In today’s high-deductible health plan (HDHP) marketplace, employees are expected to pay a growing share of out-of-pocket expenses. This can encourage them to be better health care consumers, but can also lead to greater financial stress when they face unexpected health expenses. Employers can help curb this stress at no cost to themselves by offering voluntary benefits.
It’s no secret that many groups are turning to high-deductible medical plans as a way to combat rising health care costs. But while such plans may help both employers and employees achieve more affordable premiums, they can leave employees and their families vulnerable to significant out-of-pocket costs when things like accidents or serious illnesses occur. One solution? GapAssist supplemental coverage.
We can’t predict where life is going to take us. An injury or illness could send an otherwise active person out on disability leave for an indefinite period of time. Or the loss of a loved one may leave a family struggling to cope with the emotional and financial stress of rebuilding their lives. That’s why employees truly appreciate the network of professional support offered with Symetra group life and disability income insurance.
As health insurance premiums continue to rise, you may have clients that could benefit from the added flexibility and cost-savings associated with self-funding their major medical plan. But with these benefits comes the added risk of high-cost and catastrophic claims. Fortunately, medical stop loss can help.
Employers who self-fund their employees’ medical coverage enjoy flexibility and cost-savings that fully insured coverage may not provide, but they must be prepared for sometimes shockingly large claims. These employers typically rely on medical stop loss insurance to help them cover claims that are higher than expected. But stop loss is a reimbursement, and the employers must make the initial claims payments themselves.
In today’s health care environment, more employers are exploring the flexibility and cost-savings resulting from self-funding their employee health care plans. Medical stop loss insurance helps protect these employers from the financial risk of catastrophic claims, but in order to secure the stop loss coverage that best fits a company’s needs
Looking for ways to help your clients close the coverage gap for employees? Select Benefits fixed-payment medical insurance can be customized to help cover some of the out-of-pocket costs that occur before benefits in a high-deductible health plan (HDHP) begin—reducing immediate out-of-pocket costs for services like doctor visits, hospital inpatient admission and more.
Our fixed-payment medical customers tell us that one of the reasons they renew with us year-after-year is the responsive and personal service they receive from Symetra Select Benefits (formerly Select Benefit Administrators).
There is no one-size-fits-all definition of “disability.” Because the scope, severity and duration of employees’ conditions vary, insurers look at several components when determining whether an individual is disabled according to the terms of a group contract. Understanding each of these components can be useful when discussing coverage with your benefits broker, provider and employees.
As a multiline carrier, our experienced, knowledgeable team is committed to delivering customer-focused benefits solutions that meet your client’s budget and coverage goals. In 2017, our blog will share how our products, service and expertise can help with employer challenges like:
As the end of the year approaches, I want to thank you for your business and your trust in Symetra. The last several years have been challenging for our industry as we’ve worked through the complexities of health care reform to provide meaningful and valuable solutions for your clients. With the 2016 election now complete, it seems like we all have more questions than answers about what comes next.
MEC plans are becoming increasingly common as employers adapt to the rules and requirements of the ACA. While these preventive-care-only plans generally avoid covering high-cost, catastrophic medical conditions, high usage of the plan by employees can quickly deplete the health care budgets of unprepared employers.