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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:
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
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