for more than 35 years, abacus

36 Pages·2017·10.26 MB·English

FOR MORE THAN 35 YEARS, ABACUS
has been offering dynamic voluntary benefits that deliver peace
of mind, confidence, and security. We are an experienced and
effective marketing and managing general underwriter, dedi-
cated to forging long-lasting relationships with our clients. Our
specialty is developing voluntary benefits that match your par-
ticular needs. With products issued through the world’s largest
re-insurers, we maintain underwriting authority and discretion
to bring you, the broker, the most competitive and flexible prod-
uct for your clients.
We are rooted in the belief that quality doesn’t just happen;
rather, it’s a result of high expectations, intelligent direction,
and skillful execution. Abacus continually measures the needs
of our market and leverages our experience and imagination to
set industry standards — for plan creativity, customer trust,
and voluntary benefit performance.
YOU CAN COUNT ON YOU CAN COUNT ON
CUSTOMIZED SOLUTIONS PERSONALIZED SERVICE
Abacus believes in customized solutions. “Shelf Rates” are fine if At Abacus, our post-sales support has been specifically designed to
you are only selling product. But, we believe that the voluntary in- uphold our voluntary employee benefits. Abacus provides respon-
surance market demands creativity. So, when you see a plan that sive service from experienced professionals who have a thorough
carries the Abacus name; you know that it’s a plan of flexibility, working knowledge of the Abacus Series products. You get expert-
choice, and unique design. ise and support in the following areas:
Features include:
•Billing
•Flexibility in elimination and benefit periods •Live, toll-free customer support
•No percentage participation requirements •Flexible mode of payment
•Minimum group size of five (5) enrolled •Simplified billing statements
•Plans designed for associations, unions, PEO’s, and 1099’s •Consolidated billing
•No excluded W-2 industries
•Claims
•Annual Guarantee Issue re-enrollments
•Live, toll-free customer support
•Pre-existing Condition
•Personal claims examiner
•Portability
•3-day average claim response turnaround
•STD claims paid weekly
YOU CAN COUNT ON
PRICING FLEXIBILITY YOU CAN COUNT ON
FLEXIBILITY, SUPPORT, AND RESPECT
Our philosophy is designed with a simple goal in mind: to provide
clients with a plan design that makes financial sense and that meets
Support on every level is only a quick phone call away. When you
the unique benefit needs of each group. Abacus offers:
team up with Abacus, you have the flexibility you need to create vol-
•Pricing based on Issue or Attained age untary insurance plans with the range of options your clients need.
•SIC Code classification and evaluation
Abacus supports your decisions, values your independence, and re-
•Group discounting based on size
spects your groups — as your clients. Call us and find out what a
•Replacement coverage
growing number of brokers already know:
•Percentage of income covered
•Continuity of coverage
YOU CAN COUNT ON ABACUS
West Coast Corporate Office East Coast Corporate Office
800-643-2212 800-653-5242
For more information, visit us at: www.abacusseries.com
The
Difference!
All Disability plans are NOT(cid:1)created equally. In today’s economy, price is important - but it(cid:1)
is also important to “get what you pay for(cid:15)”(cid:1)With the Abacus Series, you’re getting the
most(cid:1)for your dollar.
Abacus Series Your Competitor
The Similarity
✔ ✔
❑ ❑
Optional Benefit Amounts ................................................................
✔ ✔
❑ ❑
Optional Elimination Periods............................................................
✔ ✔
❑ ❑
Optional Benefit Periods ..................................................................
The Difference
❑✔ ❑
No Participation Requirement..........................................................
❑✔ ❑
Claims Paid Weekly............................................................................
Pays in addition to all other sources of income ❑✔ ❑
for the first 10 days after the Elimination Period ..........................
Pays benefits up to 100% of all income for ❑✔ ❑
the first calendar year ......................................................................
❑✔ ❑
Waiver of Premium while receiving benefits................................
❑✔ ❑
Issue Age rates for initial policy and increases............................
❑✔ ❑
Annual Guarantee Issue open enrollments ..................................
❑✔ ❑
Pre-existing Condition benefit of 25% or 100% for 4 weeks........
Coverage offered to W-2 or 1099 employees ❑✔ ❑
working 20+ hours per week............................................................
❑✔ ❑
Signature-only Applications and Online Enrollment....................
❑✔ ❑
No census required on groups of less than 1,000 ........................
MONTHLY COST $ $
The Abacus Series allows you the flexibility to:
•Change your Pre-existing Condition waiting period •Offer 24-hour or Off the Job-only coverage
•Offer Weekly Claim payments • Add Portability •Allow varying coverage based on Income
While many carriers discuss their coverage in terms of rates, our philosophy is to provide
customized plans that offer quality benefits at a competitive price. If we didn’t take this
approach, we would be the same as every other carrier.
