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Employee Access to Benefits, March 2006
Source: U.S. Dept. of Labor, Bureau of Labor Statistics, National
Compensation Survey: Employee Benefits in Private Industry in the United
States, March 2006.
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The
Standard recently announced its new nontraditional Basic LTD plan for large and
small employers within high-risk industries. The product is intended to be a
way for these workers to receive coverage that would not otherwise be available
to them due to the nature of their jobs. The Standard believes that Basic LTD
is also an easier plan to understand for those not as familiar with disability
insurance.
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New York Court of Appeals Issues Ruling on Pre-existing Condition Case
A ruling issued by the New York Court of Appeals on June 27, 2007 in the case of
Benesowitz v. Metropolitan Life Insurance Company has officially changed the
standard method of applying the pre-existing provision in New York contracts.
Since group disability carriers are unable to address anti-selection using
traditional medical underwriting, the standard 3/12 pre-existing provision
typically has been the mainstay of Group LTD insurers. Read on to learn more
about the consequences of this change in how the provision is applied.
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Your Role in Preventing Claim Service Issues
Many factors go into how group benefit payments are calculated. Sales
representatives and producers play an important role since you can communicate
expectations to customers at the point of sale. Following are a few important
tips to keep in mind that can help reduce service issues at claim time and
ensure correct benefit payments.
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