Is supplemental coverage right for your company?

Open enrollment has almost arrived, and for most companies that means taking a look at their coverage options. There is one extra question every company should be asking themselves this year: should I be adding supplemental insurance to my benefit plan?

Supplemental insurance is extra or additional insurance you can purchase to help pay for services and out-of-pocket expenses that regular insurance does not cover. Some plans reimburse for expenses incurred, while others pay specific amounts regardless of how much you have paid out-of-pocket. So many people with these policies even get a little extra cash in their pocket in addition to their services paid for.

Examples of policies are Critical Illness, Short-Term and Long-Term Disability, Dental, Vision, Life, Accident and more.

We recommend to all of our clients that they add supplemental insurance to ensure employees are truly taken care of in their time of need. Supplemental plans are typically inexpensive and pay quickly so employees can start using the funds to pay incurred medical bills, seek additional treatment or supplement lost income as a result of injury or sickness.

They can also be a great employee recruiting and/or retention tool. In a competitive job market, benefits can be one of the biggest reason an employee chooses to stay at or join your company. Supplemental benefits are not offered by all employers, though they are easy to set up and require little administration from an employer.

One of the best parts about ClaimLinx’s Simple Option Solution is that it creates savings, which companies can use for any number of improvements. It’s a great opportunity to add these policies at no additional cost overall to the company. Employers can select plans for employees or offer employees a monthly dollar amount so they can choose the plans that fit their needs.

These plans pay employees when they need it most. Catastrophic incidents can leave families with thousands of dollars in bills, even with a good insurance plan. Using savings to buy these plans shelters employees from this problem at no additional cost to you.

We tell clients to think of their overall health plan like raising a roof. The major medical plan is the frame that holds it all together. The Section 105 MERP is the outer layer of shingles that prevents leaks and is the part people experience day to day. Supplemental plans are the insulation that keep people protected, warm and comfortable.

Contact sales@claimlinx.com if you’re an employer looking to explore adding supplemental insurance to your plan. Or visit www.claimlinxmarketplace.com to see your options for a supplemental plan.

Explore dental coverage for oral health month

When it comes to dental hygiene and overall oral health, there is nothing more important than regular checkups with a dentist, but without dental coverage affording consistent preventative visits can be a struggle.

June is oral health month, the perfect time for business owners to look at their dental coverage and evaluate if they are offering employees all the benefits they need to remain healthy.

Employers can add dental coverage to their plan at any time during the year; they do not need to wait for their health plan renewal. ClaimLinx will consult with any client on the best option to fit a company’s needs and budget.

One option is to set up a traditional supplemental insurance policy for dental coverage through a major carrier, such as Guardian, Aflac, National General, Delta Dental and more. Another is to use ClaimLinx’s third party administrator services to set up a self-funded dental plan in which employees are reimbursed for qualifying expenses.

The American Dental Association recommends people brush their teeth at least twice per day, floss at least once per day and visit the dentist twice per year for a cleaning and checkup.

Twice annual visits are especially important, because they keep oral health costs low by treating an issue before it escalates. It is estimated that for every dollar spent on preventative care, a person can save between $8-$50 in restorative and emergency treatments, according to a study at the University of Illinois.

But many Americans are forced to put off these visits or early treatment because of out-of-pocket costs or because they do not have dental coverage at all. The same study estimates 1 in 4 American adults have untreated tooth decay.

Offering dental benefits can often be a simple and relatively inexpensive way to improve overall health coverage, which gives employees the peace of mind and fiscal confidence to continue consistent checkups. It is the best way to ensure one of your employees does not become one of the 36% of American adults that has gone more than one year without a dental checkup, according to the Center for Disease Control.

Contact sales@claimlinx.com if you would like to start a conversation about your company’s dental coverage.

 

Growth Predicted for Life Insurance Market

Recent data reveals only 46% of consumers have individual life insurance, and that more than 3/4 of consumers age 25-64 say they would benefit from more close guidance from financial services professionals in adding that important voluntary benefit.

  • According to LIMRA, half of consumers prefer to buy life insurance face-to-face through a financial professional.
  • Consumers want an adviser who will educate, listen and gain trust.
  • Research shows employees under age 45 prefer to purchase online.
  • 60% of those surveyed say they own group life insurance, but coverage is less than individual policies and is only in place while the person is employed.
  • A quarter of consumers studied say they have no life insurance at all.
  • LIMRA reports 4 in 10 life insurance shoppers are prompted to start shopping for life insurance due to life events  such as: marriage,  divorce, having or adopting a child, buying a home, or experiencing the death of a relative or close friend.

“Life insurance is the one product that can help families keep a roof over their heads, provide for basic living expenses and allow time to recover and heal from the loss of a loved one,” says Robert Kerzner, president and CEO of LIMRA. “LIMRA’s research shows that people do not fully understand the risks they take by not having adequate life insurance coverage.”

Read the full article by Nick Otto here.

Please keep in mind that ClaimLinx can write life insurance policies as well as individual, surgery, accident and dental policies. Contact us for more information.

Benefits of Supplemental Critical Illness Insurance

Tom Quigley, Vice President/National Business Consultant, provides consulting services, and is in charge of recruitment and new business for ClaimLinx.

Tom is discussing how ClaimLinx is incorporating supplemental insurance into their product line.  Our focus today is on supplemental critical illness/hospital indemnity policies. What do these policies cover, and how much do they cost?

Supplemental critical illness/hospital indemnity policies pay you a lump sum that you can use to cover things such as lost wages or experimental treatment.  You can buy supplemental critical illness/hospital indemnity policies even if your doctors aren’t in the network, and you can visit any licensed doctor.  Depending on the product, the employer may allow an employee to run it through payroll and buy it with pre-tax dollars.

To find out more about supplemental coverage from ClaimLinx, please contact us at sales@claimlinx.com.

ClaimLinx is positioning its clients to move in the right direction. We can structure benefits in your favor to ensure you are in full compliance with the law without cutting benefits or employees. Please contact us at at sales@claimlinx.com or(800) 858-1772 X 25 with your questions.  Our book, “How to Beat Obamacare” is available for purchase on amazon.com.

Benefits of Supplemental Accident Insurance

Tom Quigley, Vice President/National Business Consultant, provides consulting services, and is in charge of recruitment and new business for ClaimLinx.

Tom is discussing how ClaimLinx is incorporating supplemental insurance into their product line.  Our focus today is on supplemental accident policies. Who are they best suited for, what do these policies cover, and how much do they cost?

Supplemental accident policies are geared towards families with active adults and children.  If you and/or your children play sports, there is an increased likelihood for injury that may include hospitalization and rehabilitation.  Accident policies cover some or all of the cost for medical bills and lost wages depending on the severity of the incident. Policies cover what health insurance does not, and with the Affordable Care Act, more and more employers are increasing deductibles and passing on more costs to employees.  Premiums are affordable, and can be purchased for as low as $10/month. To find out more about supplemental coverage from ClaimLinx, please contact us at sales@claimlinx.com.

ClaimLinx is positioning its clients to move in the right direction. We can structure benefits in your favor to ensure you are in full compliance with the law without cutting benefits or employees. Please contact us at at sales@claimlinx.com or(800) 858-1772 X 25 with your questions. Our new book, “How to Beat Obamacare” is now available on amazon.com.