Ancillary Benefits For Your Employees
What Are Ancillary Products?
Ancillary Products are important benefits such as dental insurance, vision insurance, and life insurance.
These products are not included in most insurance plans and must be purchased separately (although Vision and Dental Insurance are typically included for children). Relax Benefits can help you find the best benefit option for your needs and budget for these and other ancillary products you may need.
How To Save on Ancillary Products? Bundle Them.
As a broker, what Jim always recommend is bundling them together.
One preference is Oxford, but again, it will also depend on your own personal comfort level. They offer a dental and vision plan, and what they do is they throw in a free $25,000 in life insurance that all your employees get when they sign up for the bundle.
How Do Dental Plans work? What is 100-80-50?
The dental plans can be pretty basic. The most common arrangement is 100-80-50, but there are a whole bunch of different variations of it. What that basically means in the simplest terms is you get:
- 100% coverage for your preventative care, and that is your two cleanings/check-ups a year.
- 80% coverage for minor dental procedures.
- And 50% coverage for your major procedures like crowns, posts, and root canals.
100-80-50 this is how the plan is going to cover you.
So let's say, for example, you had a cavity and it's $300. 80% means that is the percentage that the carrier is going to cover. And you would be responsible for 20% of $300.
Another example is if the root canal is $800, your cost would be $400 because the 50% will be covered by the carrier.
Dental is always very tricky. They have something when they say a deductible of $1500, it doesn't mean you have a deductible of $1500. That actually means that it is your annual yearly benefit and they will only cover you up to $1,500. That's kind of how a dental plan works.
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How Do Vision Plans Work?
Vision Plans are very simple. Vision Plans are set up exactly the same way you get your free eye exam. They pay a certain amount for your eyeglasses and frames. However, every plan is different, so your broker will go over the plan choices with you.
ABOUT JAMES RESTAINO
James Restaino is part of Relax Benefits. He is a Managing Partner/Broker at Specialized Health Services LLC, an Employee Benefits Company that specializes in group health insurance, life insurance, and dental/vision insurance servicing companies in New Jersey and New York. His ideal clients are companies that have at least 2 enrolled employees on Employee Benefits. With his 25 years of experience, he can help you find the right coverage for you or your employees.
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