PrePrinted Enrollments
Abacus Series PrePrinted Enrollments offer a hassle-free solution to the labor intensiveness and
lossofproductionthatemployersandHRDirectorshavetraditionallydealtwith,providingaturn-key
solution that simplifies the process for everyone.
Our preprinted, signature-only benefit election and enrollment forms allow you to take advantage of:
✓ Minimal HR Involvement ✓Maximum Effectiveness ✓Less Effort and Errors
All you need is a census (cid:68)(cid:80)(cid:79)(cid:85)(cid:66)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72) Name, (cid:37)(cid:66)(cid:85)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:35)(cid:74)(cid:83)(cid:85)(cid:73), Salary and any application data you want to include.
(cid:36)(cid:80)(cid:79)(cid:85)(cid:66)(cid:68)(cid:85)(cid:1)(cid:86)(cid:84)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:90)(cid:1)(cid:82)(cid:86)(cid:70)(cid:84)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:85)(cid:27)(cid:1)800-653-5242(cid:1)(cid:80)(cid:83)(cid:1)(cid:25)(cid:17)(cid:17)(cid:14)(cid:23)(cid:21)(cid:20)(cid:14)(cid:19)(cid:19)(cid:18)(cid:19)
Our claims staff has a front line focus on delivering superior customer satisfaction and the very best outcomes.
Better outcomes mean stronger returns.
Our telephonic Short-Term Disability claim submission process is fast
and easy(cid:30) and, most important, no time-consuming forms to complete.
How it works….
• Claimant calls a dedicated toll free number to initiate their claim.
• Claimant has immediate access to one of our knowledgeable Ability Analysts who are trained to put the
claimant at ease from the start by explaining what is necessary to adjudicate the claim as quickly as
possible as well as what the claimant can expect next.
• Within one business day, our Ability Analyst reaches out to the employer and attending physician to obtain
the necessary information to make a claim decision.
Our Ability Analysts are diligent and adhere to strict performance guarantees. Most importantly, they ensure
the claimant is regularly informed of the status of their claim.
Our goals are to….
• Focus on return to work,
• determine reasonable recovery,
• set expectations,
• coordinate with the attending
physician, and assess rehabilitation
potential if appropriate.
All of these goals can help claimants
return to productivity, which helps you
improve your bottom line.
How we're doing...
• 90% of our Short-Term Disability claim decisions are made within 5 business days from receipt of
complete information.
• 90% of employers were extremely satisfied with our claim services.
• Our claimant satisfaction rating has exceeded 90% for nine years running.
VOLUNTARY SHORT-TERM DISABILITY VOLUNTARY LONG-TERM DISABILITY
BENEFIT AMOUNTS ELIMINATION PERIODS BENEFIT AMOUNTS ELIMINATION PERIODS
$75 to $1,400 per week (refers to injury/sickness) $300 to $6,000 per month (refers to injury/sickness)
(from $50 in statutory states) 0 days/7 days, 7 days/7 days, sold in $50 increments 90 days, 180 days, 365 days
sold in $25 increments 0 days/14 days, 14 days/14 days,
BENEFIT PERIODS BENEFIT PERCENTAGE
30 days/30 days
2 years, 3 years, 5 years, Age 65, Up to 60% of monthly
BENEFIT PERIODS BENEFIT PERCENTAGE Normal Social Security Retirement Age earnings
13 weeks, 26 weeks, Up to 65% of weekly earnings
52 weeks, 104 weeks 30% in statutory states (requiring state
disability benefits - CA, HI, NJ, NY, RI)
HIGHLIGHTS
• Minimum participation - 5 enrolled for 2 year plan
(No percentage participation requirement)
HIGHLIGHTS • Minimum participation (cid:71)(cid:80)(cid:83)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:81)(cid:77)(cid:66)(cid:79)(cid:84)(cid:1)- greater of 5 enrolled or
• Minimum participation - 5 enrolled 25% of eligibles
• No percentage participation requirement • Guarantee Issue up to $3,000 per month ($1,500 for ‘E’ industries)
• Minimum 20 hours worked per week • 12/24 Pre-existing Condition Limitation (state exceptions apply)
• Guarantee Issue up to $700 per week • Accidental Dismemberment and Loss of Sight option available
• Claims paid weekly • Minimum 30 hours worked per week
• Integration is Direct Full Family
• 12/12 Pre-existing Condition Limitation • Mental Illness/Drug/Alcohol/Special
(state exceptions apply)
Conditions Limitation
• 24 hour or Non-Occupational coverage • 24 hour coverage
• Survivor Benefit on 52 or 104 week plan • Survivor Benefit available
• First Day Hospital Benefit available -
benefits begin on first day of 24 hour or
more hospitalization - n/a with 30/30 plan
• Pre-existing Condition Benefit of 25% or
100% of benefit for 4 weeks available
VOLUNTARY TERM LIFE
• Integration:
• Pays in addition to all other sources of BENEFIT AMOUNTS
