Indemnity Plans
In the current health insurance market, it has become common place to see high deductible plans with $3000, $4000 and even $5000 deductibles or no major medical plan at all. To help bridge the gap for employees, the supplemental or voluntary benefit markets are a great place to look. Often, for just a few dollars a month, employees can ensure that they are not financially devestated if they suffer a major accident or illness. Below are some examples of how employers can help employees gain access to these products.
When a small business cannot afford to purchase a major medical plan for their employees we turn to Indemnity Plans. These plans help employers provide some assistance to employees for doctor's office visits, prescription drugs and hospital stays. The plans cost less per month than traditional plans because benefits are scheduled. So, regardless of what the doctor or hospital charges, the plan pays a flat rate. A very rich indemnity plan might cost around $250 per employee per month.
Indemnity plans are also a great way to bridge the High Deductible gap. If you provide your employees with a major medical plan but the deductible is high, we can help. For a few dollars a month, an employer or employees can purchase a plan that helps cover the cost of their deductible and coinsurance in case of accident or prolonged illness.
AFLAC and Allstate
The staff at David Frazier & Associates, Inc. are appointed with both AFLAC and Allstate to provide your employees with voluntary accident and critical illness policies. Employees are often very excited to be able to purchase this coverage and, when offered to the group, the rates are significantly lower than if employees purchase the coverage individually.
Critical Illness Policies
This policy helps cover an employee in case of a major illness like a heart attack, stroke, and cancer. Policies pay anywhere from $5-$50,000 depending on what an employee selects. Benefits can be used to not only pay for doctor and hospital fees, but cover mortgages, car payments and groceries while the employee is unable to work. Both AFLAC and Allstate offer excellent solutions.
Accident Policies
Living in Alaska often means weekends filled with fishing, hiking or snowmobiling. As such, we are all at risk of breaking an arm or leg while enjoying the great outdoors. Accident policies help cover the costs of doctor and hospital fees. Fractures, dislocations, torn tendons and even the ambulance ride all have a scheduled (or set) payout. Both AFLAC and Allstate offer excellent solutions.
Dental Plans
The dental market has, in the past, been very expensive for the individual consumer. Today, though, more and more inexpensive options are becoming available. If your company is looking for alternatives to group dental coverage, we can help. We have options that can be billed to you or directly to your employees. Coverage is comparable to group dental plans but with longer waiting periods and lower monthly costs. Providers of individual dental insurance include:
- AFLAC
- Allstate
- Medico
- ODS Alaska