Proprietary Ancillary Benefit Solutions
Swartzbaugh-Farber recognizes that voluntary and workplace benefits are the fastest growing segment of the insurance industry. Given the uncertainty, and at times, instability in our health care system, our voluntary/ancillary products have stayed constant and consistent. We work closely with several carriers to specifically design a benefit solution for your workplace needs. Our affiliations with United Benefit Advisors and M Financial Group allows us to provide many
products that are proprietary in nature and exclusive to our clients.
In recent years, the common belief was that workplace and voluntary insurance were simply an “add on” and an unnecessary burden to employees. That could not be further from the truth.
Major medical insurance pays for the majority of doctor and hospital bills during an illness or injury. However, during any type of recovery time or hospital stay, the everyday expenses of life continue. Voluntary workplace benefits pay cash to the employee when they need it the most. The cash that an employee receives from this benefit, can be used for car payments, rent, groceries, and the other expenses. Major medical insurance simply does not meet these needs.
Voluntary insurance offers employees an additional layer of financial protection against a family member’s catastrophic illness or accident. If a family member is sick or hurt, an employee will want to be with, and focus on, their loved one. These lines of coverage can offer cash, providing the employee with the ability to take time from work to be with their loved one.
Employers often do not know what types of coverage to offer their employees. Swartzbaugh-Farber evaluates each employer situation to help determine which product best suits the needs of the company and their employees. Employers most commonly offer the following types of coverage:
Accident Coverage: This policy covers the employee, and if requested, the family as well in the event of any type of incident or accident that requires the employee or family member to seek urgent medical attention. The cash benefit payments are commensurate to the severity of the incident and the extent of the injuries, ranging from a minor injury like a sprained finger, to a severe accident resulting in causing a coma. Through this coverage, an annual Wellness Benefit
is paid to the employee for simply getting their annual checkup. Some policies also include a Wellness Benefit for each family member.
Cancer Coverage: No one wants to think about this horrible disease affecting them, but nearly every American family has had to deal with this financially devastating illness. Nearly one out of every two people in the United States will have some sort of cancer in their lifetime. It is no longer a matter of if, but when. Based on studies from Stanford and Harvard, cancer patients have found that 67% of the expenses incurred are not covered by traditional major medical insurance. The cost of missing work, traveling to different doctors, in home care, specialized vehicles, and experimental medications are just a few things major medical will not cover. Most cancer policies add children at no additional cost and a generous Wellness Benefit is paid to each participant in this coverage.
Critical Illness Coverage: The number one killer in the United States today is heart disease. Critical Illness policies cover heart attack, stroke, major organ transplants, and many other critical stage illnesses. Having a lump sum payment to help defray out of pocket expenses can keep a family out of bankruptcy. An annual Wellness Benefit is also paid with this policy.
Hospital Insurance: This type of policy will pay the policyholder for each day they incur an overnight charge at the hospital. This plan also includes benefits payable for surgeries, anesthesia, and intensive care stays. Families experiencing the birth of a child greatly benefit from this policy.
Short Term Disability: One out of every four workers in America will be experience disability for a period of time during their career. Very few people can afford to take 30-90 days off to recuperate without income. This policy type covers up to 60% of the policyholder’s annual income on a weekly basis. This policy type in conjunction with Hospital Insurance can protect significant amounts of income and cover expenses for new mothers during delivery and maternity leave. Bundled with our Long-Term Disability coverage, an employee can gain greater peace of mind while working each day.
These products can be offered at no cost to the employer. The entire cost can be payroll deducted, with most plans being HSA and Section 125 compatible.
Swartzbaugh-Farber will help you establish exactly how voluntary insurance can work in concert with your major medical plan to enhance your employee benefit packages. These products are offered at ZERO cost to your bottom line, and your employees will appreciate the additional benefit opportunities and protection offered to them.