Changes within Principal Financial Group
10/04/2010
On September 30, 2010, Principal Financial Group announced that it is exiting the medical insurance business. Principal Financial Group has entered into an agreement with UnitedHealthcare to renew medical insurance coverage for customers of The Principal as medical business transitions within the next 36 months.
Read their full press release. What is not changing? Right now, nothing is changing. Your current benefits with Principal will continue to be administered with no changes. You will not receive a new ID card, claims will continue to be paid as they are currently, and you can continue to reach out to Principal with any claims or service questions.
What is changing? In the next year, your current medical benefits with Principal will transition to another carrier. UnitedHealthcare has formed an agreement with Principal to provide renewal options to Principal's current customers. More information regarding the transition is yet to come, but we will keep you posted on any important developments.
What if I have my wellness program with Principal Wellness Company? The decision made by Principal Financial Group does not impact the business you have placed with Principal Wellness Company. Wellness continues to be an important part of Principal Life's complete worksite strategy, as managing health and wellness during the retirement years can help contribute to an individual's quality of life and reduce the cost of other worksite benefits.
Principal Wellness Company will now align with the Specialty Benefits Division of Principal Life. In their new business unit they will continue to offer their wellness solutions to you and your employees.
If you have questions regarding Principal Financial Group's transition, please contact your Account Executive. view all news