Voluntary Benefits

Acrisure voluntary benefit program allows you to offer your employees more benefit choices without impacting your employee benefits budget. Acrisure features fully insured plans from top rated insurance carriers and will help you choose a program that is right for your company. Features of Voluntary Programs Voluntary employee benefit plans differ from traditional group plans in two key areas:

 

1. Contributions

  • Unlike traditional group benefits (such as medical, dental & disability) that require the employer to pay some portion of the premium, voluntary programs require no employer contributions. Voluntary plans are sponsored by the employer, but the premiums are paid 100% by the employee through the convenience of payroll deduction.
  • The employees may pay their premiums (for certain products) on a pre-tax basis through an IRS approved “Section 125” plan. The result is a tax savings for the employee as well as the employer!

 

2.  Enrollment Percentage

  • Traditional group benefits require high levels of participation, typically 75%, but voluntary programs generally require only a minimum of 25 eligible employees to enroll, and plans from some carriers may have no participation requirement at all.

 

Advantages of Voluntary Benefits

  • No Employer Premium Costs – Voluntary benefits are a great way to provide employees with the benefits they want and desire with little or no premium cost to the company.
  • Enhanced Benefit Program – Employees or prospective employees have access to a greater array of benefits that they can choose from, based on their needs.
  • Employee Retention – Companies with strong employee benefits packages have lower employee turnover and find it easier to attract prospects looking for employment. This is critical when the employment pool is reduced due to high levels of employment.
  • Group Rates – By utilizing the purchasing power of your group, the employees get access to benefits at low group rates.
  • Favorable Underwriting – Disability coverage and life insurance are extremely difficult to find on an individual basis if the insured has a less than favorable medical history. These products have simplified underwriting requirements or in many cases are guaranteed issue (no health questions!).
  • Your Employees – Can use cash benefit s to help cover out-of-pocket expenses such as rent, child care, and other costs not covered by major medical.  It pays employees directly, regardless of any other insurance you may or may not have.

Voluntary Employee Paid Benefit Plans Offered by Acrisure

Type of Coverage

– Benefits

Accident

An Accident Plan is designed to help with the expenses associated with an accidental injury.

Dental

Various carriers featuring dental plans that provide basic, preventive and/or major dental benefits for covered individuals. Some plans offer a Dental Wellness Benefit that is payable once per visit. This benefit is payable twice per policy year per covered person. A dentist or dental hygienist must perform the treatment. There is no waiting period for this benefit.

Sickness

An Sickness Plan is designed to help with expenses associated with physical sickness. Base plan includes Physician visits, Hospital confinement, surgery and Major Diagnostic exams.

Disability

Can be customizable at the employee level with Monthly Benefit Amount, Elimination Period and Benefit Period.  May even have pre-existing benefit available.

Critical Illness

This plan pays a Lump Sum benefit when a covered individual is first diagnosed as having a covered life-threatening health event. The following life-threatening events are covered:

  • Heart attack and coronary artery bypass surgery
  • Stroke
  • Major human organ transplant
  • End-Stage Renal Failure
  • Coma
  • Paralysis
  • Cancer (can be added as a rider)

Life

Employees can choose term life insurance, whole life insurance or a combination of both to provide the level of coverage they need. Up to $250,000 ($100,000 for applicants over age 51-70) total coverage can be applied for. In addition, the health questions on the application for coverage do not require a medical exam or blood test. Premiums will be automatically deducted from the participants’ paycheck. Coverage automatically includes a Waiver of Premium Benefit in case of total disability and an Accelerated Death Benefit

Hospital Intensive Care

This plan pays a benefit if you or any covered individual is confined to a hospital intensive care unit regardless of any other insurance you may have.

Hospital Confinement Indemnity

Coverage pays a benefit when a person is billed for required hospital confinement of 14 or more hours for a covered sickness or injury. Benefits can be designed to include coverage for:

  • Surgical charges
  • Wellness coverage