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Voluntary Mart SM Employer Informational Session

Voluntary Mart SM Employer Informational Session. Insurance products are underwritten by Fortis Insurance Company and presented by Time Insurance. Voluntary Mart SM. A portfolio of supplemental insurance products that pay cash benefits directly to policyholders.

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Voluntary Mart SM Employer Informational Session

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  1. VoluntaryMartSM Employer Informational Session Insurance products are underwritten by Fortis Insurance Company and presented by Time Insurance.

  2. VoluntaryMartSM

  3. A portfolio of supplemental insurance products that pay cash benefits directly to policyholders. What is VoluntaryMartSM?

  4. The Need for VoluntaryMart Rising health care costs translate to a bigger cost burden for you and your employees • Higher premiums • Higher health insurance deductibles • Higher copays • Higher out-of-pocket costs

  5. Today’s Reality Benefits play a key role in recruiting and keeping good employees, but benefit costs are going up fast. • VoluntaryMart supplemental insurance • Helps you attract and retain good employees and • Increases your employees’ sense of financial security and peace of mind • without adding any additional cost for you!

  6. VoluntaryMart helps hold the line on health care costs • You provide employees with a higher out-of-pocket health insurance plan that reduces your premium costs and • At no cost to you, offer employees VoluntaryMart plans – low-cost options for supplementing employer-provided health care benefits How?

  7. VoluntaryMart Employer Advantages • Plans require almost no employer administration • Product offerings are customized to meet your company needs • Affordable premiums are paid by employees • Your benefit package is enhanced with protection that bridges employee coverage gaps

  8. VoluntaryMart Employer Advantages • You decide which products to offer • Your employees choose and pay for the ones they want • Convenient employee worksite enrollment • Policies are mailed directly to employees

  9. Individual policies that are portable Same rates for payroll deduction, EFT or credit card Rates are designed to be affordable are not expected to change Often sold in Section 125 context All plans may be sold to someone purchasing an HSA and a qualified High Deductible health plan Preferred/Standard rates on easily determined criteria Simplified or guaranteed issue Benefits paid regardless of other coverage Other VoluntaryMartAdvantages

  10. Section 125 POP plans administered at no charges Full flex plans available at competitive rates FSAs reduce your FICA tax wage base Employer FICA and FUTA tax savings typically offset all of the administration fees Section 125Advantages

  11. VoluntaryMartConvenience • VoluntaryMart Website • 24 hour/7day access • Online Plan administration • Online Claim Status • Online Customer Service

  12. The VoluntaryMartSM Products

  13. VoluntaryMartSMSupplemental Insurance Plans • Choose from 8 Plans (with Optional Riders) • Accident • Cancer • Dental • Heart/Stroke • Hospital Confinement Sickness Indemnity • Hospital Indemnity • Short Term Disability • Term Life With (Optional) Critical Illness Rider

  14. General Eligibility Most Products • Adult issue age: 18 through 70 • All unmarried eligible children through age 18 (22 if a full-time student)

  15. DentalAt-a-Glance Base Plan(s) Coverage for 4 Types of Care • Type 1 – Wellness: preventive care, cleanings, etc. • Type 2 – Basic: fillings • Type 3 – Major: crowns, root canals, oral surgery • Type 4 – TMJ procedures • Benefits are assignable • Dental ID Card Issued

  16. DentalAt-a-Glance Base Plan(s) • Scheduled Plans – no Reasonable & Customary cutbacks • No Networks • Graded Benefits* • Children 15 or younger are eligible for Orthodontic Rider Individuals who replace existing coverage receive up to a 1-year credit which advances benefits by 1 year. Example: 100% of Type 2 benefits are paid during the 1st year instead of the 50% that is usually paid for 1st year policyowners. *Replacement policies receive up to one year credit, in effect, advancing benefits by 1 year.

  17. DentalAt-a-Glance • Issue-age Rated based on each adult’s own characteristics • Group discount given with the greater of 3 or more employees or 25% participation • 10% 2-adult discount • Per-child rate for Base/All-child rate for Orthodontic Rider • Family Type – Individual, Individual & Spouse and per child rate

  18. DentalAt-a-Glance Benefit Summary

  19. Expanded Coverage - Optional Riders

  20. CancerAt-a-Glance General Eligibility Cancer-related medical questions for Base Cancer policy- There are only a few basic questions to answer and no medical exam to take.