income for first 10 days after Employee: from $20,000 to $500,000, up to the
elimination period greater of 5 times annual earnings or $100,000;
• Pays benefits up to 100% of all income in $10,000 increments
for the first calendar year Spouse: from $10,000 to $250,000 not to exceed
50% of employee amount; in $5,000 increments
Child: flat amount of $5,000 or $10,000
Accidental Death and Dismemberment [AD&D] (if offered): Employee:
up to lesser of 2 times Life benefit amount or $500,000; Spouse: up to
STD AND LTD SPECIAL FEATURES Spouse Life benefit amount; Child: equal to Child Life benefit amount
• No excluded W-2 industries • Employee coverage required to enroll Spouse and/or Child(ren)
• Annual Open Enrollments Guaranteed Issue
• No census required on groups under 1,000 lives
• Coverage available for groups over 1,000 lives, Associations, HIGHLIGHTS
PEO’s, Credit Unions and 1099’s • Minimum participation - greater of 5 enrolled or 20% of eligibles
• 4 age bands • Guarantee issue from $50,000 to $180,000 determined by group size
• Signature only applications & online enrollment capability at initial enrollment
• Shorter Pre-existing Condition Limitation options available • Annual Guaranteed Issue Employee “buy-ups”
• Issue Age rate structure for initial policy and increases • Minimum 30 hours worked per week
(Attained Age rate structure available) • Accelerated Death Benefit of 80% of coverage
• Waiver of Premium while receiving benefits • Attained Age rate structure
• Replacement coverage with Continuity of Coverage • 2 year rate guarantee
• Portability option available • Disability waiver of premium
• 2 year rate guarantee • Portability up to 3 years
For agent use only. For special limitations and exclusions please refer to our policy certificate. Coverage subject to availability by state.
BENEFITS YOU CAN COUNT ON
START WITH PEOPLE YOU CAN COUNT ON.
THE ABACUS GROUP IS a marketing, underwriting, and risk-sharing company that partners with brokers,
insurance carriers, and re-insurers to provide groups with the benefits they need. For over three decades, we have
been working with insurance companies, re-insurers and distribution sources specializing in the development of
voluntary short-term disability, long-term disability, group life, critical illness plans and pharmacy cards.
BACKED BY A LEADING RE-INSURER in the insurance business, we’ve created an all-star lineup to deliver
an insurance line of products that is adaptable and flexible. Not only does our line have the financial backing of an
industry leader, but it also provides claims service and customer support, delivered by a premier third-party
administrator for full customer satisfaction. The result? A company you can count on for timely payment, reliable
service, support and products that exceed your expectations.
•A (Excellent) rating by A.M. Best
CORPORATE OFFICES
2541 Lafayette Plaza 252 Harry Lane Blvd.(cid:1)
Dr.(cid:1)Albany, GA 31707 Knoxville, TN 37923(cid:1)
P(cid:73)(cid:80)(cid:79)(cid:70): 229-436-6032 P(cid:73)(cid:80)(cid:79)(cid:70): 865-539-5000
(cid:53)(cid:80)(cid:77)(cid:77)(cid:14)(cid:71)(cid:83)(cid:70)(cid:70)(cid:27)(cid:1)800-643-2212 (cid:53)(cid:80)(cid:77)(cid:77)(cid:14)(cid:71)(cid:83)(cid:70)(cid:70)(cid:27)(cid:1)800-653-5242
F(cid:66)(cid:89): 229-439-1644 F(cid:66)(cid:89): 865-539-5011
For more information visit us at www.abacusseries.com
To request a quote e-mail: [email protected]
Your broker is: Bob Broker
The Insurance Company
12345 Main St.
Anytown, US 67890
800-555-0000
Email: [email protected]
Sample Rates
PROPOSAL
VOLUNTARY SHORT TERM DISABILITY
VOLUNTARY LONG TERM DISABILITY
VOLUNTARY GROUP TERM LIFE AND AD&D
Group Size: 149
Domicile State: GA
SIC Code: 7011
Valid until: 03/11/18
Your broker is: Bob Broker
The Insurance Company
Short Term Disability
12345 Main St.
Anytown, US 67890
800-555-0000
PROPOSAL Prepared for: Sample Rates
Email: [email protected]
Traditional Plan Census: 149
RATES per $100 of Weekly benefit
< 40 40 - 49 50 - 59 60 +
Weekly Premiums 2.755 3.468 3.942 4.701
PRIMARY BENEFITS
Elimination Periods - Accident / Sickness 7 days / 7 days
Benefit Duration 26 weeks
Benefit Amounts From $75 to $1,400 per week, up to 60% of salary
Definition of Disability Own Occupation - see Policy
Pre-existing Condition Limitation 12/12 waiting period
Contributory Status Voluntary
Partial Disability Benefit Pays up to 50% of the weekly benefit for up to 13 weeks
Rate Guarantee 2 years
Job Coverage Non-Occupational - off the job only
Replacement Continuity of Coverage
Waiver of Premium While receiving STD benefits
THE ABACUS ADVANTAGE
Minimum Participation 5 Enrolled (Insured) Lives.
