Mile 5 Benefits is certified by the VA as a Veteran Owned Small Business.
Give us a call to find out how that can help you: 214-584-6560
voluntary benefits critical illness Mile 5
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Mile 5 benefits is an outsourced voluntary benefits center of excellence that specializes in Critical Illness Insurance, Accident Insurance, Hospital Indemnity Insurance, Voluntary Life Insurance, and benefits administration. We specialize in voluntary benefits insurance, gap insurance, and filling high deductible health plan gaps. Mile 5 is a niche voluntary employee benefits consulting agency. Critical Illness Insurance and Accident Insurance are vital components of the modern employee benefit plan.
Mile 5 takes a unique approach to the voluntary benefits market, focusing first on the “how” and then on the “what.” We believe that the most critical aspects of the voluntary benefits decision are not captured on the traditional broker spreadsheet. We base recommendations primarily on what the employer, carrier, and ben-admin vendors can effectively manage. We help select the enrollment methodology and administration methodology and then focus on plan design, rates and issue limits. Using the Mile 5 Process to build a voluntary plan will help avoid the negative experiences all too common in the Voluntary Benefits Space.
Mile 5 benefits is an outsourced voluntary benefits center of excellence that specializes in Critical Illness Insurance, Accident Insurance, Hospital Indemnity Insurance, Voluntary Life Insurance, and benefits administration. We specialize in voluntary benefits insurance, gap insurance, and filling high deductible health plan gaps. Mile 5 is a niche voluntary employee benefits consulting agency. Critical Illness Insurance and Accident Insurance are vital components of the modern employee benefit plan.
Mile 5 benefits is an outsourced voluntary benefits center of excellence that specializes in Critical Illness Insurance, Accident Insurance, Hospital Indemnity Insurance, Voluntary Life Insurance, and benefits administration. We specialize in voluntary benefits insurance, gap insurance, and filling high deductible health plan gaps. Mile 5 is a niche voluntary employee benefits consulting agency. Critical Illness Insurance and Accident Insurance are vital components of the modern employee benefit plan.
Mile 5 Benefits is your outsourced voluntary benefits center of excellence
WHy Voluntary Benefits?
Why USE Mile 5
for Voluntary?
Voluntary Benefits are insurance products that supplement the core benefit plan and pay benefits for unexpected health shocks, including a serious illness or accident. Critical Illness and Accident Insurance are two of the more common products, but other products can also reduce employee exposure including disability income, gap insurance, hospital indemnity, and even permanent life insurance. The appropriate product selection depends on the core benefit plan, employee demographics, and the employer’s goals for the plan. Traditionally these products have been paid for by employees, but there is a growing trend toward employer paid supplemental benefits.
Voluntary Benefits administration can be complicated without the right expertise. The enrollment methodology can vary with the employer. For some employers, an online portal integrated into their ben-admin platform is appropriate, while for others, one on one enrollments, either face to face or via call center, best meet employee needs. Carriers offer products with different filing structures, including individual, group hybrid, and true group contracts. Finally the post enrollment administration varies between self-administration and full blown carrier list bill administration.
Voluntary Benefits have always served to fill gaps in employee benefit plans. Recent developments in the health care market including escalating costs and ACA reform have exacerbated these gaps, making Voluntary Benefits even more critical to employees’ financial, emotional, and physical wellbeing. Voluntary Benefits reduce the financial shock of an unexpected health expense. They also provide peace of mind at annual enrollment when employees begin to comprehend the increasing out of pocket exposure of their core medical plan.