VOLUNTARY GROUP BENEFITS
If you are looking to provide more benefits and resources to your employees without having to wrestle with what to offer or what you can afford, voluntary benefits offer an easy solution. Voluntary benefits are benefits that employees can elect to utilize in addition to their basic benefits at no cost to the employer.
At Covell Consultants LLC, we partner with Colonial Life to bring your business an array of voluntary benefits, as well as resources to ensure your group is meeting all of your documentation requirements. Below are a few of the services offered through Colonial Life's voluntary benefits program.
Voluntary Options
Disability Insurance
Hospital Indemnity Insurance
Life Insurance
Cancer Insurance
Accident Insurance
Critical Illness Insurance
Dental Insurance
Summary Plan Descriptions
Employers are required by law to provide a Summary Plan Description (SPD) to all benefits eligible employees at the time of eligibility. (Click here to see the DOL's rules on SPD.)
Colonial Life can create and manage your SPD at no cost to you when you offer at least two of their voluntary benefits to your employees.
Group Medical Bridge
Colonial Life’s Group Medical Bridge Plan provides your employees with additional out-of-pocket protection for services including hospital confinement and outpatient surgery. Providing benefits for these types of services help your employees offset the larger financial exposures of their health insurance plan including deductibles and co-insurance. This plan, coupled with your basic medical plan, offers reimbursements paid directly to your employees for medical services.
COBRA
Do you have 20 full time employees or equivalent? Until you reach 20 full time employees, your business will be able to use State Continuation for any employees that may leave your employ. The moment you reach 20 full time employees or equivalent, you are subject to COBRA (Consolidated Omnibus Budget Reconciliation Act) which, in short, requires you to administrate the offering of benefit continuation to any eligible employee after separation from your business. An employer can choose to administrate this in-house, but often times it can be overwhelming. Colonial Life partners with Ameriflex to offer COBRA administration services to employers offering voluntary benefits to their employees.