Up to $700/week at group's initial or
Guarantee Issue
annual enrollment or as a new hire
Benefits commence on First Day of Hospital
Hospital Confinements
Confinements of 24 hours or more
Annual Open Enrollment Guarantee Issue up to Underwriting limits
Pre-existing Condition Benefit Pays up to 25% of Benefit for up to 4 weeks
Issue Age Rate Structure For initial policy and benefit amount increases
Continuity of Coverage If replacing existing coverage
Minimum Hours Worked 20 Hours
Pregnancy Claims Covered the same as any other sickness
Claim Payment Paid weekly on all eligible claims
Survivor Income Benefit Only available with 52 or 104 week plans
Pays in addition to all other sources of income for the
Claim Coordination first 10 days, then pays benefit up to a maximum of
100% of gross income
If covered under the group plan for 12 months,
Portability coverage may be continued for up to 12 months
following termination of employment
Valid until: Feb 28, 2018
7/7-26WK-7011-C-TRAD-GA-WK-NOCC-SGRP-FDH-PORT-25PREX-ISAG
Short Term Disability
Sample Rates
ELIMINATION PERIODS: 7 Days Injury / 7 Days Sickness
BENEFIT PERIOD: 26 weeks
BENEFIT AMOUNTS: Employees can choose from $75 to $1,400 per week.
Not to exceed 60% of weekly earnings.
Weekly Premiums
Weekly $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 $375 $400
Benefits
< 40 2.76 3.44 4.13 4.82 5.51 6.20 6.89 7.58 8.27 8.96 9.64 10.33 11.02
40-49 3.47 4.34 5.20 6.07 6.94 7.80 8.67 9.54 10.41 11.27 12.14 13.01 13.87
50-59 3.94 4.93 5.91 6.90 7.88 8.87 9.85 10.84 11.82 12.81 13.80 14.78 15.77
60+ 4.70 5.88 7.05 8.23 9.40 10.58 11.75 12.93 14.10 15.28 16.45 17.63 18.80
Age $425 $450 $475 $500 $525 $550 $575 $600 $625 $650 $675 $700
< 40 11.71 12.40 13.09 13.78 14.47 15.15 15.84 16.53 17.22 17.91 18.60 19.29 11.94
40-49 14.74 15.61 16.48 17.34 18.21 19.08 19.94 20.81 21.68 22.55 23.41 24.28 15.03
50-59 16.75 17.74 18.72 19.71 20.69 21.68 22.66 23.65 24.63 25.62 26.61 27.59 17.08
60+ 19.98 21.15 22.33 23.50 24.68 25.85 27.03 28.20 29.38 30.56 31.73 32.91 20.37
Monthly rate
per $100 of
Weekly benefit
Traditional Plan Highlights
Participation Requirement - 5 Enrolled (Insured) Lives.
Guaranteed Issue up to $700 - at group’s initial or annual enrollment or as a newly
hired employee.
Hospital Confinements of 24+ hours - benefits begin on 1st day of Hospitalization.
Replacement Coverage - available up to policy limits if replacing existing coverage.
Pre-existing Condition Benefit - pays up to 25% of benefit for up to 4 weeks.
Pre-existing Condition Limitation - 12/12 waiting period.
Partial Disability Benefit - pays up to 50% of the weekly benefit for up to 13 weeks.
Waiver of Premium - while receiving Short-Term Disability benefits.
Claim Payment - paid on a weekly basis on all eligible claims.
Claim Amounts - pays in addition to all other sources of income the first 10 days, then
pays benefits up to a maximum of 100% of gross income.
Pregnancy Claims - covered the same as any other illness.
Portability Options - If covered under the group plan for 12 months, you may continue
coverage under the group plan for up to 12 months following employment termination.
Non-Occupational Coverage - off the job only.
Rates - Issue Age for initial policy and benefit amount increases.
The information provided here is only a summary of the Short Term Disability plan.
Refer to your certificate/policy for complete details and limitations of coverage.
7/7-26WK-7011-C-TRAD-GA-WK-NOCC-SGRP-FDH-PORT-25PREX-ISAG 11/30/2017