Custom Group Plans Designed for Your Clients’ Needs
Many agents who work with our Group Benefits Department do so because they don’t have the time to search for quotes in the middle of their busy schedules. We run quotes quickly, in-house for our agents. Our benefits specialists can also customize a plan for your small or large group clients – no matter their characteristics – and keep them compliant. We can also help them educate their workforce. Most importantly, you will help your clients maximize their employee benefits while minimizing expenses for them – all through a partnership with AgentLink. Here’s what you can expect from us:
- Dedicated case managers for every agent – to handle any obstacle that comes your way
- Quotes from multiple carriers
- Simplified Carrier Contracting
- Renewal management and employee education
- Product and sales training – to help you cross-sell and grow your portfolio
Some of our Group Insurance products include:
Fully Insured (Not underwritten)
The employer pays the carrier a monthly premium and that carrier is responsible for taking on the financial risk with providing coverage and administering the plan.
- There is no financial risk for the carrier with this type of plan.
- Fully insured plans are subject to government regulations under ERISA.
- These rates cannot typically be discounted or negotiated.
- Rates are generally more expensive than the underwritten rates of other plans.
These plans are good for smaller groups that aren’t eligible for an underwritten plan, older employee groups, and/or unhealthy groups.
Level Funded (Underwritten)
With a level funded plan, the employer pays the carrier a monthly premium that will go towards the estimated cost for expected claims, the stop-loss insurance premium, and plan administration costs. The monthly premium does not change, even if the claims are more than expected. At the end of the plan year (at renewal) the carrier will adjust the premium based on the claims. In some cases, this will cause a rate increase to cover new projected claims or a refund to the employer for lower claims than were anticipated for the previous year.
- This plan looks and runs exactly the same as a fully insured plan does for the employees. They will not see a difference, besides a potentially lower premium, in their coverage at all.
- There is no risk to the employer with a level funded plan. In fact, they have the potential to get a surplus refund with some of the carriers. The employer only pays the agreed amount per month. This is what is used to cover medical claims, until they meet the stop loss amount. Once that is met, insurance will cover the rest.
- Stop-loss insurance – It limits an employer’s financial responsibility for claims over a certain amount. If the group goes over the expected claims costs, stop loss insurance will kick in to cover those costs so there are no risks to the employer.
- Administrative Fees – These are the fees the employer pays to the carrier to administer the plan for them.
- These rates can often be discounted and/or negotiated.
These plans are good for our groups with 5+ enrolled employees that are young and/or healthy. Rates are underwritten and the better the health of the group; the better the rates will be.
Groups with like industries are able to come together under one large umbrella and write into the association. Since this is treated as large group the employer will bypass the ACA community rates.
When an agent offers a dental plan for their group or individual clients they have a competitive advantage, because it is one of the most requested health benefits. Read about an online selling option for dental plans!
Life insurance is a core benefits that provides financial value and there are multiple ways it can be offered. The multiple ways it can be offered along with it’s sustainable value no matter the market conditions… employers have an economical and convenient way to provide this important coverage.
Since vision needs vary and change overtime for an individual, it’s important to offer different plans. Read about an online selling option for vision plans!
More employers are offering disability insurance than ever before, especially long-term. Disability policies vary. If you’d like assistance with optional plans or those mandated by law, contact our department manager.
This benefit allows employees to select plans best suited for their particular needs. It’s funded through payroll deductions. An advantage is that it provides a lot of choices for an individual.
Group Resources
Don’t forget to browse the free tools and resources we offer
our agents and prospects.