  21. CancerAt-a-Glance Benefit Summary

  22. Expanded Coverage - Optional Riders

  23. Heart/StrokeAt-a-Glance Base Plan(s) • 2 Plan choices • Waiting Period • Work site with less than five W-2 employees – 30 days from Effective Date • Work site with five or more employees – None • If Heart Attack, Stroke or diagnosed Heart Disease within first 30 days of coverage, no benefits for 2 years • Waiver of Premium if totally disabled for 90 days due to Heart/Stroke

  24. Heart/StrokeAt-a-Glance Benefit Summary

  25. Expanded Coverage - Optional Riders

  26. AccidentAt-a-Glance Base Plan(s) • 2 Base platforms • Base Plan Covering Off-the-Job Accidents Only • Base Plan Providing 24-hour coverage for Accidents • 2 Benefit Levels • Base Accident policy can cover all family members

  27. AccidentAt-a-Glance General Eligibility • Adult issue age: 18 through 64 • All unmarried children through age 18 (through age 22 if a full-time student)

  28. AccidentAt-a-Glance Benefit Summary

  29. Expanded Coverage - Optional Riders

  30. Hospital Confinement Sickness Indemnity At-a-Glance Base Plan(s) • 3 Benefit Level options • Covers sickness • Limited benefits for accidents • 6/6 pre-existing conditions limitation • 270-day Waiting Period for pregnancy • 30-day Waiting Period for sickness

  31. Hospital Confinement Sickness IndemnityBenefit Summary

  32. Expanded Coverage - Optional Riders

  33. Hospital Indemnity At-a-Glance Base Plan(s) • 3 Benefit Levels • 5 Elimination Periods for sickness-related confinements • All benefits for Accident and Sickness • Outpatient surgery benefit • 270-day Waiting Period for Pregnancy • 30-day Waiting Period for Sickness

  34. Hospital IndemnityAt-a-Glance Benefit Summary

  35. Expanded Coverage - Optional Riders

  36. Base Plan(s) Monthly Benefit amount in units of $100 Maximum Issue amount, the lesser of: 60% of gross income 70% for all in-force disability policies $5,000 monthly benefit Choice of: Accident Elimination Period Sickness Elimination Period Benefit Period Benefit Amount Short Term DisabilityAt-a-Glance

  37. Short Term DisabilityAt-a-Glance Base Policy Benefits • Policyowner Off-the-Job disability due to accident • Policyowner disability due to sickness • Waiver of premium

  38. Short Term DisabilityAt-a-Glance General Eligibility • Adult issue age: 18 through 64 • Minimum annual salary $10,000 • Must be employed full time • Guaranteed renewable to age 70

  39. Expanded Coverage - Optional Riders

  40. Term Life (with Optional Critical Illness Rider) General Eligibility • Adult issue age: 18 through 64 • Employee or any adult in whom employee has an insurable interest • Policy terminates the earlier of 20 years or age 70

  41. Term LifeAt-a-Glance Base Plan(s) • Minimum Face Amount $10,000 or $150 annual premium. Maximum is $250,000. • Available in units of $1,000 or on a dollar-purchase basis • Two times the face amount for death due to accidents • Waiver of Premium after 3 months of total disability • Monthly Accelerated Benefit for Long Term Disability • Life and Accidental Death benefit paid to Beneficiary – All other benefits paid to Policyowner • No Reduction in Face Amount due to age

  42. Term Life At-a-Glance Advantages • VoluntaryMart is level term insurance – rates never increase with advancing age • Unique product features included in base policy are: • Waiver of Premium • Accidental Death Benefit • Monthly Accelerated Benefit for long term disability • Death benefit restored after 5 years of recovery from long term disability

  43. VoluntaryMart Riders Recap (Available by Policy)

  44. Dedicated Customer Care Center 8am-7pm EST 1-866-387-3405 Policyholder Customer Care 1-866-387-3406 FAX line 24/7/365 www.voluntarymart.com24/7/365 Web site - administration, online EOBs and claim status World Class Customer Service and Claims Administration VoluntaryMart Customer Service

  45. Employee informational meetings PowerPoint presentation followed by question-answer session Applications taken on the spot Easy Enrollment Process

  46. VoluntaryMartSM Questions?

  47. VoluntaryMartSM Added Protection Superior Solutions

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