Other Group Insurance
Vision Care Insurance
Most vision care plans consist of two parts. The first is coverage for an eye examination, usually once every two years and may require a co-payment to the optometrist or ophthalmologist. The second part covers eyewear and provides a dollar allowance for frames and lenses or contact lenses.
As with Health Plans, there are different types of dental plans. There are dental maintenance organizations that function much like a HMO. There are dental PPO's that have a network of dentists that provide either lower costs or higher benefits, but still provide some benefits out of the network. Unlike health plans, there are still many indemnity dental plans that allow the participant to choose any dentist for their treatment.
Most plans will cover Preventative care fully or with a small co-payment. Examples of preventative care are cleaning, X-rays, space maintainers and check-ups. Basic care normally includes fillings, extractions and root canals and is subject to an annual deductible and then some coinsurance, usually 20%. Some plans provide Major care after a one year wait. Examples of Major care include crowns, bridges, periodontics and plates and are subject to the same annual deductible and usually a 50% coinsurance. Orthodontia benefits are frequently provided on a dental plan and normally provide a 50% benefit limited to $1,000 total.
There are two types of disability plans that are most often used, short-term and long-term.
Short-term plans usually start after sick pay runs out, normally one or two weeks and they last three to six months. They provide for coverage at 60% of pay usually to a maximum of $3000 per month.
Long-term plans normally start after a three or six month wait and can last until age 65. They also provide coverage of about 60% of pay but the maximum may go to $6000 per month or more. Long-term plans also offer more features than short-term plans such as paying benefits if the employee is only partially disabled and paying benefits if the employee can't work in his occupation because of disability.
Long-term plans can be augmented with Voluntary plans to help the employee reach a level of benefit that will sustain him or her in the event of disability.
Group Life Insurance
The most common coverage after health insurance is group life insurance. These plans usually provide a flat amount such as $10,000 or $25,000, or they are a function of wages, such as 2 times salary. These plans are often capped at $50,000 as that is the limit the IRS allows an employer to provide to employees tax-free. Additional amounts are frequently provided by Voluntary plans with the employee paying the premium, thus eliminating a tax problem.
For further information on Other Group Plans Contact Us.