Ancillary Insurance Products
Medical gap insurance is a supplemental health plan. It is not major medical insurance, nor is it ACA-compliant. It does however, work in tandem with your ACA-compliant health plan to lower some of your expenses. Medical gap health insurance can reduce the financial sting of medical bills due to a critical illness or injury by providing a fixed lump sum payment that can be used to pay your major medical deductible or other health care related expenses.
Vision insurance is a health and wellness plan designed to help you cover ongoing vision care expenses for routine eye exams, prescription eye glasses or contact lenses. Some plans offer discounted Lasik services as well.
Dental insurance is a health and wellness plan designed to pay a portion of the costs associated with routine, basic and major dental expenses. The three main types of dental insurance include Indemnity, Dental Health Maintenance Organization (DHMO) and Participating Provider Network (PPO). PPO networks include out-of-network benefits. With an Indemnity plan, the insured will be responsible for paying a deductible plus a percentage of the services received (like 20%). DHMO plans typically require you be assigned to an in-network, primary care dentist.
Group life insurance is a type of life insurance in which a single contract covers an entire group of people, such as employees or members of an association, and the insurance does not require a medical examination. Group Life insurance is renewable on a year-to-year basis and does not accumulate in value. Premiums are paid in full by the employer.
Critical Illness policies provide coverage for specific life-threatening diseases such as cancer, heart disease, HIV and strokes. Those who have critical illness coverage receive a lump sum cash payment from the insurer that they can use to help pay for medical expenses associated with the disease. Critical Illness coverage can be purchased by individuals by adding it to their life insurance policy or purchasing as a stand-alone product through their employer.
Some employers opt to take out critical illness policies on their employees as a strategy to not only protect their employees financially, but to attract potential new employees.
Voluntary life insurance provides a cash benefit to a beneficiary upon the death of an insured. it is usually offered through an employer and typically can be purchased for the employee as well as for their spouse and dependents. It is considered voluntary as the employee determines how much coverage they want and can afford. The employee pays a monthly premium in exchange for the insurer’s guarantee of payment upon the insured’s death.Tab Content
Accident insurance helps cover out-of-pocket medical costs for an accidental injury. Accident insurance can help pay for emergency treatment, hospital stays and medical exams as well as associated costs like transportation and lodging. Accident insurance does not meet the Affordable Care Act’s minimum essential coverage requirements and therefore needs to be used as a supplemental plan to your major medical plan. Policies are very affordable and can be structured to cover both on- and off-the-job accidents.
Long-term disability and short-term disability are quite similar. The difference is when it kicks in and for how long. Long-term disability usually kicks in after a certain waiting period, which can be between 90-360 days, depending on the policy. Long term disability policies pay out for a set period-of-time such as 5 years, or until the policy holder reaches social security retirement age.