Attn HR Professionals:
When you work with Promethean, your employees pay lower premiums and access higher quality voluntary benefits. We custom tailor each plan design item for item based on the financial situation and personal needs of your employee population. The result is tailored coverage and satisfied employees who are paying less and getting more.
Available Coverage for Employees:
Hospital Indemnity Insurance
is an insurance plan you can select in addition to your health insurance plan sponsored by your employer. You pay a monthly premium through payroll deductions, just like other benefits. If you are admitted to the hospital, you receive a fixed benefit amount directly to you to help cover the expenses that your health insurance doesn’t cover. Depending on your plan, you could use the benefits for your deductible, coinsurance, transportation, medications, rehabilitation or home care costs, and some expenses incurred as you recover. Plan benefits are paid according to a fixed schedule of benefits for covered hospital confinements.
Critical Illness Insurance
Provides additional coverage for medical conditions like heart attacks, strokes, or cancer. These medical conditions often come with significant healthcare costs and missed work time. Critical illness insurance can pay for costs not covered by traditional insurance. The money can also be used for nonmedical costs related to the illness, including transportation, childcare, and so on. Typically, the insured will receive a lump sum to cover those costs. Plan benefits are paid a lump sum upon diagnosis of a covered critical condition.
Accident Insurance
Covers qualifying injuries, including a broken limb, limb loss, burns, lacerations, or paralysis. Accident insurance pays the employee. Accident insurance is considered supplemental insurance and is most helpful when combined with a major medical plan. Accident coverage can be used to pay for expenses not covered by your medical plans, such as copayments and deductibles. It will also cover nonmedical costs like mortgage or rent, utility bills, and other daily expenses. Plan benefits are paid according to a fixed schedule of benefits for covered treatments and injuries.
Identity Theft Coverage
Protect individuals from the financial losses and other damages associated with identity theft. Identity theft occurs when someone steals another person’s personal information, such as their name, Social Security number, or credit card number, and uses it for fraudulent purposes, such as making purchases or opening new credit accounts in the victim’s name.
Identity theft coverage typically provides a range of services to help victims recover from identity theft, including:
- Fraud resolution assistance: Identity theft coverage may provide a dedicated case manager to help victims resolve issues related to identity theft, such as disputing fraudulent charges and repairing their credit.
- Reimbursement for out-of-pocket expenses: Identity theft coverage may provide reimbursement for expenses related to recovering from identity theft, such as lost wages, legal fees, and notary and certified mailing costs.
- Credit monitoring and identity theft alerts: Identity theft coverage may provide credit monitoring services and alerts to notify individuals of suspicious activity on their accounts or changes to their credit report.
- Education and prevention resources: Identity theft coverage may offer educational resources to help individuals prevent identity theft, such as tips for protecting personal information and best practices for online security.
Electronic Product Insurance
Covers accidental damage to electronic products such as smartphones, laptops, tablets, and other devices. It is designed to protect consumers from unexpected costs that may arise from accidents, such as dropping a device, spilling liquid on it, or other types of physical damage that can occur while using the device.
The insurance policy covers the cost of repair or replacement of the electronic device up to the policy limits. The premium for electronic product accidental damage insurance varies depending on the coverage limit. It is generally a good idea to purchase this type of insurance if you have an expensive electronic device that you frequently use or carry with you.
Pet Insurance
Designed to help pet owners manage the cost of veterinary care for their pets. It typically works by reimbursing pet owners for a portion of the cost of veterinary care if their pet becomes ill or is injured.
Like other types of insurance, pet insurance policies vary in their coverage and cost. Some policies cover only accidents or injuries, while others cover a broader range of medical conditions, including illnesses and chronic conditions. Pet owners can typically choose from a range of coverage options, deductibles, and reimbursement rates, depending on their budget and their pet’s healthcare needs.
Pet insurance policies typically require pet owners to pay a monthly premium, as well as a deductible and/or co-pay for each vet visit. When a pet owner brings their pet to the vet, they pay the bill upfront and then submit a claim to their pet insurance provider for reimbursement.
Voluntary Group Disability Insurance
Provides benefits to employees who are unable to work due to a covered disability, illness, or injury. This coverage is typically purchased by the employee, rather than the employer, on a voluntary basis.
Short-term disability insurance typically provides benefits for a period of up to six months, although the specific duration of coverage can vary depending on the policy. During this time, the employee is typically eligible to receive a portion of their regular income, usually ranging from 60-80% of their pre-disability earnings.
Unlike some types of disability insurance, which are purchased by the employer and offered as a benefit to all employees, voluntary short-term group disability insurance is typically only available to employees who choose to enroll in the program. Employees may need to meet certain eligibility requirements to enroll, such as working a certain number of hours per week or being employed for a certain length of time.
In a voluntary group disability insurance policy, the employee typically pays the premium for the coverage, although the employer may also contribute. The premium is usually deducted from the employee’s paycheck on a pre-tax basis, which can help reduce the employee’s taxable income.
The benefits provided by the policy can vary depending on the terms of the policy, but typically include a percentage of the employee’s salary, paid out on a monthly basis, for a certain period of time. The length of time that benefits are paid and the percentage of the employee’s salary that is covered will depend on the specific policy.
Voluntary Group Life Insurance
Provides coverage for the death of a member of the group. The amount of coverage provided is determined by the individual member, who chooses the level of insurance that they require. This type of insurance can be purchased by groups such as professional associations, employee organizations, trade unions, and other similar groups.
One of the main benefits of voluntary group life insurance is that it allows individuals to obtain life insurance coverage at a lower cost than they would be able to get on their own. Since the insurance company is providing coverage to a group, the premiums are typically lower than they would be for an individual policy.
Additionally, voluntary group life insurance usually has less restrictive underwriting requirements than individual policies. This means that members of the group who may not qualify for individual life insurance due to pre-existing health conditions or other factors may still be able to obtain coverage through the group policy.
Home Warranty Coverage
Provides coverage for the repair or replacement of major systems and appliances in a home. Home warranty coverage typically lasts for a specific period, usually one year, and can be renewed annually.
The coverage provided by a home warranty can vary depending on the plan and provider, but generally, it includes the following:
- Appliances: Home warranty coverage may include repair or replacement of appliances such as refrigerators, ovens, stoves, and dishwashers.
- Electrical systems: Coverage may include repair or replacement of electrical systems, including wiring, circuit breakers, and outlets.
- Plumbing systems: Coverage may include repair or replacement of plumbing systems, including pipes, faucets, and toilets.
- Heating and cooling systems: Coverage may include repair or replacement of heating and cooling systems, including furnaces, air conditioners, and heat pumps.
- Roof and structural components: Coverage may include repair or replacement of the roof and other structural components of the home, such as the foundation and walls.