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 ‭(Hidden)‬ Catalog-Item Reuse

Sankaty Light Benefits Provides Additional Health Coverage for Key Employees

A fully insured corporate health insurance plan, ExecSelect™ provides an annual benefit of $100,000 per plan participant, with a per-occurrence limit of $10,000 for select employees.
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PRODUCT: ExecSelect™

COMPANIES: Sankaty Light Benefits (SLB) and underwritten by United States Fire Insurance Company, a Crum & Forster company.

BEST RATING: A (Excellent)

AVAILABILITY: Available on an open-brokerage basis

FOCUS: ExecSelect™ is a new, fully insured corporate health insurance plan offered by Sankaty Light Benefits (SLB) providing direct, typically tax-exempt reimbursement to key employees and their eligible dependents for health care expenses not covered by the employer's underlying health plan. All premium costs are tax-deductible for employers.

As an excepted benefits plan, it can be offered to select employees at the employer's discretion. The plan provides an annual benefit of $100,000 per plan participant, with a per-occurrence limit of $10,000.

SLB's product “solves the employer's dilemma of providing key employees—those who drive and sustain business growth—with the added level of health insurance coverage they seek today in the face of rising health care costs and diminishing benefits," says Elena Bennett, PR director, Sankaty Light Benefits. “The plan offers companies a cost-effective way to recruit, retain and reward top talent for optimum workforce results, while also differentiating their overall compensation package from competitors."

COVERAGE DETAILS: If a medical expense is medically necessary and qualifies under Section 213(d) of the IRS Code, it is eligible for reimbursement. ExecSelect™ reimburses the health care expenses not covered by the employer's base medical plan, such as deductibles, coinsurance, copays, annual physicals and preventative screenings.

The plan also covers medical expenses not covered by most corporate health plans today, such as chiropractic services, private-duty nursing and in-home health care, and expenses for diagnosis and treatment of infertility.

ExecSelect™ also provides $100,000 of accidental death and dismemberment coverage for plan participants, 24/7 worldwide coverage for plan participants and eligible dependents whenever and wherever they travel, and a variety of health care concierge and travel coordination services.

UNDERWRITING: Insureds must be full-time employees or the spouse, domestic partner or dependent (up to 26 years old) of the insured. Selected employees must be covered by an underlying base medical plan that meets SLB's acceptability requirements.

TARGET: ExecSelect™ is designed for small to mid-size businesses with up to 1,000 employees that want to affordably provide prospective and existing key employees with health plan benefits beyond what their base plan offers. The plan also addresses larger businesses that want to offer special health care benefits to their top talent.

COVERAGE AVAILABILITY: ExecSelect™ is currently available in 38 states, including: AL, AK, AR, AZ, CO, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, ME, MI, MO, MS, MT, NC, NE, NV, OH, OK, PA, RI, SC, SD, TX, VA, WI, WV and WY. It is pending in California and Maryland.

CONTACT: Elena Bennett, PR director, Sankaty Light Benefits, 7 Cabbage Xing, Savannah, GA 31411; 404-510-6042.

Will Jones is IA editor-in-chief.

This article was published in the February 2021 issue of Independent Agent magazine.

Monday, February 22, 2021