The Hatcher Agency offers a wide selection of employee benefits in the Group Health Insurance market. Some of them require some employer contribution, but many of them can be offered as voluntary benefits.

Health Insurance is the most common benefit offered by employers, as well as the most expensive benefit. Most health insurance plans provide comprehensive coverage with relatively low out-of-pocket expense to the employee. Newspapers and magazines often refer to the skyrocketing cost of medical care and health insurance. With this trend continuing, there will likely be some changes to our health insurance system on the horizon.

As an independent agency, The Hatcher Agency can provide insurance plans from numerous health insurance companies. With the health insurance market changing frequently, we are always on the lookout for quality, service-oriented insurance companies for our clients.

For more information on health insurance statistics
and trends, view the following articles:

Medical and Prescription Drug Statistics
Arkansas' State Health Ranking
Why Are Healthcare Costs So High?
Medical Insurance Costs: What's Next?

Medicare Part D Creditable Coverage Notice

Medicare Part D Noncreditable Coverage Notice

Dental Insuranceis one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams &cleanings, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc.

Some dental insurance companies provide a dental buy-up plan which allows the employer to purchase a base plan, while employees purchaseadditional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on his needs. This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.

Short Term Disabilityor "Paycheck Insurance" is a benefit that no one can afford to be without. Becoming disabled through an injury or sickness can mean a significant loss of income. Disability insurance is a form of insurance that provides a person who becomes disabled with income to cover living expenses, which will continue in spite of the disability. Although an employer cannot afford to pay an employee while he is unable to work, a Short Term Disability Plan is an inexpensive way to ensure that the employee will still be able to maintain an adequate lifestyle during a disabling illness or injury.

A typical Short Term Disability plan starts to pay benefits after the employee has been off work for one or two weeks, and pays benefits up to 3 months (13 weeks) or 6 months (26 weeks). If the employer also provides a Long Term Disability policy, the benefits for the Long Term Disability will begin after the Short Term benefits have been exhausted.

Read more about Short Term Disability in the
following informational articles:

Group Disability is a Must
Employees Pay All Short Term Disability is a "No Brainer"
Employee Security Triangle

Long Term Disability is just like Short Term Disability in that it pays benefits to the employee while he is unableto work due to a disability. However, Long Term Disability does not usually pay benefits until the employee has been out for 3 months or more (this elimination period usually coincides with the ending date of the Short Term Disability policy). In addition, Long Term Disability benefits often continue until retirement age, if the disability continues until retirement.

A typical Long Term Disability plan starts to pay benefits after the employee has been off work for 3 or 6 months, and pays benefits for several years or until retirement age, depending on the policy.

Read more about Long Term Disability in the
following informational articles:

Group Disability is a Must
Employee Security Triangle

Vision Care Insurance is frequently requested by employees as well. Perhaps that's because about 60% of us wear some form of corrective eyewear. With a statistic like that, it is a sure bet that most employees would use vision insurance if it were provided. For this reason, many employers offer vision plans on a voluntary basis. The cost of a vision plan ranges from about $7 to $10 per month for single coverage. With the benefit of a Section 125 plan, the pre-tax savings brings the cost down to about $5 to $7 per month. That's less than $100 per year, and onevisit to the optometrist and a pair of glasses or contacts is worth more than that!

Most vision plans are designed with a small copay for the exam itself and a copay for the materials (frames, lenses, contacts). With low out of pocket costs, it is a plan that employees can easily appreciate.

Cancer Insurance is a voluntary benefit that few employers think of when designing their benefit package. With Cancer listed as the #2 cause of death among all Americans, a supplemental policy to help cover the expenses is important. A Cancer Insurance Policy costs about $27 per month for single coverage, and it will pay up to $15,000 per 12-month period for radiation and chemotherapy treatments. The benefits are paid directly to the patient and are paid in addition to benefits paid by medical insurance or disability plans.

Also, cancer policies are completely portable, so an employee can keep the policy at the same rate if he should ever leave the company or retire. With benefits like these, you can't afford NOT to have a cancer policy.

To see more statistics about cancer from the American Cancer Society, click here: The Facts About Cancer

Critical Illness Insurance is another voluntary benefit that is relatively new to the insurance market. An employee selects an amount between $10,000 and $50,000 of coverage. A lump sum benefit is provided, based on a percentage of the face amount, upon diagnosis of such conditions as a heart attack, stroke, permanent paralysis, major organ transplant, end-stage kidney failure, and coronary artery bypass surgery.

