This book includes a plain text version that is designed for high accessibility. To use this version please follow this link.
{ business solutions } 


Large group benefits vs. small group benefits … What’s the difference?


I


am so glad you asked that question. Dental offices almost always are a small group, and they are relegated to offering only small group benefits to their em- ployees. Insurance companies just aren’t as excited to work with small businesses; they’d prefer organizations with 1,000 or more employees and generally save the concessions and discounts for these large groups.


MDIS recently has entered into an agree- ment that allows all of the dentists and their employees that are members of the Missouri Dental Association to be counted as one large group. We believe that is approximately 10,000 lives. So, finally, the dental office is able to offer large, group-style benefits to their employees. MDIS is pleased to an- nounce our association with Benefits Direct, a company based in Kansas City, but that has relationships with insurance companies throughout the U.S. They will help us in communicating, enrolling and administering the various insurance programs that we will offer through them.


These large-group benefits are discounted and cost less than what you may otherwise be able to get. Insurance companies like to work in volume. The next advantage of large group benefits is that the insurance compa- nies are willing to make other concessions with underwriting. That is why the products offered through MDIS and Benefits Direct are guaranteed issue—no health questions or declines for pre-existing medical conditions and no medical exams.


The coverages we will offer start with Term Life. Many families today do not have life insurance, and those that do are typically underinsured. As an example, this offering al- lows employees up to age 35 to get $100,000 of life coverage for $8/month. Add $5 and


your spouse gets $20,000 and all of your children get $10,000 of coverage. Other age groups are similarly affordable. It sounds too good to be true, but it is. All of the insur- ance companies have “A” ratings for financial soundness.


Short Term Disability—protection for your paycheck—is another offering. You can collect up to 60 percent of your pay not to exceed $2,000/month for 25 weeks. For an insured age 44, the cost is less than $20 per month for this insurance cost. Other ages are similarly priced. Maternity is the same as any other illness; this insurance pays regardless if you have other disability insurance. If you don’t have any disability coverage, this is your chance to smartly protect yourself and your family.


Cancer and Critical Illness are two of the other coverages that are offered. It’s so un- fortunate, but we all know a family member or friend who has had cancer. The benefits offered by these plans are too numerous to cover here, but they are affordable, and you owe it to yourself to check it out. The ben- efits can be used for any purpose.


Accident Insurance is a must these days. You can be a safe and conservative person who leads a quiet life. But what about all of those other crazy people out there? Who protects you from them? The odds that you will suffer an injury and incur a financial loss through an accident caused by someone else is overwhelming. Because most of us can’t live in a bubble, it’s good to have some accident insurance. You are covered for ambulance benefits, indemnity benefits, hospital ben- efits, intensive care, confinement benefits, physical therapy benefits, family lodging and transportation, dismemberment benefits and even accidental death. This is very impor-


tant! It pays even if you have health insur- ance. You can’t afford not to have it cover the entire family.


You may not have thought of it, but it’s a fact that most of us will have to spend some time during our life in a Long Term Care (LTC) situation. With costs approaching $5,000/month and more, it doesn’t take long to spend your life savings. This is a package policy that provides permanent life insurance to age 120, and LTC protection at three times the life insurance amount. So if you had $50,000 of life insurance, then you would also have $150,000 of LTC protection that would provide coverage in a nursing home, assisted living facility or your own home. Many LTC policies only cover confinement in a nursing home. This allows you to receive help while you stay in the comfort of your own home, and that is so important. Remem- ber, this is guaranteed issue!


Certainly, this article doesn’t begin to convey the benefits and peace of mind that these insurance products provide. They are large- group benefits provided to you exclusively by MDIS through Benefits Direct, all because you are part of the dental profession. With all that you do for your profession and patients, isn’t it time that you do something for your- self and your family? These insurance prod- ucts are offered on a guaranteed issue basis and are priced at a discount from the market- place. You will not find this made available to you anywhere else. All of the coverages are offered on a voluntary basis. Employees may participate if they wish. There is no cost to the employer. Call MDIS today to learn more at 800-944-7550. f


The information contained herein is general in nature and is not sufficient to make an informed decision. This article should not be interpreted as legal, tax or investment advice.


ISSUE 1 | JAN/FEB 2015 | focus 23


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48