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Supplemental Benefits


Employee Optional Supplemental Benefits

 		It is not our usual intent to feature a particular company in any specific topic. However, relative to this subject, AFLAC is the world leader. Thus, it makes sense to describe in more detail their products and benefits. 

Popular Aflac Products

  • Hospital Indemnity

  • Accident

  • Specified Illness w/ICU Rider

  • ST Disability

  • Dental

  • Vision

  • Quick Issue Life

  • Long Term Care

 

 

 Each year, AFLAC pays out more in benefits than almost all insurance companies report in gross revenues. In addition to their claims payments, AFLAC is a major donor to cancer research, including an AFLAC funded children's cancer care and research hospital in Atlanta.  

More than 40 million people around the world own AFLAC policies which they are purchasing through employer sponsored payroll deductions. AFLAC products are defined cash benefits payable directly to the clients and each plan is designed to provide loss of income protection due to accident, illness, or related time off the job.

AFLAC - More Now Than Ever:
Offering AFLAC employee optional supplemental products has always been a win-win for employers and employees alike. The advent of CDHDP (Consumer Driven High Deductible Plans) as well as HSA plans, and companies moving to higher deductible traditional plans, makes AFLAC products a greater need than ever. Using AFLAC to supplement higher deductible health plans allows employers to reduce their expenses while employees can still cover their risk exposures.

A high deductible health plan coupled with an AFLAC offering is a positive strategy in today's world of spiking premiums and crushing health care expenses.

Employee Optional Supplemental - How it works:
Employees select the products they are interested in from a pre-approved list. They pay the premiums through a payroll deduction. Not only is there is no cost to the employer, there are actually savings in that the SS contribution is diminished as the taxable income is reduced.

  • In an initial meeting with the Employer, we decide which AFLAC products best compliment the existing group benefits portfolio.
  • We present the AFLAC products to the employees at a group meeting, typically running 20-30 minutes. The Employer determines the time and place so there is little to no impact on work time.
  • The employees are given take-home materials to review and discuss with their family.
  • We return within two days and enroll on the spot. The enrollment is via lap-top and takes no more than 10-15 minutes per person.
  • Anyone not interested simply signs a waiver. (Employer protection)
  • We present a payroll deduction sheet for the employer to update their records
  • If there is not a pre-tax Section 125 currently in place, AFLAC sets it up at no cost.
  • There are no up-front costs. AFLAC products are billed in arrears, so the employer always has the payment in advance of the billing
  • Products are owned by the employees and are portable, that is, they may take them with them if they leave.
  • AFLAC returns at least once annually to pick up new employees, and to re-certify the Section 125 Document as required by law.

Net Effect?

  1. Employer has expanded employee benefits at a cost savings!
  2. Employees have better protection for unforeseen medical mishaps.
  3. They own individual products which are priced at group rates.
  4. Employer has acquired no-cost SECTION 125 plan

As one of our business-owner clients commented,
"A company that doesn't offer AFLAC is nuts. It's a no brainer."