It is crucial to our healthcare economy that these providers, especially those with a medical specialty, have the coverage they need to feel secure in their careers, and continue delivering care."

Healthcare Professional LTD protects the unique skillsets of non-physician providers with medical specialties, such as surgery or oncology. LTD coverage not only provides income replacement but can also help medical professionals return to work. When a member's ability to perform their job changes due to their illness or injury, Sun Life vocational specialists can help them obtain education or training in another role or field.

The expansion of Healthcare Professional LTD coverage builds on Sun Life's other coverage solutions that meet the changing needs of today's workforce. Sun Life offers health-connected services to help improve the health outcomes of members, including care navigation, mental health, musculoskeletal condition support, clinical oversight and intervention, and family planning benefits.

For more information on Healthcare Professional LTD coverage, visit: www.sunlife.com/healthcareprofessional.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2024, Sun Life had total assets under management of C$1.46 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Sun Life U.S. is one of the largest providers of employee and government benefits, helping approximately 50 million Americans access the healthcare and coverage they need. Through employers, industry partners and government programs, Sun Life U.S. offers a portfolio of benefits and services, including dental, vision, disability, absence management, life, supplemental health, medical stop-loss insurance, and healthcare navigation. Sun Life employs more than 8,500 people in the U.S., including associates in our partner dental practices and affiliated companies in asset management. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.). For more information visit our website and newsroom.

Media contacts

Devon Fernald
Sun Life U.S.
Devon.Portney.Fernald@sunlife.com
781-800-3609

Connect with Sun Life U.S.

https://www.facebook.com/SLFUnitedStates   
https://www.linkedin.com/company/sun-life-financial  

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SOURCE Sun Life U.S.

FAQ

What is Sun Life U.S. expanding in its Healthcare Professional coverage for SLF?

Sun Life U.S. is expanding its Healthcare Professional long-term disability () coverage to provide more income protection for non-physician providers with medical specialties, such as physician assistants, registered nurses, nurse practitioners, and clinical social workers.

How does the expanded coverage benefit healthcare organizations for SLF?

The expanded coverage helps healthcare organizations recruit and retain talent by offering competitive benefits, addressing provider shortages, and providing income protection and return-to-work support for non-physician providers with medical specialties.

What growth projections support Sun Life's expansion of Healthcare Professional coverage for SLF?

According to the Bureau of Labor Statistics, employment of physician assistants is expected to grow 28%, while employment of nurse anesthetists, nurse midwives, and nurse practitioners is projected to increase by 40% over the next decade.

What additional services does Sun Life offer alongside the expanded coverage for SLF?

Sun Life offers health-connected services including care navigation, mental health support, musculoskeletal condition support, clinical oversight and intervention, and family planning benefits to improve health outcomes for members.