Here are 3 affordable new benefit ideas for Human Resource Professionals looking to stand out from the pack:
1. Protection for student loan debt, in the event of a disability:
Separate from Group LTD, these plans specifically provide funds to pay student loans, in the event of a disability. Student Loan disability plans resonate with most employees, especially those with occupations that carry heavy student loan debt, such as physicians.
2. Employer-paid Critical Illness Protection for your Executives Class with amounts up to $100,000 per occurrence:
Critical Illnesses such as heart attack, stroke, and cancer, are some of the leading causes of disability, and can lead to substantial out-of-pocket medical expenses. Critical illness plans offered on a “voluntary” basis and only provide lower benefit amounts ($10,000 - $30,000 of coverage) and DON'T appeal to the highly compensated. However, an employer-paid plan with $100,000 or more of benefit, would appeal to an Executive class and have a positive financial impact.
3. Employer-paid Long-Term Care with Life Insurance protection for your Executive Class.
Long-term care bundled with Life insurance coverage is a product that can be offered on an employer-paid basis to an Executive carve-out, with group-like pricing, and on a guaranteed issue basis. These plans provide important asset protection during a long-term care claim, and life insurance benefit during death.
Long-term care plans with Life Insurance, is the new best way to offer long-term care protection since traditional coverage is no longer available on a group basis. Coverage provides funds for the cost of long-term care, which is generally not covered by other sources such as medical insurance.
With the average cost of care exceeding $12,000/month in many states, and an average claim lasting 3 years, the cost can quickly exceed $432,000. Without long-term care coverage, your executives would fund the cost of care out of pocket.
At time of death, these plans provide a death benefit minus any used funds for long-term care.
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