Group Benefits

Worksite Specialty and Voluntary Benefits,

Throwing in Group critical illness insurance into the name bin along with a side of employee benefits insurance and you’ve completed the possibilities on names, but what are the differences and/or similarities to these and does it really make a difference? One agreed term seems to be similar is that “Voluntary Benefits” are just that, offered to and paid by employee. They are stated to have no cost to the employer but are approved and offered to the employees as a voluntary option to take. This can come out of the employee payroll if set up this way or directly out of the account designated by the employee. The reason this is all so different and nothing is really standard to the industry is simply because the insurance companies or carriers set it up under their own definition.

One insurance carrier rep stated and explained any individuals over a certain amount such as 1000 was a group all other under were not. Again this is their definition and not too many other carriers had been successful in sharing the same term known more as a “True Group”…that is when it comes to supplemental health insurance. That could then be simply work site insurance also another flip name to the above explained Voluntary benefit insurance. Those always paying on their own dime as employees that wish to take it can under voluntary benefits but now it was the number that dictated what it was called. So it seems that basically its the size of the organization and or the “where the payment is coming from”, that counted (paid by employer employee or both).

Bottom line… Don’t get hung up on the name.

Clearly there is no clear definition yet. You’ll still reach the same departments pretty much and as more and more carriers begin introducing it the market you’ll have slight variations in what its called. No worries. The only one clear so far is term Voluntary benefits to offer employees if you as the key employer wanted, but it would be the employee who paid.

There are benefits and features to this such as;

  • offering coverage for morale, feeling good about taking care of an employee that had an illness such as Cancer and knowing that they will make it through and to come back without having to worry or have them worry.
  • It is one of the most important coverages to offer your employees and even those that are 1099 or part time can get coverage for voluntary benefits if there is no clause saying they cant.
  • Typically now you have something at least to offer to those independent contractors that wished they had coverage you offered. They may be substitute teachers, coal minors, hair dressers from a salon, or real-estate agents who didn’t have a group health insurance plan.
  • If the employee moves or leaves they can take it with them as it can be portable.

Remember you always want to look into the plan of the carriers and state. To find out, simply contact your benefits manager or Human Resource Department or Employer and have them contact the Critical illness Resource Center. Carrier info

United Healthcare Specialty Benefits is what United calls their department, and under them the critical illness insurance covers about 10 conditions that can be paid through employer, part employer part employee, or completely by employee. (get worksite or group health insurance carrier list)

Humana has a Humana Specialty Benefits they also call work-site or voluntary. Groups for critical illness (if small) with this carrier and most others typically start  at five (5) employees to have a group. If voluntary or single individual it never matters since it is not really a group, but if it qualifies as a group many have the same rules as group health as in guaranteed issue but check the numbers first as that may start at fifty (50) employees or so.

Assurant just released its new public white paper on Assurant Employee Benefits® entitled “Critical Illness Insurance Helps Fill the Gaps , Regardless of Health Plan-Clearing the misconception that CII isn’t needed with low deductibles.”

Aflac has a great plan available and they are basically in every state. They must come out to you to talk it all over like most when it does comes to a company, but in Aflac’s case it is every time including one single individual must be done in person whereas most companies will do it electronic application in about 15 minutes over the phone.

Conseco also now known with Washington National is big in voluntary or group health insurance supplements like critical illness and cancer. Along with Mutual of Omaha also big in group supplemental products such as critical illness plans. MetLife seems to do only group or voluntary benefits and no individual critical illness at the inquiry of this writing.While companies such as Colorado Bankers Life offers a list bill it is really best for individuals and it is on a Life chassis so its nice to get that but will not give discounted rates for large numbers or a guarantee of issue since it is not a true group plan(now under Dearborn National. It is however one of the best. While others like Assurity Life have a great group or worksite benefit plan and pretty affordable rates,that are age banded there are a few others that specialize in the group or true group such as Metlife and Allstate to view. Example of this would be age 30-39 or 40 -49 (again just an example)

Best to do is to get many different quotes from multiple carriers and if you are looking for guidance, the Critical Illness Insurance Resource Department handles that for you by doing the legwork as an intermediary in finding the best choices for quotes for your needs and needs of your company. As a company you want choices so do the due diligence as the center can simply provide answers as it varies by carrier and state. For further questions, quotes, or any assistance with critical care insurance, cancer insurance, or any supplemental health products contact the center directly. Be it Voluntary Benefits at no cost to you the employer to offer, Group work-site befits that you wish to partially pay, or group specialty supplemental benefits for guaranteed issue from 50- tens of thousands of employees, list billing or Payroll deduction they will work with you in any state…of mind or geographic location.

Disclosure: Please read disclosure statements on this site and carriers. Make certain to check all information with respective companies and or carriers for further information as updates may occur from time to time and as such for complete timely information must be further explored as such with those companies carriers or plans. As with any insurance or finance due diligence is the responsibility of the end user. For further assistance contact Critical Illness Insurance Resource Center on this site for further questions, group supplemental health quotes or other.