Group Core Benefits

Purchasing life insurance is an important decision for individuals at every stage of life, one that can affect financial decisions today and in the future. Although the financial obligations may change over time – from education expenses and mortgages to retirement funding later on – the need to protect and replace lost income in the event of death or disabling accident of a loved one remains unchanging.

Humana Specialty Benefits, a Humana Company, supports the individual policyholders who seek financial security for their loved ones, and the employers, agents and brokers who seek to help employees achieve this important goal.

Advantages include:

  • Nearly 50 years of voluntary benefit design and administration experience through Kanawha Insurance Company, a Humana company
  • Extensive products designed to meet the diverse needs of both employers and employees
  • Product innovation with rates ideally suited to meet the needs of employees and their families
  • Flexibility to meet specific case needs and a quick decision-making process
  • Technology-driven communication and enrollment methods that provide accessibility, flexibility and convenience
  • Automated and centralized underwriting, policy issue, and administrative systems to provide outstanding policyholder services and claims administration on an effective, personal basis

Group Term Life

Group term life insurance is a core insurance benefit offered by employers, enabling them to offer coverage at competitive group rates. Term life insurance provides protection for a defined period of time and pays a death benefit in the event of the policyholder’s death during that time. Term policies do not accrue cash value. Benefits of term life insurance may include:

  • Multiple year premium rate guarantees
  • Competitive plan and guaranteed issue maximums
  • Portable and convertible policies
  • Participating and non-participating contracts
  • Supplemental employee-paid life and AD&D
  • Optional paralysis benefit
  • Optional AD&D benefit

Accidental Death & Dismemberment (AD&D)

AD&D benefits, paid by employers as additional coverage in concert with group term life insurance, can serve to bridge the financial gap created in the event of an income provider’s accidental death, loss of eyesight or dismemberment. Such events often cause great financial hardships as assets may not be liquid or insufficient cash reserves may be saved to cover living expenses for dependents and loved ones. AD&D insurance provides the ready cash families need at such times of crisis.

Specific and Aggregate Stop Loss (Excess Risk Coverage)

Stop loss (also called excess risk) coverage represents a solution for employers with self-funded health care plans that seek to limit their liability and control out-of-pocket expenses against the potential accumulation of claims exceeding a stated level, usually caused by catastrophic or unpredictable losses. Stop loss insurance helps to reduce liability for health care costs, minimize financial risk, improve cash flow, serves as a buffer against rising health care costs, maintains the advantages of self-funding and provides long-term cost control.

Two excess risk options are specific stop loss and aggregate stop loss.

  • Specific stop loss reimburses employers for large medical claims by providing coverage for liabilities that exceed a predetermined plan year deductible on any one individual claimant. The stop loss contract specifies when the expenses must be incurred and paid in order to be eligible for reimbursement under the contract.
  • Aggregate stop loss reimburses employers if total group claims during a plan year exceed the specified threshold, or “attachment point.” The plan is reimbursed for the amount over the attachment point. This level is determined based on claims experience, plan design and the employer’s choice of attachment point percentages.

Humana Specialty Benefits, a Humana company, offers the personalized service clients expect in a stop loss provider. We have experienced underwriters who will help develop intelligent solutions and meet specific customer needs with:

  • Managed care professionals on staff
  • Direct access to underwriters
  • Prompt quotes
  • Timely claims reimbursement
  • Comprehensive claim management

Group Disability Plans

Disability coverage is one of the most sought-after benefits a company can offer its workforce. Such plans provide important income protection for employers’ most valuable asset -- their employees – and represent a valuable aid in employee retention. Two primary disability products – group long term and short term disability – are usually offered through a choice of employer paid, employee paid or combination of employer/employee paid plans.

When appropriate, return-to-work efforts offered as part of disability coverage may include incentives such as workplace modification, job analysis and placement, vocational testing and training, and alternative treatment plans including support groups and physical/occupational/speech therapy.

Short Term Disability (STD)

Empowering employers to determine the benefit level that fits budgetary considerations as well as their employees’ needs, group STD insurance offers eligible employees income protection insurance coverage at competitive rates. Benefits under STD plans partially replace income lost as a result of an employee’s non-occupational accident or illness. Employers determine plan details such as waiting periods and benefit durations.

Features of STD plans may include:

  • Coverage for non-occupational sickness, mental illness, substance abuse and pregnancy
  • Partial and residual benefits
  • Recurrent disability benefits
  • Multiple causes of disability benefit
  • Vocational rehabilitation or rehabilitative employment benefits

Long Term Disability (LTD)

Long-term income protection insurance coverage at competitive group rates is but one advantage of LTD insurance. Employees also benefit from options that may include supportive clinical programs such as return to work support and rehabilitative services, incentives toward the goal of recovery and a return to independent, productive work.

LTD pays monthly benefits to partially replace income lost as a result of a prolonged disability. Eligibility varies based upon an employee’s inability to perform the material duties of his/her occupation on a full-time basis or all such duties on a part-time basis as well as a loss in pre-disability earnings while working in any occupation. The length of payment schedules and size of payment benefits vary depending upon the duration of the disability and the employer’s size, respectively.

Features of LTD plans may include:

  • Multiple monthly benefit maximums and elimination periods
  • Various income replacement percentages
  • Definition of disability covering own occupation and any occupation
  • Choice of plan designs
  • Availability on a non-contributory, contributory and voluntary basis