Group Voluntary Products

In today’s economic environment many employers are finding it financially difficult to provide the ancillary insurance coverage that previous economies have allowed. Medical insurance coverage is always deemed the most critical to all employees and is therefore remained an employee benefits package constant. Coverage such as dental, life, vision, or disability are often more likely deleted from the employee benefits package in order to reduce costs and maintain jobs. Voluntary Products allow the employees to continue the coverage they find important at a group rate under an employer-sponsored program. The employer allows the employees to pay the entire premium through payroll deductions while only shouldering the administrative costs associated with the plan.

Voluntary Dental Insurance
• Plans are available on an Indemnity, PPO, or DMO basis.
• Participation levels are required and based upon number or percentage of employees enrolled. Significant participation can sometimes reduce premiums paid by all employees.
• Coverage waiting periods may be applied to those employees not covered under a previous dental plan
• Employee premiums can be decreased if contributed under an employer-sponsored Section 125 / Premium Payment Plan


Vision Coverage
• Plans are available either utilizing a managed care network of vision specialists or allowing employees the freedom to choose any vision care provider.
• Participation levels are required and based upon the number or percentage of employees enrolled. Significant participation can sometimes reduce premiums paid by all employees.
• The use of a managed care network would grant employees access to discounts in addition to their benefits provided for exams and materials (lenses, frames).
• Employee premiums can be decreased if contributed under an employer-sponsored Section 125 / Premium Payment Plan

 

Life Insurance
• Plans can be tailored from a variety of flexible options. Coverage can be offered in flat amount increments of $10,000 or as a multiple of salary to a pre-determined maximum. This allows employees to tailor the amount purchased to their individual needs. Spouses and dependents are sometimes also allowed access to coverage.
• If a plan requires underwriting, its criteria are usually far more lenient and less intrusive as compared to individual life insurance.
• Participation levels are usually very low and based upon the number of employees enrolled. Significant participation can sometimes reduce the need for underwriting of the employees enrolled…
• Employee premiums can be decreased if contributed under an employer-sponsored Section 125 / Premium Payment Plan and assist in reducing the taxability of the benefits paid.


Short & Long Term Disability Plans
• Plans can be tailored from a variety of flexible options. Monthly disability benefits can be individually chosen by employees in amounts of $500 to $5,000, up to 60% of salary.
• If a plan requires underwriting, its criteria are usually far more lenient and less intrusive as compared to individual disability insurance.
• Participation levels are usually very low and based upon the number of employees enrolled. Significant participation can sometimes reduce the need for underwriting of the employees enrolled…
• Employee premiums can be decreased if contributed under an employer-sponsored Section 125 / Premium Payment Plan and assist in reducing the taxability of the benefits paid.