This supplemental benefit is designed to help ease the financial burden of these major illnesses. Just like the Cancer Insurance Policy, the benefits for Critical Illness Insurance are payable in addition to benefits paid by your health insurance, disability, or cancer plans. This policy is fully portable, meaning employees can take their coverage with them if they leave the company.

Voluntary Group Life Insurance is a great way to allow employees to purchase additional life insurance coverage for themselves and their families. Because so many employees are underinsured for life insurance, this is a great way to allow them to increase the amount of insurance they have. This is a guarantee issue product, which means that employees will not have to go through a medical exam or answer any medical questions to purchase the life insurance.

Some of the better plans also allow employees to increase their coverage at the plan's anniversary date without additional medical questions or underwriting. Most of the Voluntary Life policies on the market are also portable, meaning employees can take their coverage with them if they leave the company.

Group Long Term Care Insurance is another new benefit in the group insurance market. Group Long Term Care (LTC) Insurance is designed to help customers preserve their assets and lifestyle in the event of an extended illness or injury that requires costly long-term care.

This coverage pays benefits for the loss of two or more "Activities of Daily Living" or for severe cognitive impairment. Benefits begin after an elimination period of 30, 60, or 90 days and last from 2 years up to "lifetime." Benefits can be increased with an inflation benefit which automatically adds a certain percentage to your daily or monthly benefit amount.

An indemnity model, which is the best option available, pays the full benefit amount selected, regardless of the expenses incurred. A record of expenses is not required, and the money can be used to meet whatever needs the individual chooses. A reimbursement model, which is more common, pays only the amount that is billed by the provider(s). This plan will require you to submit expenses (receipts or invoices) in order to receive your benefits.

Group Long Term Care Insurance allows employers to tailor their plans to cover spouses and/or parents, or to include retirees and other eligible family members. This product delivers a flexible combination of employer-funded and employee-purchased coverage, to meet a broad range of employer budgets.

Travel Accident Insurance is a specialized accidental death policy designed for business people who travelfrequently. Benefits are paid when a covered employee suffers death or a severe injury while traveling on business - whether in the United States or in a foreign country. Travel Accident Insurance covers losses that many other life insurance policies exclude - such as terrorism and acts of war. This benefit helps employers risk manage: an optional feature encourages seat belt and air bag use by providing an additional benefit if loss occurs in an auto accident when those safety devices are in use.

After the events of September 11, many employers are reconsidering benefits for their traveling employees. Accident insurance requires no medical underwriting, and issuing a policy is extremely simple. Many plans also include a travel assistance benefit to give employees a resource when they are traveling far away from home.

401(k) Retirement Plans are a mutually beneficial way to keep a stable work force...

Employers benefit because a 401(k) plan:
* Is mostly funded from dollars paid as salary.
* Lets you deduct your contributions from taxes as a business expense.
* Helps recruit and keep quality employees.
* Helps members build retirement security.

Employees benefit because a 401(k) plan allows them to:
* Save through easy payroll deduction.
* Choose the amount they want to save.
* Change the amount saved to meet current needs.
* Reduce their taxable income.
* Defer taxes on the amount saved and its earnings until the members receive benefits from the plan.

Hospital Gap Policies are a great new way to help ease the sting of high medical insurance deductibles. MedicalGap or Bridge plans are available either as an employer paid or voluntary benefit. For example, if you have just changed your health insurance deductible from $500 to $1,500 to avoid paying high premiums, you may be able to purchase a Hospital Gap plan that covers up to $1,000 for less than the difference in premium. Essentially, you have purchased the same amount of coverage for less money!

Most Hospital Gap policies do not have medical underwriting requirements or pre-existing exclusions. They are an economical way to continue providing quality health insurance benefits to your employees without battling the huge rate increases each year.




Accidental Death and Dismemberment Coverage
The Hatcher Agency has an exclusive product that allows individuals to buy $100,000 worth of Accidental Death and Dismemberment Coverage for just $4.00 a month for an employee and $6.00 a month for family coverage. This policy is 24 hour coverage and covers both on the job and off the job accidents. Employees are able to purchase up to $400,000 worth of coverage as long as the coverage does not exceed five times their annual salary. This coverage is offered to employers with as few as 10 employees participating.