Offering ancillary benefits gives your employees the tools they need to guarantee income protection and overall health, at little or no additional cost to you.
Ancillary benefits, also known as voluntary or worksite benefits, create a financial safety-net for your employees by augmenting employer-paid benefits. These value-add benefits can be purchased by an employee through pre-taxed payroll deductions, at a discounted group rate.
The Bayside Planning Group can help you please your employees by offering an affordable and robust selection of ancillary benefits. Employees benefit from added security and peace of mind, as well lower payroll taxes. Employers benefit from higher employee satisfaction and increased competitiveness in the marketplace, in addition to having certain tax advantages in some cases.
This type of life insurance does not build any cash value. However, it will pay a set amount to the named beneficiary upon the death of insured within the stated term. Additionally, some policies may also make payments upon terminal or critical illness.
Accidents can happen anytime. Accident insurance helps to protect employees from financial hardship due to a great deal of medical and out-of-pocket expenses that follow accidental injuries. For example, emergency treatment, hospital stays, medical exams, transportation and lodging needs are just a few of the expenses that accident insurance can help cover. In fact, some policies can even pay benefits in as little as one day, based on time of claim submission.
Short term disability generally allows for income payments to the employee to begin after about a two-week waiting period after a qualifying disability claim and continue until the benefits are maxed out or the employee recovers.
Long term disability generally allows for income payments to the employee to begin after about a 90-day waiting period after a qualifying disability claim and will continue for years or up to age 65.
Regular dental exams help employees stay healthier and more productive in the work place. Dental Plans offer a variety of diagnostic, preventative care and corrective services including cleanings, exams, x-rays, fillings, root canals, orthodontia for children, and emergency care while traveling.
Similar to dental policies, vision plans are inexpensive and save money on eye and vision related healthcare services. This includes routine exams, eyeglass frames and lenses, contacts, and even discounts on procedures like LASIK. Also, monitoring your eye health with regular exams helps to detect more serious underlying health problems.
This special type of coverage can reduce the personal financial impact of the cost of fighting critical illnesses, helping to keep up with everyday bills through that process. Some key features include cash benefits paid directly to the employee and plans to fit different levels of coverage/budgets.
Unlike a traditional major medical plan that reimburses you or pays directly to a provider for approved hospital stays and medical care, a Hospital Indemnity Plan pays a lump-sum payment directly to the insured. The cash payment helps with out-of-pocket expenses and covers you when you are off work due to a hospital stay. The coverage is usually a set amount per day, per week, per month, or per visit depending on the benefit level selected.
A Gap plan provides benefits that supplement a major medical and comprehensive benefit package. It works by paying a significant amount of the deductible on a major medical plan. More specifically, the additional benefits help to cover out-of-pocket expenses related to coinsurance, co-pays and deductibles for inpatient and outpatient services. For example, if you have a $5,000 deductible on your major medical plan, gap coverage could pay up to $4,000 of that deductible.