Group Benefits
The main concept of group benefits is the spreading of risk across many people. This often reduces the cost per person for the coverage. Employers can leverage group benefits to turn a job into a career. Group benefits also can provide access to products that are guaranteed issue, which allow people a higher chance of gaining access to coverage.
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Ancillary group benefits may be used to cover where the primary healthcare falls short. Some examples include: accident coverage, hospital indemnity, cancer or critical illness, short term disability.
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Long-Term Care - Provides an income for individuals who are no longer able to perform 2 of the 6 activities of daily living. Used to pay for in-home care or nursing support as needed. Protects the estate from liquidation to pay for these services, or government required spend downs.
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Long-Term Disability - In the event of accident or illness, provides an income of up to 60% of individual’s wage to them while they recover. This income lasts longer than short term disability, allowable up to retirement age.
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401k’s or other employer sponsored retirement plans
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Health insurance : These are major medical plans. Health insurance is a type of insurance coverage that pays for health and medical expenses. Health insurance covers some or all of the costs of routine care, emergency care, and treatment for chronic illnesses
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Ancillary:
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Short Term Disability - Used in lieu of 2-6 months of savings, upon leaving work due to illness or injury, allows for up to 60% of paycheck to continue until you return to work.
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Accident- This policy pays out upon injury. Coverage often includes: Hospital ER visits, urgent care, or chiropractor visits, etc. Used typically when someone has a primary healthcare program with high deductibles.
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Cancer- Triggers upon diagnosis of cancer. If you have a claim they are tax free lump-sums.
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